NVIT
American
Funds
Asset
Allocation
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
1
Investment
Company
100
.1
%
Shares
Value
($)
Balanced
Fund
100.1%
American
Funds
Asset
Allocation
Fund,
Class
1(a)
222,919,940
6,007,692,377
Total
Investment
Company
(cost
$3,995,914,075)
6,007,692,377
Total
Investments
(cost
$3,995,914,075)
—
100.1%
6,007,692,377
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
3,418,603
)
NET
ASSETS
—
100.0%
$
6,004,273,774
(a)
Investment
in
master
fund.
2
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
American
Funds
Asset
Allocation
Fund
NVIT
American
Funds
Asset
Allocation
Fund
(“the
Fund”)
operates
as
a
“feeder
fund,”
which
means
that
the
Fund
does
not
buy
individual
securities
directly,
and
may
have
additional
investment
and
concentration
risks.
Instead,
the
Fund
invests
all
of
its
assets
in
Class
1
shares
of
another
mutual
fund,
the
American
Funds
Asset
Allocation
Fund
(the
“Master
Fund”),
a
series
of
the
American
Funds
Insurance
Series
®
,
which
invests
directly
in
individual
securities.
The
Fund
therefore
has
the
same
objective(s)
and
limitations
as
the
Master
Fund
in
which
the
Fund
invests,
and
the
investment
return
of
the
Fund
corresponds
to
that
of
the
Master
Fund.
For
accounting
and
financial
reporting
purposes,
the
Fund
is
treated
as
a
fund
of
funds.
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
As
of March
31,
2026,
100%
of
the
market
value
of
the
Fund
was
determined
based
on
Level
1
inputs.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
American
Funds
Bond
Fund
-
March
31,
2026
(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)
334,651,384
3,182,534,662
Total
Investment
Company
(cost
$3,368,617,141)
3,182,534,662
Total
Investments
(cost
$3,368,617,141)
—
100.1%
3,182,534,662
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
1,777,381
)
NET
ASSETS
—
100.0%
$
3,180,757,281
(a)
Investment
in
master
fund.
4
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
American
Funds
Bond
Fund
NVIT
American
Funds
Bond
Fund
(“the
Fund”)
operates
as
a
“feeder
fund,”
which
means
that
the
Fund
does
not
buy
individual
securities
directly,
and
may
have
additional
investment
and
concentration
risks.
Instead,
the
Fund
invests
all
of
its
assets
in
Class
1
shares
of
another
mutual
fund,
the
American
Funds The
Bond
Fund
of
America (the
“Master
Fund”),
a
series
of
the
American
Funds
Insurance
Series
®
,
which
invests
directly
in
individual
securities.
The
Fund
therefore
has
the
same
objective(s)
and
limitations
as
the
Master
Fund
in
which
the
Fund
invests,
and
the
investment
return
of
the
Fund
corresponds
to
that
of
the
Master
Fund.
For
accounting
and
financial
reporting
purposes,
the
Fund
is
treated
as
a
fund
of
funds.
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
As
of March
31,
2026,
100%
of
the
market
value
of
the
Fund
was
determined
based
on
Level
1
inputs.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
American
Funds
Global
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
5
Investment
Company
100
.1
%
Shares
Value
($)
Equity
Fund
100.1%
American
Funds
Global
Growth
Fund,
Class
1(a)
17,587,457
660,584,888
Total
Investment
Company
(cost
$493,346,141)
660,584,888
Total
Investments
(cost
$493,346,141)
—
100.1%
660,584,888
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
403,247
)
NET
ASSETS
—
100.0%
$
660,181,641
(a)
Investment
in
master
fund.
6
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
American
Funds
Global
Growth
Fund
NVIT
American
Funds
Global
Growth
Fund
(“the
Fund”)
operates
as
a
“feeder
fund,”
which
means
that
the
Fund
does
not
buy
individual
securities
directly,
and
may
have
additional
investment
and
concentration
risks.
Instead,
the
Fund
invests
all
of
its
assets
in
Class
1
shares
of
another
mutual
fund,
the
American
Funds Global
Growth
Fund
(the
“Master
Fund”),
a
series
of
the
American
Funds
Insurance
Series
®
,
which
invests
directly
in
individual
securities.
The
Fund
therefore
has
the
same
objective(s)
and
limitations
as
the
Master
Fund
in
which
the
Fund
invests,
and
the
investment
return
of
the
Fund
corresponds
to
that
of
the
Master
Fund.
For
accounting
and
financial
reporting
purposes,
the
Fund
is
treated
as
a
fund
of
funds.
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
As
of March
31,
2026,
100%
of
the
market
value
of
the
Fund
was
determined
based
on
Level
1
inputs.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
American
Funds
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
7
Investment
Company
100
.1
%
Shares
Value
($)
Equity
Fund
100.1%
American
Funds
Growth
Fund,
Class
1(a)
18,181,023
2,343,170,183
Total
Investment
Company
(cost
$1,535,512,698)
2,343,170,183
Total
Investments
(cost
$1,535,512,698)
—
100.1%
2,343,170,183
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
1,310,083
)
NET
ASSETS
—
100.0%
$
2,341,860,100
(a)
Investment
in
master
fund.
8
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
American
Funds
Growth
Fund
NVIT
American
Funds
Growth
Fund (“the
Fund”)
operates
as
a
“feeder
fund,”
which
means
that
the
Fund
does
not
buy
individual
securities
directly,
and
may
have
additional
investment
and
concentration
risks.
Instead,
the
Fund
invests
all
of
its
assets
in
Class
1
shares
of
another
mutual
fund,
the
American
Funds Growth
Fund
(the
“Master
Fund”),
a
series
of
the
American
Funds
Insurance
Series
®
,
which
invests
directly
in
individual
securities.
The
Fund
therefore
has
the
same
objective(s)
and
limitations
as
the
Master
Fund
in
which
the
Fund
invests,
and
the
investment
return
of
the
Fund
corresponds
to
that
of
the
Master
Fund.
For
accounting
and
financial
reporting
purposes,
the
Fund
is
treated
as
a
fund
of
funds.
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
As
of March
31,
2026,
100%
of
the
market
value
of
the
Fund
was
determined
based
on
Level
1
inputs.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
American
Funds
Growth-Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
9
Investment
Company
100
.1
%
Shares
Value
($)
Equity
Fund
100.1%
American
Funds
Growth-
Income
Fund,
Class
1(a)
60,001,320
3,895,285,725
Total
Investment
Company
(cost
$2,621,749,567)
3,895,285,725
Total
Investments
(cost
$2,621,749,567)
—
100.1%
3,895,285,725
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
2,212,369
)
NET
ASSETS
—
100.0%
$
3,893,073,356
(a)
Investment
in
master
fund.
10
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
American
Funds
Growth-Income
Fund
NVIT
American
Funds
Growth-Income
Fund
(“the
Fund”)
operates
as
a
“feeder
fund,”
which
means
that
the
Fund
does
not
buy
individual
securities
directly,
and
may
have
additional
investment
and
concentration
risks.
Instead,
the
Fund
invests
all
of
its
assets
in
Class
1
shares
of
another
mutual
fund,
the
American
Funds Growth-Income
Fund
(the
“Master
Fund”),
a
series
of
the
American
Funds
Insurance
Series
®
,
which
invests
directly
in
individual
securities.
The
Fund
therefore
has
the
same
objective(s)
and
limitations
as
the
Master
Fund
in
which
the
Fund
invests,
and
the
investment
return
of
the
Fund
corresponds
to
that
of
the
Master
Fund.
For
accounting
and
financial
reporting
purposes,
the
Fund
is
treated
as
a
fund
of
funds.
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
As
of March
31,
2026,
100%
of
the
market
value
of
the
Fund
was
determined
based
on
Level
1
inputs.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Investor
Destinations
Aggressive
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
1
Investment
Companies
83
.6
%
Shares
Value
($)
Equity
Funds
77.5%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
5,860,118
71,669,249
Nationwide
International
Equity
Portfolio,
Class
R6(a)
4,392,563
58,948,194
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
5,456,051
56,033,643
NVIT
Emerging
Markets
Fund,
Class
Y(a)
1,404,236
21,625,242
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
1,887,763
21,482,745
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
2,200,564
31,137,978
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
3,266,994
71,514,499
Total
Equity
Funds
(cost
$295,809,323)
332,411,550
Fixed
Income
Funds
6.1%
Nationwide
Bond
Portfolio,
Class
R6(a)
1,017,756
8,711,993
NVIT
Bond
Index
Fund,
Class
Y(a)
961,464
8,710,867
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
939,637
8,710,431
Total
Fixed
Income
Funds
(cost
$26,571,636)
26,133,291
Total
Investment
Companies
(cost
$322,380,959)
358,544,841
Exchange
Traded
Funds
16
.4
%
Equity
Funds
16.4%
iShares
Core
MSCI
EAFE
ETF
94,126
8,521,227
iShares
Core
S&P
500
ETF
20,026
13,081,183
iShares
Core
S&P
Small-Cap
ETF(b)
320,554
39,848,068
JPMorgan
Equity
Premium
Income
ETF(b)
155,595
8,819,124
Total
Exchange
Traded
Funds
(cost
$65,702,013)
70,269,602
Repurchase
Agreements
0
.8
%
Principal
Amount
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,348,897,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$2,395,875.(c)
2,348,659
2,348,659
  Repurchase
Agreements
Principal
Amount
($)
Value
($)
Citi
Global
Market,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,102,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.25%
-
4.38%,
maturing
11/30/2030
-
5/15/2035;
total
market
value
$1,020,000.(c)
1,000,000
1,000,000
Total
Repurchase
Agreements
(cost
$3,348,659)
3,348,659
Total
Investments
(cost
$391,431,631)
—
100.8%
432,163,102
Liabilities
in
excess
of
other
assets
—
(0.8)%
(
3,511,331
)
NET
ASSETS
—
100.0%
$
428,651,771
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$23,360,612,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$3,348,659
and
by
$20,233,476
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
5.25%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$23,582,135.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$3,348,659.
ETF
Exchange
Traded
Fund
2
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Aggressive
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
NVIT
Investor
Destinations
Aggressive
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
3
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
70,269,602
$
–
$
–
$
70,269,602
Investment
Companies
358,544,841
–
–
358,544,841
Repurchase
Agreements
–
3,348,659
–
3,348,659
Total
$
428,814,443
$
3,348,659
$
–
$
432,163,102
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
4
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Balanced
Fund
Investment
Companies
81
.0
%
Shares
Value
($)
Alternative
Assets
2.1%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
2,043,120
20,676,379
Total
Alternative
Assets
(cost
$20,837,733)
20,676,379
Equity
Funds
43.0%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
9,279,148
113,483,976
Nationwide
International
Equity
Portfolio,
Class
R6(a)
4,472,727
60,023,993
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
6,577,443
67,550,343
NVIT
Emerging
Markets
Fund,
Class
Y(a)
1,476,094
22,731,850
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
1,996,851
22,724,165
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
2,068,650
29,271,391
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
5,114,100
111,947,644
Total
Equity
Funds
(cost
$379,337,244)
427,733,362
Fixed
Income
Funds
35.9%
Nationwide
Bond
Portfolio,
Class
R6(a)
11,575,974
99,090,334
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
464,429
4,198,437
NVIT
Bond
Index
Fund,
Class
Y(a)
12,495,441
113,208,695
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
8,561,079
79,361,199
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
6,114,336
60,470,784
Total
Fixed
Income
Funds
(cost
$362,215,690)
356,329,449
Total
Investment
Companies
(cost
$762,390,667)
804,739,190
Exchange
Traded
Funds
19
.1
%
Equity
Funds
8.9%
iShares
Core
MSCI
EAFE
ETF
218,557
19,785,965
iShares
Core
S&P
500
ETF
45,970
30,028,064
iShares
Core
S&P
Small-Cap
ETF
148,309
18,436,292
JPMorgan
Equity
Premium
Income
ETF(b)
357,808
20,280,557
Total
Equity
Funds
(cost
$79,934,831)
88,530,878
Fixed
Income
Funds
10.2%
iShares
Core
International
Aggregate
Bond
ETF(b)
1,214,104
60,753,764
Exchange
Traded
Funds
Shares
Value
($)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF(b)
431,082
40,491,532
Total
Fixed
Income
Funds
(cost
$103,978,794)
101,245,296
Total
Exchange
Traded
Funds
(cost
$183,913,625)
189,776,174
Repurchase
Agreements
3
.4
%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,203,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$2,040,000.(c)
2,000,000
2,000,000
BofA
Securities,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$10,001,017,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
4.77%
-
5.50%,
maturing
7/20/2047
-
10/20/2054;
total
market
value
$10,200,000.(c)
10,000,000
10,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$8,000,818,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$8,160,000.(c)
8,000,000
8,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,639,320,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$1,672,106.(c)
1,639,154
1,639,154
NVIT
Investor
Destinations
Balanced
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
5
  Repurchase
Agreements
Principal
Amount
($)
Value
($)
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$12,001,213,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$12,240,001.(c)
12,000,000
12,000,000
Total
Repurchase
Agreements
(cost
$33,639,154)
33,639,154
Total
Investments
(cost
$979,943,446)
—
103.5%
1,028,154,518
Liabilities
in
excess
of
other
assets
—
(3.5)%
(
34,329,978
)
NET
ASSETS
—
100.0%
$
993,824,540
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$34,737,752,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$33,639,154
and
by
$1,614,872
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.75%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$35,254,026.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$33,639,154.
ETF
Exchange
Traded
Fund
6
-
Statement
of
Investments
-
March
31,
2026
(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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
7
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
189,776,174
$
–
$
–
$
189,776,174
Investment
Companies
804,739,190
–
–
804,739,190
Repurchase
Agreements
–
33,639,154
–
33,639,154
Total
$
994,515,364
$
33,639,154
$
–
$
1,028,154,518
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
8
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Capital
Appreciation
Fund
Investment
Companies
85
.4
%
Shares
Value
($)
Alternative
Assets
1.0%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
1,440,907
14,581,977
Total
Alternative
Assets
(cost
$14,714,199)
14,581,977
Equity
Funds
59.7%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
17,524,524
214,324,929
Nationwide
International
Equity
Portfolio,
Class
R6(a)
9,201,647
123,486,103
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
13,371,927
137,329,692
NVIT
Emerging
Markets
Fund,
Class
Y(a)
2,601,381
40,061,274
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
3,504,610
39,882,467
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
4,169,845
59,003,300
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
9,585,225
209,820,581
Total
Equity
Funds
(cost
$758,063,147)
823,908,346
Fixed
Income
Funds
24.7%
Nationwide
Bond
Portfolio,
Class
R6(a)
10,930,977
93,569,166
NVIT
Bond
Index
Fund,
Class
Y(a)
14,032,972
127,138,724
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
8,246,611
76,446,083
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
4,406,553
43,580,810
Total
Fixed
Income
Funds
(cost
$350,818,069)
340,734,783
Total
Investment
Companies
(cost
$1,123,595,415)
1,179,225,106
Exchange
Traded
Funds
14
.6
%
Equity
Funds
10.0%
iShares
Core
MSCI
EAFE
ETF(b)
310,312
28,092,545
iShares
Core
S&P
500
ETF
64,063
41,846,592
iShares
Core
S&P
Small-Cap
ETF(b)
320,150
39,797,847
JPMorgan
Equity
Premium
Income
ETF(b)
499,233
28,296,526
Total
Equity
Funds
(cost
$127,872,371)
138,033,510
Fixed
Income
Funds
4.6%
iShares
Core
International
Aggregate
Bond
ETF(b)
847,998
42,433,820
Exchange
Traded
Funds
Shares
Value
($)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF(b)
228,205
21,435,296
Total
Fixed
Income
Funds
(cost
$65,654,650)
63,869,116
Total
Exchange
Traded
Funds
(cost
$193,527,021)
201,902,626
Repurchase
Agreements
3
.6
%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,102,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$1,020,000.(c)
1,000,000
1,000,000
BofA
Securities,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$14,001,423,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
4.77%
-
5.50%,
maturing
7/20/2047
-
10/20/2054;
total
market
value
$14,280,000.(c)
14,000,000
14,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$20,002,044,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$20,400,000.
(c)
20,000,000
20,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,000,511,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$5,100,000.(c)
5,000,000
5,000,000
NVIT
Investor
Destinations
Capital
Appreciation
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
9
  Repurchase
Agreements
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$9,072,474,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$9,253,924.(c)
9,071,555
9,071,555
Total
Repurchase
Agreements
(cost
$49,071,555)
49,071,555
Total
Investments
(cost
$1,366,193,991)
—
103.6%
1,430,199,287
Liabilities
in
excess
of
other
assets
—
(3.6)%
(
49,839,074
)
NET
ASSETS
—
100.0%
$
1,380,360,213
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$80,457,095,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$49,071,555
and
by
$33,328,614
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.75%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$82,400,169.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$49,071,555.
ETF
Exchange
Traded
Fund
10
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Capital
Appreciation
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
NVIT
Investor
Destinations
Capital
Appreciation
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
11
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
201,902,626
$
–
$
–
$
201,902,626
Investment
Companies
1,179,225,106
–
–
1,179,225,106
Repurchase
Agreements
–
49,071,555
–
49,071,555
Total
$
1,381,127,732
$
49,071,555
$
–
$
1,430,199,287
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
12
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Conservative
Fund
Investment
Companies
78
.8
%
Shares
Value
($)
Alternative
Assets
3.0%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
1,226,200
12,409,147
Total
Alternative
Assets
(cost
$12,505,913)
12,409,147
Equity
Funds
16.8%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
1,483,181
18,139,307
Nationwide
International
Equity
Portfolio,
Class
R6(a)
898,920
12,063,503
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
765,067
7,857,241
NVIT
Emerging
Markets
Fund,
Class
Y(a)
152,516
2,348,742
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
414,953
4,722,161
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
403,596
5,710,888
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
829,032
18,147,504
Total
Equity
Funds
(cost
$61,431,246)
68,989,346
Fixed
Income
Funds
59.0%
Nationwide
Bond
Portfolio,
Class
R6(a)
7,331,782
62,760,057
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
2,279,513
20,606,800
NVIT
Bond
Index
Fund,
Class
Y(a)
5,937,992
53,798,210
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
5,542,876
51,382,458
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
5,368,896
53,098,379
Total
Fixed
Income
Funds
(cost
$244,470,509)
241,645,904
Total
Investment
Companies
(cost
$318,407,668)
323,044,397
Exchange
Traded
Funds
21
.2
%
Equity
Funds
6.2%
iShares
Core
MSCI
EAFE
ETF
55,491
5,023,600
iShares
Core
S&P
500
ETF
16,586
10,834,141
iShares
Core
S&P
Small-Cap
ETF(b)
10,258
1,275,172
JPMorgan
Equity
Premium
Income
ETF(b)
143,577
8,137,945
Total
Equity
Funds
(cost
$23,158,659)
25,270,858
Fixed
Income
Funds
15.0%
iShares
Core
International
Aggregate
Bond
ETF
659,267
32,989,721
Exchange
Traded
Funds
Shares
Value
($)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
305,165
28,664,148
Total
Fixed
Income
Funds
(cost
$63,284,816)
61,653,869
Total
Exchange
Traded
Funds
(cost
$86,443,475)
86,924,727
Repurchase
Agreement
0
.1
%
Principal
Amount
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$335,946,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$342,665.(c)
335,912
335,912
Total
Repurchase
Agreement
(cost
$335,912)
335,912
Total
Investments
(cost
$405,187,055)
—
100.1%
410,305,036
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
583,116
)
NET
ASSETS
—
100.0%
$
409,721,920
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$8,957,712,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$335,912
and
by
$8,642,157
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.75%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$8,978,069.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$335,912.
ETF
Exchange
Traded
Fund
NVIT
Investor
Destinations
Conservative
Fund
-
March
31,
2026
(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
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Conservative
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
86,924,727
$
–
$
–
$
86,924,727
Investment
Companies
323,044,397
–
–
323,044,397
Repurchase
Agreement
–
335,912
–
335,912
Total
$
409,969,124
$
335,912
$
–
$
410,305,036
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Investor
Destinations
Moderate
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
15
Investment
Companies
85
.7
%
Shares
Value
($)
Alternative
Assets
1.6%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
2,605,482
26,367,474
Total
Alternative
Assets
(cost
$26,573,394)
26,367,474
Equity
Funds
51.2%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
16,842,777
205,987,159
Nationwide
International
Equity
Portfolio,
Class
R6(a)
10,500,225
140,913,021
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
13,508,363
138,730,886
NVIT
Emerging
Markets
Fund,
Class
Y(a)
2,978,897
45,875,013
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
4,013,204
45,670,257
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
4,916,017
69,561,634
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
9,220,259
201,831,469
Total
Equity
Funds
(cost
$751,652,986)
848,569,439
Fixed
Income
Funds
32.9%
Nationwide
Bond
Portfolio,
Class
R6(a)
18,931,143
162,050,584
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
769,218
6,953,729
NVIT
Bond
Index
Fund,
Class
Y(a)
18,694,120
169,368,723
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
15,806,762
146,528,682
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
6,031,552
59,652,053
Total
Fixed
Income
Funds
(cost
$555,629,391)
544,553,771
Total
Investment
Companies
(cost
$1,333,855,771)
1,419,490,684
Exchange
Traded
Funds
14
.3
%
Equity
Funds
9.1%
iShares
Core
MSCI
EAFE
ETF(b)
365,029
33,046,075
iShares
Core
S&P
500
ETF
76,841
50,193,309
iShares
Core
S&P
Small-Cap
ETF
271,222
33,715,607
JPMorgan
Equity
Premium
Income
ETF(b)
599,079
33,955,798
Total
Equity
Funds
(cost
$136,377,087)
150,910,789
Fixed
Income
Funds
5.2%
iShares
Core
International
Aggregate
Bond
ETF
1,027,555
51,418,852
Exchange
Traded
Funds
Shares
Value
($)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
366,094
34,387,210
Total
Fixed
Income
Funds
(cost
$88,126,240)
85,806,062
Total
Exchange
Traded
Funds
(cost
$224,503,327)
236,716,851
Repurchase
Agreements
1
.3
%
Principal
Amount
($)
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,204,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$2,040,000.(c)
2,000,000
2,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$8,546,185,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$8,717,109.(c)
8,545,319
8,545,319
MetLife,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,203,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$2,041,024.(c)
2,000,000
2,000,000
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$9,000,910,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$9,180,000.(c)
9,000,000
9,000,000
Total
Repurchase
Agreements
(cost
$21,545,319)
21,545,319
Total
Investments
(cost
$1,579,904,417)
—
101.3%
1,677,752,854
Liabilities
in
excess
of
other
assets
—
(1.3)%
(
22,309,116
)
NET
ASSETS
—
100.0%
$
1,655,443,738
16
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Moderate
Fund
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$21,454,826,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$21,545,319
and
by
$502,217
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
5.25%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$22,047,536.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$21,545,319.
ETF
Exchange
Traded
Fund
NVIT
Investor
Destinations
Moderate
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
17
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
18
-
Statement
of
Investments
-
March
31,
2026
(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
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
236,716,851
$
–
$
–
$
236,716,851
Investment
Companies
1,419,490,684
–
–
1,419,490,684
Repurchase
Agreements
–
21,545,319
–
21,545,319
Total
$
1,656,207,535
$
21,545,319
$
–
$
1,677,752,854
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Investor
Destinations
Moderately
Aggressive
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
19
Investment
Companies
87
.6
%
Shares
Value
($)
Equity
Funds
67.3%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
11,110,369
135,879,816
Nationwide
International
Equity
Portfolio,
Class
R6(a)
10,955,043
147,016,672
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
11,136,462
114,371,468
NVIT
Emerging
Markets
Fund,
Class
Y(a)
2,443,072
37,623,314
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
3,291,335
37,455,389
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
4,888,409
69,170,984
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
6,176,819
135,210,565
Total
Equity
Funds
(cost
$601,907,571)
676,728,208
Fixed
Income
Funds
20.3%
Nationwide
Bond
Portfolio,
Class
R6(a)
8,668,297
74,200,623
NVIT
Bond
Index
Fund,
Class
Y(a)
7,818,488
70,835,505
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
6,088,769
56,442,891
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
324,615
3,210,443
Total
Fixed
Income
Funds
(cost
$207,828,410)
204,689,462
Total
Investment
Companies
(cost
$809,735,981)
881,417,670
Exchange
Traded
Funds
12
.5
%
Equity
Funds
12.5%
iShares
Core
MSCI
EAFE
ETF
219,962
19,913,160
iShares
Core
S&P
500
ETF
31,226
20,397,136
iShares
Core
S&P
Small-Cap
ETF(b)
519,595
64,590,854
JPMorgan
Equity
Premium
Income
ETF(b)
363,609
20,609,358
Total
Exchange
Traded
Funds
(cost
$116,943,897)
125,510,508
Repurchase
Agreements
1
.1
%
Principal
Amount
($)
BofA
Securities,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,203,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
4.77%
-
5.50%,
maturing
7/20/2047
-
10/20/2054;
total
market
value
$2,040,000.(c)
2,000,000
2,000,000
  Repurchase
Agreements
Principal
Amount
($)
Value
($)
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$200,020,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$204,000.(c)
200,000
200,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$8,947,849,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$9,126,806.(c)
8,946,942
8,946,942
Total
Repurchase
Agreements
(cost
$11,146,942)
11,146,942
Total
Investments
(cost
$937,826,820)
—
101.2%
1,018,075,120
Liabilities
in
excess
of
other
assets
—
(1.2)%
(
11,606,813
)
NET
ASSETS
—
100.0%
$
1,006,468,307
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$66,390,620,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$11,146,942
and
by
$55,410,971
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
5.25%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$66,557,913.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$11,146,942.
ETF
Exchange
Traded
Fund
20
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
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.
NVIT
Investor
Destinations
Moderately
Aggressive
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
21
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
125,510,508
$
–
$
–
$
125,510,508
Investment
Companies
881,417,670
–
–
881,417,670
Repurchase
Agreements
–
11,146,942
–
11,146,942
Total
$
1,006,928,178
$
11,146,942
$
–
$
1,018,075,120
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
22
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Moderately
Conservative
Fund
Investment
Companies
80
.2
%
Shares
Value
($)
Alternative
Assets
2.6%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
1,179,282
11,934,335
Total
Alternative
Assets
(cost
$12,027,468)
11,934,335
Equity
Funds
31.6%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
2,779,959
33,998,898
Nationwide
International
Equity
Portfolio,
Class
R6(a)
1,905,520
25,572,083
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
2,217,873
22,777,561
NVIT
Emerging
Markets
Fund,
Class
Y(a)
455,050
7,007,771
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
911,362
10,371,303
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
845,695
11,966,587
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
1,529,032
33,470,512
Total
Equity
Funds
(cost
$127,966,418)
145,164,715
Fixed
Income
Funds
46.0%
Nationwide
Bond
Portfolio,
Class
R6(a)
6,867,011
58,781,615
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
1,579,239
14,276,317
NVIT
Bond
Index
Fund,
Class
Y(a)
6,503,261
58,919,544
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
4,699,393
43,563,377
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
3,651,686
36,115,177
Total
Fixed
Income
Funds
(cost
$215,042,663)
211,656,030
Total
Investment
Companies
(cost
$355,036,549)
368,755,080
Exchange
Traded
Funds
19
.8
%
Equity
Funds
9.6%
iShares
Core
MSCI
EAFE
ETF
149,017
13,490,509
iShares
Core
S&P
500
ETF
21,067
13,761,175
iShares
Core
S&P
Small-Cap
ETF
61,703
7,670,300
JPMorgan
Equity
Premium
Income
ETF(b)
163,978
9,294,273
Total
Equity
Funds
(cost
$40,056,007)
44,216,257
Fixed
Income
Funds
10.2%
iShares
Core
International
Aggregate
Bond
ETF(b)
561,963
28,120,628
Exchange
Traded
Funds
Shares
Value
($)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
199,349
18,724,852
Total
Fixed
Income
Funds
(cost
$48,106,788)
46,845,480
Total
Exchange
Traded
Funds
(cost
$88,162,795)
91,061,737
Repurchase
Agreements
2
.7
%
Principal
Amount
($)
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$3,000,307,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$3,060,000.(c)
3,000,000
3,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$8,760,890,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$8,936,108.(c)
8,760,002
8,760,002
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$500,051,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$510,000.(c)
500,000
500,000
Total
Repurchase
Agreements
(cost
$12,260,002)
12,260,002
Total
Investments
(cost
$455,459,346)
—
102.7%
472,076,819
Liabilities
in
excess
of
other
assets
—
(2.7)%
(
12,517,561
)
NET
ASSETS
—
100.0%
$
459,559,258
NVIT
Investor
Destinations
Moderately
Conservative
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
23
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$13,689,710,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$12,260,002
and
by
$1,611,659
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.75%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$13,871,661.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$12,260,002.
ETF
Exchange
Traded
Fund
24
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Moderately
Conservative
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
NVIT
Investor
Destinations
Moderately
Conservative
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
25
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
91,061,737
$
–
$
–
$
91,061,737
Investment
Companies
368,755,080
–
–
368,755,080
Repurchase
Agreements
–
12,260,002
–
12,260,002
Total
$
459,816,817
$
12,260,002
$
–
$
472,076,819
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
26
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Managed
Growth
Fund
Investment
Companies
80.8%
Shares
Value
($)
Alternative
Assets
1.4%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
1,201,916
12,163,395
Total
Alternative
Assets
(cost
$12,258,298)
12,163,395
Equity
Funds
49.1%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
7,979,529
97,589,635
Nationwide
International
Equity
Portfolio,
Class
R6(a)
5,619,630
75,415,439
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
6,470,092
66,447,842
NVIT
Emerging
Markets
Fund,
Class
Y(a)
1,636,625
25,204,022
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
2,216,415
25,222,807
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
2,664,373
37,700,883
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
4,319,105
94,545,209
Total
Equity
Funds
(cost
$372,603,738)
422,125,837
Fixed
Income
Funds
30.3%
Nationwide
Bond
Portfolio,
Class
R6(a)
9,084,184
77,760,613
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
354,306
3,202,925
NVIT
Bond
Index
Fund,
Class
Y(a)
9,001,606
81,554,555
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
7,572,264
70,194,889
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
2,856,030
28,246,135
Total
Fixed
Income
Funds
(cost
$264,967,503)
260,959,117
Total
Investment
Companies
(cost
$649,829,539)
695,248,349
Exchange
Traded
Funds
13.9%
Equity
Funds
9.0%
iShares
Core
MSCI
EAFE
ETF
195,876
17,732,654
iShares
Core
S&P
500
ETF
37,460
24,469,247
iShares
Core
S&P
Small-Cap
ETF
147,415
18,325,159
JPMorgan
Equity
Premium
Income
ETF(b)
302,311
17,134,987
Total
Equity
Funds
(cost
$70,062,544)
77,662,047
Fixed
Income
Funds
4.9%
iShares
Core
International
Aggregate
Bond
ETF(b)
499,156
24,977,766
Exchange
Traded
Funds
Shares
Value
($)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF(b)
177,290
16,652,850
Total
Fixed
Income
Funds
(cost
$42,755,694)
41,630,616
Total
Exchange
Traded
Funds
(cost
$112,818,238)
119,292,663
Repurchase
Agreements
1.4%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,000,508,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$5,100,000.(c)
5,000,000
5,000,000
BofA
Securities,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,203,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
4.77%
-
5.50%,
maturing
7/20/2047
-
10/20/2054;
total
market
value
$2,040,000.(c)
2,000,000
2,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$200,020,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$204,000.(c)
200,000
200,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$4,719,981,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$4,814,380.(c)
4,719,502
4,719,502
Total
Repurchase
Agreements
(cost
$11,919,502)
11,919,502
Total
Investments
(cost
$774,567,279)
—
96.1%
826,460,514
Other
assets
in
excess
of
liabilities
—
3.9%
33,299,852
NET
ASSETS
—
100.0%
$
859,760,366
NVIT
Investor
Destinations
Managed
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
27
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$28,658,113,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$11,919,502
and
by
$16,932,248
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.75%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$28,851,750.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$11,919,502.
ETF
Exchange
Traded
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Short
Contracts
MSCI
EAFE
E-Mini
Index
(328)
6/2026
USD
(47,578,040)
(1,038,121)
Russell
2000
E-Mini
Index
(29)
6/2026
USD
(3,642,690)
(37,354)
S&P
500
E-Mini
Index
(255)
6/2026
USD
(83,777,063)
(662,175)
S&P
Midcap
400
E-Mini
Index
(14)
6/2026
USD
(4,755,100)
(55,176)
Net
contracts
(1,792,826)
Currency:
USD
United
States
Dollar
28
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Managed
Growth
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
NVIT
Investor
Destinations
Managed
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
29
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
119,292,663
$
–
$
–
$
119,292,663
Investment
Companies
695,248,349
–
–
695,248,349
Repurchase
Agreements
–
11,919,502
–
11,919,502
Total
Assets
$
814,541,012
$
11,919,502
$
–
$
826,460,514
Liabilities:
Futures
Contracts
$
(1,792,826)
$
–
$
–
$
(1,792,826)
Total
Liabilities
$
(1,792,826)
$
–
$
–
$
(1,792,826)
Total
$
812,748,186
$
11,919,502
$
–
$
824,667,688
30
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Managed
Growth
Fund
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(1,792,826)
Total
$
(1,792,826)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Investor
Destinations
Managed
Growth
&
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
31
Investment
Companies
76.8%
Shares
Value
($)
Alternative
Assets
1.9%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
700,663
7,090,707
Total
Alternative
Assets
(cost
$7,146,033)
7,090,707
Equity
Funds
41.4%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
3,206,886
39,220,215
Nationwide
International
Equity
Portfolio,
Class
R6(a)
1,738,589
23,331,860
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
2,294,778
23,567,371
NVIT
Emerging
Markets
Fund,
Class
Y(a)
591,806
9,113,814
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
804,873
9,159,458
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
812,101
11,491,227
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
1,736,871
38,020,116
Total
Equity
Funds
(cost
$136,588,646)
153,904,061
Fixed
Income
Funds
33.5%
Nationwide
Bond
Portfolio,
Class
R6(a)
4,053,552
34,698,401
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
154,917
1,400,452
NVIT
Bond
Index
Fund,
Class
Y(a)
4,397,045
39,837,223
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
2,989,139
27,709,318
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
2,140,643
21,170,959
Total
Fixed
Income
Funds
(cost
$126,282,618)
124,816,353
Total
Investment
Companies
(cost
$270,017,297)
285,811,121
Exchange
Traded
Funds
18.6%
Equity
Funds
8.9%
iShares
Core
MSCI
EAFE
ETF
84,979
7,693,149
iShares
Core
S&P
500
ETF
16,321
10,661,040
iShares
Core
S&P
Small-Cap
ETF(b)
58,237
7,239,441
JPMorgan
Equity
Premium
Income
ETF(b)
130,761
7,411,534
Total
Equity
Funds
(cost
$29,805,740)
33,005,164
Fixed
Income
Funds
9.7%
iShares
Core
International
Aggregate
Bond
ETF
431,678
21,601,167
Exchange
Traded
Funds
Shares
Value
($)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
153,727
14,439,577
Total
Fixed
Income
Funds
(cost
$37,014,433)
36,040,744
Total
Exchange
Traded
Funds
(cost
$66,820,173)
69,045,908
Repurchase
Agreements
1.6%
Principal
Amount
($)
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,204,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$2,040,000.(c)
2,000,000
2,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$200,020,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$204,000.(c)
200,000
200,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,870,156,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$1,907,559.(c)
1,869,966
1,869,966
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,900,192,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$1,938,000.(c)
1,900,000
1,900,000
Total
Repurchase
Agreements
(cost
$5,969,966)
5,969,966
Total
Investments
(cost
$342,807,436)
—
97.0%
360,826,995
Other
assets
in
excess
of
liabilities
—
3.0%
11,023,731
NET
ASSETS
—
100.0%
$
371,850,726
32
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Investor
Destinations
Managed
Growth
&
Income
Fund
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$9,296,492,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$5,969,966
and
by
$3,481,197
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.75%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$9,451,163.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$5,969,966.
ETF
Exchange
Traded
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Short
Contracts
MSCI
EAFE
E-Mini
Index
(33)
6/2026
USD
(4,786,815)
(124,933)
Russell
2000
E-Mini
Index
(4)
6/2026
USD
(502,440)
(8,090)
S&P
500
E-Mini
Index
(30)
6/2026
USD
(9,856,125)
(175,001)
S&P
Midcap
400
E-Mini
Index
(2)
6/2026
USD
(679,300)
(11,545)
Net
contracts
(319,569)
Currency:
USD
United
States
Dollar
NVIT
Investor
Destinations
Managed
Growth
&
Income
Fund
-
March
31,
2026
(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
-
March
31,
2026
(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
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
69,045,908
$
–
$
–
$
69,045,908
Investment
Companies
285,811,121
–
–
285,811,121
Repurchase
Agreements
–
5,969,966
–
5,969,966
Total
Assets
$
354,857,029
$
5,969,966
$
–
$
360,826,995
Liabilities:
Futures
Contracts
$
(319,569)
$
–
$
–
$
(319,569)
Total
Liabilities
$
(319,569)
$
–
$
–
$
(319,569)
Total
$
354,537,460
$
5,969,966
$
–
$
360,507,426
NVIT
Investor
Destinations
Managed
Growth
&
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
35
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(319,569)
Total
$
(319,569)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Blueprint
SM
Aggressive
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
1
Investment
Companies
94
.5
%
Shares
Value
($)
Equity
Funds
86.5%
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
4,620,799
47,455,603
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
865,677
9,851,409
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
2,285,109
32,334,291
NVIT
GS
Large
Cap
Equity
Fund,
Class
Y(a)
4,028,363
48,582,058
NVIT
GS
Small
Cap
Equity
Insights
Fund,
Class
Y(a)
1,590,063
19,923,492
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
2,171,061
47,524,521
NVIT
U.S.
130/30
Equity
Fund,
Class
Y(a)
4,351,858
47,957,473
Total
Equity
Funds
(cost
$231,895,189)
253,628,847
Fixed
Income
Funds
8.0%
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
320,651
3,033,359
Investment
Companies
Shares
Value
($)
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
2,209,678
20,483,719
Total
Fixed
Income
Funds
(cost
$23,390,936)
23,517,078
Total
Investment
Companies
(cost
$255,286,125)
277,145,925
Exchange
Traded
Funds
5
.5
%
Equity
Funds
5.5%
iShares
Core
MSCI
EAFE
ETF
18,767
1,698,976
iShares
Core
S&P
500
ETF
13,379
8,739,297
JPMorgan
Equity
Premium
Income
ETF
103,409
5,861,222
Total
Exchange
Traded
Funds
(cost
$15,208,722)
16,299,495
Total
Investments
(cost
$270,494,847)
—
100.0%
293,445,420
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
104,225
)
NET
ASSETS
—
100.0%
$
293,341,195
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
2
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Blueprint
SM
Aggressive
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
16,299,495
$
–
$
–
$
16,299,495
Investment
Companies
277,145,925
–
–
277,145,925
Total
$
293,445,420
$
–
$
–
$
293,445,420
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Blueprint
SM
Moderately
Aggressive
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
3
Investment
Companies
94
.6
%
Shares
Value
($)
Equity
Funds
72.2%
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
6,273,463
64,428,466
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
1,118,751
12,731,388
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
2,713,627
38,397,827
NVIT
GS
Large
Cap
Equity
Fund,
Class
Y(a)
5,748,883
69,331,529
NVIT
GS
Small
Cap
Equity
Insights
Fund,
Class
Y(a)
1,575,198
19,737,230
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
2,881,036
63,065,888
NVIT
U.S.
130/30
Equity
Fund,
Class
Y(a)
6,497,454
71,601,946
Total
Equity
Funds
(cost
$305,005,538)
339,294,274
Fixed
Income
Funds
22.4%
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
1,027,761
9,722,620
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
9,223,045
85,497,626
Investment
Companies
Shares
Value
($)
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
987,089
9,762,314
Total
Fixed
Income
Funds
(cost
$108,994,901)
104,982,560
Total
Investment
Companies
(cost
$414,000,439)
444,276,834
Exchange
Traded
Funds
5
.4
%
Equity
Funds
5.4%
iShares
Core
MSCI
EAFE
ETF
17,129
1,550,688
iShares
Core
S&P
500
ETF
21,778
14,225,607
JPMorgan
Equity
Premium
Income
ETF
174,220
9,874,790
Total
Exchange
Traded
Funds
(cost
$24,144,166)
25,651,085
Total
Investments
(cost
$438,144,605)
—
100.0%
469,927,919
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
163,927
)
NET
ASSETS
—
100.0%
$
469,763,992
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
4
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Blueprint
SM
Moderately
Aggressive
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
25,651,085
$
–
$
–
$
25,651,085
Investment
Companies
444,276,834
–
–
444,276,834
Total
$
469,927,919
$
–
$
–
$
469,927,919
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Blueprint
SM
Moderate
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
5
Investment
Companies
94
.1
%
Shares
Value
($)
Equity
Funds
55.8%
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
18,928,104
194,391,630
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
2,251,999
25,627,748
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
5,377,629
76,093,452
NVIT
GS
Large
Cap
Equity
Fund,
Class
Y(a)
17,385,293
209,666,634
NVIT
GS
Small
Cap
Equity
Insights
Fund,
Class
Y(a)
3,009,391
37,707,671
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
8,708,114
190,620,621
NVIT
U.S.
130/30
Equity
Fund,
Class
Y(a)
19,270,532
212,361,258
Total
Equity
Funds
(cost
$858,776,660)
946,469,014
Fixed
Income
Funds
38.3%
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
4,667,481
44,154,367
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
54,194,360
502,381,716
Investment
Companies
Shares
Value
($)
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
10,475,301
103,600,727
Total
Fixed
Income
Funds
(cost
$696,366,089)
650,136,810
Total
Investment
Companies
(cost
$1,555,142,749)
1,596,605,824
Exchange
Traded
Funds
5
.9
%
Equity
Funds
5.9%
iShares
Core
MSCI
EAFE
ETF
165,579
14,989,867
iShares
Core
S&P
500
ETF
78,133
51,037,257
JPMorgan
Equity
Premium
Income
ETF
608,192
34,472,322
Total
Exchange
Traded
Funds
(cost
$91,881,508)
100,499,446
Total
Investments
(cost
$1,647,024,257)
—
100.0%
1,697,105,270
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
586,912
)
NET
ASSETS
—
100.0%
$
1,696,518,358
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
6
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Blueprint
SM
Moderate
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
100,499,446
$
–
$
–
$
100,499,446
Investment
Companies
1,596,605,824
–
–
1,596,605,824
Total
$
1,697,105,270
$
–
$
–
$
1,697,105,270
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Blueprint
SM
Moderately
Conservative
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
7
Investment
Companies
94
.2
%
Shares
Value
($)
Equity
Funds
36.7%
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
2,550,799
26,196,708
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
695,952
7,919,939
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
1,618,949
22,908,131
NVIT
GS
Large
Cap
Equity
Fund,
Class
Y(a)
2,731,163
32,937,831
NVIT
GS
Small
Cap
Equity
Insights
Fund,
Class
Y(a)
444,451
5,568,977
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
1,176,196
25,746,931
NVIT
U.S.
130/30
Equity
Fund,
Class
Y(a)
3,588,414
39,544,321
Total
Equity
Funds
(cost
$143,510,410)
160,822,838
Fixed
Income
Funds
57.5%
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
998,396
9,025,500
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
1,895,906
17,935,267
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
18,954,220
175,705,622
Investment
Companies
Shares
Value
($)
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
4,930,926
48,766,856
Total
Fixed
Income
Funds
(cost
$268,540,809)
251,433,245
Total
Investment
Companies
(cost
$412,051,219)
412,256,083
Exchange
Traded
Funds
5
.8
%
Equity
Funds
5.8%
iShares
Core
MSCI
EAFE
ETF
42,177
3,818,284
iShares
Core
S&P
500
ETF
19,841
12,960,340
JPMorgan
Equity
Premium
Income
ETF
154,412
8,752,072
Total
Exchange
Traded
Funds
(cost
$23,321,806)
25,530,696
Total
Investments
(cost
$435,373,025)
—
100.0%
437,786,779
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
173,043
)
NET
ASSETS
—
100.0%
$
437,613,736
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
8
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Blueprint
SM
Moderately
Conservative
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
25,530,696
$
–
$
–
$
25,530,696
Investment
Companies
412,256,083
–
–
412,256,083
Total
$
437,786,779
$
–
$
–
$
437,786,779
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Blueprint
SM
Conservative
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
9
Investment
Companies
94
.9
%
Shares
Value
($)
Equity
Funds
19.5%
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
1,397,258
14,349,835
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
340,045
3,869,716
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
765,389
10,830,261
NVIT
GS
Large
Cap
Equity
Fund,
Class
Y(a)
1,052,503
12,693,188
NVIT
GS
Small
Cap
Equity
Insights
Fund,
Class
Y(a)
129,430
1,621,759
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
651,050
14,251,482
NVIT
U.S.
130/30
Equity
Fund,
Class
Y(a)
2,121,378
23,377,588
Total
Equity
Funds
(cost
$72,738,325)
80,993,829
Fixed
Income
Funds
75.4%
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
1,878,221
16,979,115
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
2,457,473
23,247,691
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
23,569,021
218,484,825
Investment
Companies
Shares
Value
($)
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
5,533,693
54,728,226
Total
Fixed
Income
Funds
(cost
$326,235,779)
313,439,857
Total
Investment
Companies
(cost
$398,974,104)
394,433,686
Exchange
Traded
Funds
5
.1
%
Equity
Funds
5.1%
iShares
Core
MSCI
EAFE
ETF
26,468
2,396,148
iShares
Core
S&P
500
ETF
16,218
10,593,760
JPMorgan
Equity
Premium
Income
ETF
145,559
8,250,284
Total
Exchange
Traded
Funds
(cost
$19,627,369)
21,240,192
Total
Investments
(cost
$418,601,473)
—
100.0%
415,673,878
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
166,025
)
NET
ASSETS
—
100.0%
$
415,507,853
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
10
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Blueprint
SM
Conservative
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
21,240,192
$
–
$
–
$
21,240,192
Investment
Companies
394,433,686
–
–
394,433,686
Total
$
415,673,878
$
–
$
–
$
415,673,878
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Blueprint
SM
Balanced
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
11
Investment
Companies
94
.1
%
Shares
Value
($)
Equity
Funds
43.6%
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
11,001,825
112,988,746
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
2,299,885
26,172,687
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
3,921,132
55,484,017
NVIT
GS
Large
Cap
Equity
Fund,
Class
Y(a)
10,392,489
125,333,411
NVIT
GS
Small
Cap
Equity
Insights
Fund,
Class
Y(a)
1,926,692
24,141,446
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
5,020,071
109,889,344
NVIT
U.S.
130/30
Equity
Fund,
Class
Y(a)
12,949,341
142,701,734
Total
Equity
Funds
(cost
$534,394,738)
596,711,385
Fixed
Income
Funds
50.5%
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
5,293,745
50,078,832
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
55,653,020
515,903,496
Investment
Companies
Shares
Value
($)
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
12,698,769
125,590,825
Total
Fixed
Income
Funds
(cost
$745,880,173)
691,573,153
Total
Investment
Companies
(cost
$1,280,274,911)
1,288,284,538
Exchange
Traded
Funds
5
.9
%
Equity
Funds
5.9%
iShares
Core
MSCI
EAFE
ETF
136,203
12,330,458
iShares
Core
S&P
500
ETF
62,731
40,976,516
JPMorgan
Equity
Premium
Income
ETF
496,004
28,113,507
Total
Exchange
Traded
Funds
(cost
$74,389,488)
81,420,481
Total
Investments
(cost
$1,354,664,399)
—
100.0%
1,369,705,019
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
485,059
)
NET
ASSETS
—
100.0%
$
1,369,219,960
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
12
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Blueprint
SM
Balanced
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
81,420,481
$
–
$
–
$
81,420,481
Investment
Companies
1,288,284,538
–
–
1,288,284,538
Total
$
1,369,705,019
$
–
$
–
$
1,369,705,019
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Blueprint
SM
Capital
Appreciation
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
13
Investment
Companies
94
.0
%
Shares
Value
($)
Equity
Funds
63.9%
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
23,380,008
240,112,685
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
3,200,186
36,418,111
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
4,765,291
67,428,865
NVIT
GS
Large
Cap
Equity
Fund,
Class
Y(a)
20,178,599
243,353,898
NVIT
GS
Small
Cap
Equity
Insights
Fund,
Class
Y(a)
4,395,877
55,080,335
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
10,895,227
238,496,510
NVIT
U.S.
130/30
Equity
Fund,
Class
Y(a)
19,664,923
216,707,452
Total
Equity
Funds
(cost
$1,000,884,490)
1,097,597,856
Fixed
Income
Funds
30.1%
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
3,721,316
35,203,654
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
46,407,338
430,196,022
Investment
Companies
Shares
Value
($)
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
5,283,006
52,248,928
Total
Fixed
Income
Funds
(cost
$554,407,591)
517,648,604
Total
Investment
Companies
(cost
$1,555,292,081)
1,615,246,460
Exchange
Traded
Funds
6
.0
%
Equity
Funds
6.0%
iShares
Core
MSCI
EAFE
ETF
176,475
15,976,282
iShares
Core
S&P
500
ETF
79,275
51,783,223
JPMorgan
Equity
Premium
Income
ETF
620,024
35,142,960
Total
Exchange
Traded
Funds
(cost
$94,040,858)
102,902,465
Total
Investments
(cost
$1,649,332,939)
—
100.0%
1,718,148,925
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
665,143
)
NET
ASSETS
—
100.0%
$
1,717,483,782
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
14
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Blueprint
SM
Capital
Appreciation
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
102,902,465
$
–
$
–
$
102,902,465
Investment
Companies
1,615,246,460
–
–
1,615,246,460
Total
$
1,718,148,925
$
–
$
–
$
1,718,148,925
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Blueprint
SM
Managed
Growth
&
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
15
Investment
Companies
88
.6
%
Shares
Value
($)
Equity
Funds
41.4%
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
3,426,798
35,193,214
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
818,402
9,313,420
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
1,379,975
19,526,643
NVIT
GS
Large
Cap
Equity
Fund,
Class
Y(a)
3,213,790
38,758,311
NVIT
GS
Small
Cap
Equity
Insights
Fund,
Class
Y(a)
659,505
8,263,594
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
1,528,461
33,458,021
NVIT
U.S.
130/30
Equity
Fund,
Class
Y(a)
4,039,130
44,511,217
Total
Equity
Funds
(cost
$167,754,920)
189,024,420
Fixed
Income
Funds
47.2%
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
1,594,619
15,085,095
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
17,403,753
161,332,790
Investment
Companies
Shares
Value
($)
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
3,938,482
38,951,589
Total
Fixed
Income
Funds
(cost
$222,153,228)
215,369,474
Total
Investment
Companies
(cost
$389,908,148)
404,393,894
Exchange
Traded
Funds
5
.7
%
Equity
Funds
5.7%
iShares
Core
MSCI
EAFE
ETF
46,745
4,231,825
iShares
Core
S&P
500
ETF
19,856
12,970,138
JPMorgan
Equity
Premium
Income
ETF
160,001
9,068,856
Total
Exchange
Traded
Funds
(cost
$24,055,193)
26,270,819
Total
Investments
(cost
$413,963,341)
—
94.3%
430,664,713
Other
assets
in
excess
of
liabilities
—
5.7%
25,859,701
NET
ASSETS
—
100.0%
$
456,524,414
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Short
Contracts
MSCI
EAFE
E-Mini
Index
(
22
)
6/2026
USD
(3,191,210)
(74,907)
Russell
2000
E-Mini
Index
(
6
)
6/2026
USD
(753,660)
(13,855)
S&P
500
E-Mini
Index
(
54
)
6/2026
USD
(17,741,025)
(322,050)
S&P
Midcap
400
E-Mini
Index
(
3
)
6/2026
USD
(1,018,950)
(17,808)
Net
contracts
(428,620)
Currency:
USD
United
States
Dollar
16
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Blueprint
SM
Managed
Growth
&
Income
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
26,270,819
$
–
$
–
$
26,270,819
Investment
Companies
404,393,894
–
–
404,393,894
Total
Assets
$
430,664,713
$
–
$
–
$
430,664,713
Liabilities:
Futures
Contracts
$
(
428,620
)
$
–
$
–
$
(
428,620
)
Total
Liabilities
$
(
428,620
)
$
–
$
–
$
(
428,620
)
Total
$
430,236,093
$
–
$
–
$
430,236,093
NVIT
Blueprint
SM
Managed
Growth
&
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
17
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
Financial
futures
contracts
(“futures
contracts”)
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
The
Fund
is
subject
to
equity
risk
in
the
normal
course
of
pursuing
its
objective(s)
in
two
respects.
First,
the
Fund
has
set
a
baseline
target
equity
exposure
of
50%,
which
is
represented
by
the
Fund’s
allocations
to
underlying
equity
funds.
Second,
the
Fund
enters
into
stock
index
futures
contracts
in
order
to
increase
or
decrease
the
baseline
equity
exposure
consistent
with
NFA’s
view
of
current
equity
market
conditions.
Through
the
use
of
these
futures
contracts,
the
Fund
may
increase
its
equity
exposure
to
a
maximum
of
65%
or
to
a
minimum
of
0%
of
the
Fund’s
assets.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
428,620
)
Total
$
(
428,620
)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
18
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Blueprint
SM
Managed
Growth
Fund
Investment
Companies
87
.7
%
Shares
Value
($)
Equity
Funds
51.3%
Nationwide
Large
Cap
Equity
Portfolio,
Class
R6(a)
10,190,840
104,659,928
NVIT
GS
Emerging
Markets
Equity
Insights
Fund,
Class
Y(a)
1,244,723
14,164,943
NVIT
GS
International
Equity
Insights
Fund,
Class
Y(a)
2,899,927
41,033,960
NVIT
GS
Large
Cap
Equity
Fund,
Class
Y(a)
9,342,745
112,673,504
NVIT
GS
Small
Cap
Equity
Insights
Fund,
Class
Y(a)
1,628,713
20,407,779
NVIT
J.P.
Morgan
U.S.
Equity
Fund,
Class
Y(a)
4,667,815
102,178,464
NVIT
U.S.
130/30
Equity
Fund,
Class
Y(a)
10,340,177
113,948,754
Total
Equity
Funds
(cost
$458,304,443)
509,067,332
Fixed
Income
Funds
36.4%
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
2,513,199
23,774,859
Investment
Companies
Shares
Value
($)
NVIT
Loomis
Core
Bond
Fund,
Class
Y(a)
30,198,617
279,941,183
NVIT
Loomis
Short
Term
Bond
Fund,
Class
Y(a)
5,814,602
57,506,415
Total
Fixed
Income
Funds
(cost
$369,611,339)
361,222,457
Total
Investment
Companies
(cost
$827,915,782)
870,289,789
Exchange
Traded
Funds
5
.5
%
Equity
Funds
5.5%
iShares
Core
MSCI
EAFE
ETF
90,078
8,154,761
iShares
Core
S&P
500
ETF
42,478
27,747,055
JPMorgan
Equity
Premium
Income
ETF
329,250
18,661,890
Total
Exchange
Traded
Funds
(cost
$49,854,873)
54,563,706
Total
Investments
(cost
$877,770,655)
—
93.2%
924,853,495
Other
assets
in
excess
of
liabilities
—
6.8%
67,066,378
NET
ASSETS
—
100.0%
$
991,919,873
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Short
Contracts
MSCI
EAFE
E-Mini
Index
(
145
)
6/2026
USD
(21,032,975)
(430,006)
Russell
2000
E-Mini
Index
(
51
)
6/2026
USD
(6,406,110)
(55,085)
S&P
500
E-Mini
Index
(
441
)
6/2026
USD
(144,885,038)
(602,287)
S&P
Midcap
400
E-Mini
Index
(
23
)
6/2026
USD
(7,811,950)
(75,849)
Net
contracts
(1,163,227)
Currency:
USD
United
States
Dollar
NVIT
Blueprint
SM
Managed
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
19
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
54,563,706
$
–
$
–
$
54,563,706
Investment
Companies
870,289,789
–
–
870,289,789
Total
Assets
$
924,853,495
$
–
$
–
$
924,853,495
Liabilities:
Futures
Contracts
$
(
1,163,227
)
$
–
$
–
$
(
1,163,227
)
Total
Liabilities
$
(
1,163,227
)
$
–
$
–
$
(
1,163,227
)
Total
$
923,690,268
$
–
$
–
$
923,690,268
20
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Blueprint
SM
Managed
Growth
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
Financial
futures
contracts
(“futures
contracts”)
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
The
Fund
is
subject
to
equity
risk
in
the
normal
course
of
pursuing
its
objective(s)
in
two
respects.
First,
the
Fund
has
set
a
baseline
target
equity
exposure
of
60%,
which
is
represented
by
the
Fund’s
allocations
to
underlying
equity
funds.
Second,
the
Fund
enters
into
stock
index
futures
contracts
in
order
to
increase
or
decrease
the
baseline
equity
exposure
consistent
with
NFA’s
view
of
current
equity
market
conditions.
Through
the
use
of
these
futures
contracts,
the
Fund
may
increase
its
equity
exposure
to
a
maximum
of
80%
or
to
a
minimum
of
0%
of
the
Fund’s
assets.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
1,163,227
)
Total
$
(
1,163,227
)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
BlackRock
Managed
Global
Allocation
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
1
Investment
Company
94
.0
%
Shares
Value
($)
Alternative
Assets
94.0%
BlackRock
Global
Allocation
VI
Fund,
Class
I
16,629,573
286,693,840
Total
Alternative
Assets
(cost
$263,094,937)
286,693,840
Total
Investment
Company
(cost
$263,094,937)
286,693,840
Total
Investments
(cost
$263,094,937)
—
94.0%
286,693,840
Other
assets
in
excess
of
liabilities
—
6.0%
18,234,098
NET
ASSETS
—
100.0%
$
304,927,938
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Short
Contracts
MSCI
EAFE
E-Mini
Index
(
14
)
6/2026
USD
(2,030,770)
(43,818)
S&P
500
E-Mini
Index
(
12
)
6/2026
USD
(3,942,450)
(68,518)
Net
contracts
(112,336)
Currency:
USD
United
States
Dollar
2
-
Statement
of
Investments
-
March
31,
2026
(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
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Investment
Company
$
286,693,840
$
–
$
–
$
286,693,840
Total
Assets
$
286,693,840
$
–
$
–
$
286,693,840
Liabilities:
Futures
Contracts
$
(
112,336
)
$
–
$
–
$
(
112,336
)
Total
Liabilities
$
(
112,336
)
$
–
$
–
$
(
112,336
)
Total
$
286,581,504
$
–
$
–
$
286,581,504
NVIT
BlackRock
Managed
Global
Allocation
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
3
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
112,336
)
Total
$
(
112,336
)
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.
4
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
iShares
®
Fixed
Income
ETF
Fund
Exchange
Traded
Funds
99
.9
%
Shares
Value
($)
Fixed
Income
Funds
99.9%
iShares
Core
10+
Year
USD
Bond
ETF(a)
205,417
10,061,325
iShares
Core
1-5
Year
USD
Bond
ETF
315,604
15,294,170
iShares
Core
U.S.
Aggregate
Bond
ETF(a)
512,299
50,855,922
iShares
Core
Universal
USD
Bond
ETF(a)
219,961
10,159,998
iShares
MBS
ETF
107,976
10,252,321
iShares
U.S.
Treasury
Bond
ETF
221,717
5,079,536
Total
Exchange
Traded
Funds
(cost
$104,813,242)
101,703,272
Repurchase
Agreement
0
.1
%
Principal
Amount
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$113,411,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$115,680.(b)
113,400
113,400
Total
Repurchase
Agreement
(cost
$113,400)
113,400
Total
Investments
(cost
$104,926,642)
—
100.0%
101,816,672
Other
assets
in
excess
of
liabilities
—
0.0%
†
48,497
NET
ASSETS
—
100.0%
$
101,865,169
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$1,931,871,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$113,400
and
by
$1,854,185
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.75%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$1,967,585.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$113,400.
ETF
Exchange
Traded
Fund
NVIT
iShares
®
Fixed
Income
ETF
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
5
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
101,703,272
$
–
$
–
$
101,703,272
Repurchase
Agreement
–
113,400
–
113,400
Total
$
101,703,272
$
113,400
$
–
$
101,816,672
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
6
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
iShares
®
Global
Equity
ETF
Fund
Exchange
Traded
Funds
100
.1
%
Shares
Value
($)
Equity
Funds
100.1%
iShares
Core
MSCI
EAFE
ETF
57,975
5,248,477
iShares
Core
MSCI
International
Developed
Markets
ETF(a)
252,261
21,081,452
iShares
Core
S&P
500
ETF
65,638
42,875,398
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF(a)
94,149
13,409,642
iShares
MSCI
USA
Momentum
Factor
ETF(a)
22,279
5,346,737
iShares
MSCI
USA
Quality
Factor
ETF
13,916
2,669,228
iShares
U.S.
Equity
Factor
Rotation
Active
ETF
277,881
16,167,116
Total
Exchange
Traded
Funds
(cost
$93,759,221)
106,798,050
Repurchase
Agreements
7
.6
%
Principal
Amount
($)
BofA
Securities,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$3,000,305,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
4.77%
-
5.50%,
maturing
7/20/2047
-
10/20/2054;
total
market
value
$3,060,000.(b)
3,000,000
3,000,000
  Repurchase
Agreements
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,130,021,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$5,232,621.(b)
5,129,501
5,129,501
Total
Repurchase
Agreements
(cost
$8,129,501)
8,129,501
Total
Investments
(cost
$101,888,722)
—
107.7%
114,927,551
Liabilities
in
excess
of
other
assets
—
(7.7)%
(
8,264,049
)
NET
ASSETS
—
100.0%
$
106,663,502
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$22,699,993,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$8,129,501
and
by
$14,333,283
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.63%
-
4.75%,
and
maturity
dates
ranging
from
8/15/2028
-
8/15/2054,
a
total
value
of
$22,462,784.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$8,129,501.
ETF
Exchange
Traded
Fund
NVIT
iShares
®
Global
Equity
ETF
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
7
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
106,798,050
$
–
$
–
$
106,798,050
Repurchase
Agreements
–
8,129,501
–
8,129,501
Total
$
106,798,050
$
8,129,501
$
–
$
114,927,551
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
8
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Managed
American
Funds
Growth-Income
Fund
Investment
Company
95
.0
%
Shares
Value
($)
Equity
Fund
95.0%
American
Funds
Growth-Income
Fund,
Class
1
9,500,307
616,759,914
Total
Investment
Company
(cost
$438,292,977)
616,759,914
Total
Investments
(cost
$438,292,977)
—
95.0%
616,759,914
Other
assets
in
excess
of
liabilities
—
5.0%
32,331,239
NET
ASSETS
—
100.0%
$
649,091,153
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Short
Contracts
MSCI
EAFE
E-Mini
Index
(
1
)
6/2026
USD
(145,055)
(2,387)
S&P
500
E-Mini
Index
(
10
)
6/2026
USD
(3,285,375)
(50,625)
S&P
Midcap
400
E-Mini
Index
(
1
)
6/2026
USD
(339,650)
(5,223)
Net
contracts
(58,235)
Currency:
USD
United
States
Dollar
NVIT
Managed
American
Funds
Growth-Income
Fund
-
March
31,
2026
(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
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Investment
Company
$
616,759,914
$
–
$
–
$
616,759,914
Total
Assets
$
616,759,914
$
–
$
–
$
616,759,914
Liabilities:
Futures
Contracts
$
(
58,235
)
$
–
$
–
$
(
58,235
)
Total
Liabilities
$
(
58,235
)
$
–
$
–
$
(
58,235
)
Total
$
616,701,679
$
–
$
–
$
616,701,679
10
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Managed
American
Funds
Growth-Income
Fund
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
58,235
)
Total
$
(
58,235
)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Managed
American
Funds
Asset
Allocation
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
11
Investment
Companies
94
.2
%
Shares
Value
($)
Balanced
Fund
28.3%
American
Balanced
Fund,
Class
R6
19,094,667
705,929,840
Total
Balanced
Fund
(cost
$633,627,242)
705,929,840
Equity
Funds
46.7%
American
Funds
Growth
Fund,
Class
1
5,394,853
695,288,689
American
Funds
Washington
Mutual
Investors
Fund,
Class
1
26,647,016
469,520,430
Total
Equity
Funds
(cost
$907,474,402)
1,164,809,119
Investment
Companies
Shares
Value
($)
Fixed
Income
Funds
19.2%
American
Funds
U.S.
Government
Securities
Fund,
Class
1
12,077,458
119,325,289
Bond
Fund
of
America
(The),
Class
R6
31,716,260
358,710,900
Total
Fixed
Income
Funds
(cost
$488,324,054)
478,036,189
Total
Investment
Companies
(cost
$2,029,425,698)
2,348,775,148
Total
Investments
(cost
$2,029,425,698)
—
94.2%
2,348,775,148
Other
assets
in
excess
of
liabilities
—
5.8%
144,866,142
NET
ASSETS
—
100.0%
$
2,493,641,290
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Short
Contracts
MSCI
EAFE
E-Mini
Index
(
27
)
6/2026
USD
(3,916,485)
(93,918)
Russell
2000
E-Mini
Index
(
5
)
6/2026
USD
(628,050)
(11,383)
S&P
500
E-Mini
Index
(
204
)
6/2026
USD
(67,021,650)
(1,236,458)
S&P
Midcap
400
E-Mini
Index
(
12
)
6/2026
USD
(4,075,800)
(70,901)
Net
contracts
(1,412,660)
Currency:
USD
United
States
Dollar
12
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Managed
American
Funds
Asset
Allocation
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
NVIT
Managed
American
Funds
Asset
Allocation
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
13
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Investment
Companies
$
2,348,775,148
$
–
$
–
$
2,348,775,148
Total
Assets
$
2,348,775,148
$
–
$
–
$
2,348,775,148
Liabilities:
Futures
Contracts
$
(
1,412,660
)
$
–
$
–
$
(
1,412,660
)
Total
Liabilities
$
(
1,412,660
)
$
–
$
–
$
(
1,412,660
)
Total
$
2,347,362,488
$
–
$
–
$
2,347,362,488
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
1,412,660
)
Total
$
(
1,412,660
)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
1
Common
Stocks
98
.0
%
Shares
Value
($)
AUSTRALIA
0
.6
%
Metals
&
Mining
0
.6
%
Anglogold
Ashanti
plc
20,877
2,094,712
BELGIUM
0
.4
%
Metals
&
Mining
0
.4
%
Viohalco
SA
110,177
1,627,283
BRAZIL
5
.5
%
Banks
1
.0
%
Banco
Bradesco
SA,
ADR
583,500
2,129,775
Banco
Bradesco
SA
73,500
237,108
Itau
Unibanco
Holding
SA
(Preference)
167,200
1,403,488
3,770,371
Communications
Equipment
0
.1
%
Intelbras
SA
Industria
de
Telecomunicacao
Eletronica
Brasileira
132,700
375,311
Electric
Utilities
1
.5
%
Axia
Energia
316,400
3,577,012
Axia
Energia
(Preference)
*
157,800
1,851,842
5,428,854
Metals
&
Mining
1
.3
%
Vale
SA,
Class
B,
ADR
(a)
295,500
4,701,405
Oil,
Gas
&
Consumable
Fuels
1
.5
%
Petroleo
Brasileiro
SA,
ADR
70,900
1,471,175
Petroleo
Brasileiro
SA
(Preference)
433,000
4,068,479
5,539,654
Pharmaceuticals
0
.1
%
Hypera
SA
*
55,200
248,087
Water
Utilities
0
.0
%
†
Cia
De
Sanena
Do
Parana
*
7,200
61,897
20,125,579
CHILE
0
.4
%
Banks
0
.1
%
Banco
de
Chile
1,521,070
276,081
Banco
de
Credito
e
Inversiones
SA
2,040
132,144
408,225
Chemicals
0
.1
%
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
*(a)
5,952
481,755
Industrial
Conglomerates
0
.0
%
†
Quinenco
SA
3,522
16,407
Marine
Transportation
0
.1
%
Cia
Sud
Americana
de
Vapores
SA
6,174,266
323,291
Passenger
Airlines
0
.1
%
Latam
Airlines
Group
SA
13,765,292
338,983
1,568,661
CHINA
23
.7
%
Automobile
Components
0
.3
%
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
413,486
1,155,772
Automobiles
1
.0
%
BYD
Co.
Ltd.,
Class
A
24,900
380,668
BYD
Co.
Ltd.,
Class
H
15,600
213,883
Geely
Automobile
Holdings
Ltd.
323,000
871,481
Yadea
Group
Holdings
Ltd.
Reg.
S
(b)
1,292,000
2,192,075
3,658,107
Common
Stocks
Shares
Value
($)
CHINA
Banks
0
.4
%
China
CITIC
Bank
Corp.
Ltd.,
Class
A
217,200
261,481
China
Construction
Bank
Corp.,
Class
H
401,000
435,525
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
976,000
866,103
1,563,109
Biotechnology
0
.5
%
3SBio,
Inc.
Reg.
S
(b)
224,500
660,144
Innovent
Biologics,
Inc.
Reg.
S
*(b)
109,500
1,201,307
1,861,451
Broadline
Retail
2
.8
%
Alibaba
Group
Holding
Ltd.
506,500
7,973,587
JD.com,
Inc.,
Class
A
118,550
1,748,653
PDD
Holdings,
Inc.,
ADR
*
2,880
294,278
10,016,518
Capital
Markets
0
.2
%
China
Galaxy
Securities
Co.
Ltd.,
Class
H
586,000
595,294
Chemicals
0
.5
%
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
*
242,889
1,315,089
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
H
682,000
106,908
Yunnan
Energy
New
Material
Group
Co.
Ltd.,
Class
A
*
35,100
348,856
Zhejiang
Longsheng
Group
Co.
Ltd.,
Class
A
78,300
148,675
1,919,528
Construction
&
Engineering
0
.4
%
China
Conch
Venture
Holdings
Ltd.
103,500
151,961
Sinopec
Engineering
Group
Co.
Ltd.,
Class
H
1,669,500
1,251,319
1,403,280
Diversified
Telecommunication
Services
0
.1
%
CITIC
Telecom
International
Holdings
Ltd.
1,414,000
488,764
Electrical
Equipment
1
.7
%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
51,400
3,012,729
Harbin
Electric
Co.
Ltd.,
Class
H
390,000
1,087,054
Sun
King
Technology
Group
Ltd.
1,878,000
382,178
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
58,800
1,292,829
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
76,200
363,675
6,138,465
Electronic
Equipment,
Instruments
&
Components
0
.5
%
AAC
Technologies
Holdings,
Inc.
75,000
319,985
Accelink
Technologies
Co.
Ltd.,
Class
A
19,600
243,733
Kingboard
Holdings
Ltd.
53,000
227,824
Q
Technology
Group
Co.
Ltd.
Reg.
S
(a)
456,000
434,355
Shengyi
Technology
Co.
Ltd.,
Class
A
80,400
645,893
1,871,790
Energy
Equipment
&
Services
0
.5
%
Anton
Oilfield
Services
Group
5,698,000
780,427
2
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
Common
Stocks
Shares
Value
($)
CHINA
Energy
Equipment
&
Services
China
Oilfield
Services
Ltd.,
Class
H
778,000
888,551
1,668,978
Entertainment
0
.3
%
NetEase,
Inc.
31,600
703,085
Zhejiang
Century
Huatong
Group
Co.
Ltd.,
Class
A
*
122,000
285,453
988,538
Financial
Services
0
.1
%
China
Development
Bank
Financial
Leasing
Co.
Ltd.,
Class
H
Reg.
S
(b)
1,106,000
197,010
Hotels,
Restaurants
&
Leisure
0
.9
%
H
World
Group
Ltd.
111,500
562,809
H
World
Group
Ltd.,
ADR
32,000
1,609,280
Trip.com
Group
Ltd.
*
20,500
1,013,916
3,186,005
Household
Durables
0
.0
%
†
TCL
Electronics
Holdings
Ltd.
53,000
87,845
Independent
Power
and
Renewable
Electricity
Producers
0
.8
%
China
Resources
Power
Holdings
Co.
Ltd.
110,000
257,445
China
Yangtze
Power
Co.
Ltd.,
Class
A
284,600
1,115,362
Datang
International
Power
Generation
Co.
Ltd.,
Class
A
478,000
273,844
Datang
International
Power
Generation
Co.
Ltd.,
Class
H
392,000
126,101
Huaneng
Power
International,
Inc.,
Class
H
868,000
653,799
Shenergy
Co.
Ltd.,
Class
A
351,800
454,298
2,880,849
Insurance
2
.4
%
China
Life
Insurance
Co.
Ltd.,
Class
H
911,000
2,910,869
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
329,600
1,354,367
China
Reinsurance
Group
Corp.,
Class
H
3,118,000
588,579
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
1,358,000
944,809
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
1,618,000
2,981,422
8,780,046
Interactive
Media
&
Services
4
.8
%
Bilibili,
Inc.,
Class
Z
*(a)
20,680
466,299
Kuaishou
Technology
Reg.
S
(b)
400,400
2,358,106
Tencent
Holdings
Ltd.
225,000
14,204,677
17,029,082
Life
Sciences
Tools
&
Services
0
.2
%
Wuxi
Biologics
Cayman,
Inc.
Reg.
S
*(b)
143,000
609,655
Machinery
1
.0
%
CIMC
Enric
Holdings
Ltd.
(a)
56,000
71,968
Lonking
Holdings
Ltd.
3,229,000
1,237,023
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
199,000
290,472
Sinotruk
Hong
Kong
Ltd.
8,500
43,286
Weichai
Power
Co.
Ltd.,
Class
A
96,800
349,155
Weichai
Power
Co.
Ltd.,
Class
H
185,000
659,470
Common
Stocks
Shares
Value
($)
CHINA
Machinery
Yangzijiang
Shipbuilding
Holdings
Ltd.
99,800
296,554
ZCZL
Industrial
Technology
Group
Co.
Ltd.,
Class
H
38,400
88,945
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
140,800
656,829
3,693,702
Marine
Transportation
0
.8
%
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
A
354,400
772,019
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
(a)
176,000
335,163
SITC
International
Holdings
Co.
Ltd.
419,000
1,849,764
2,956,946
Metals
&
Mining
2
.1
%
Aluminum
Corp.
of
China
Ltd.,
Class
H
524,000
763,106
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
1,427,523
1,330,331
China
Gold
International
Resources
Corp.
Ltd.
23,300
463,702
China
Hongqiao
Group
Ltd.
381,500
1,738,025
China
Nonferrous
Mining
Corp.
Ltd.
98,000
146,350
China
Oriental
Group
Co.
Ltd.
1,604,000
258,959
CMOC
Group
Ltd.,
Class
H
351,000
737,414
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.,
Class
A
106,190
477,750
Jiangxi
Copper
Co.
Ltd.,
Class
H
296,000
1,315,583
Western
Mining
Co.
Ltd.,
Class
A
132,100
488,128
7,719,348
Oil,
Gas
&
Consumable
Fuels
0
.0
%
†
China
Coal
Energy
Co.
Ltd.,
Class
H
61,000
101,599
Paper
&
Forest
Products
0
.1
%
Lee
&
Man
Paper
Manufacturing
Ltd.
908,000
401,370
Pharmaceuticals
1
.0
%
China
Shineway
Pharmaceutical
Group
Ltd.
321,000
370,049
Consun
Pharmaceutical
Group
Ltd.
237,000
504,576
Simcere
Pharmaceutical
Group
Ltd.
Reg.
S
(b)
184,000
299,662
Sino
Biopharmaceutical
Ltd.
3,410,000
2,585,174
3,759,461
Semiconductors
&
Semiconductor
Equipment
0
.1
%
TongFu
Microelectronics
Co.
Ltd.,
Class
A
47,800
292,619
Transportation
Infrastructure
0
.1
%
Qingdao
Port
International
Co.
Ltd.,
Class
H
Reg.
S
(b)
334,000
289,944
Water
Utilities
0
.1
%
Guangdong
Investment
Ltd.
248,000
249,952
85,565,027
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
3
Common
Stocks
Shares
Value
($)
COLOMBIA
0
.1
%
Banks
0
.1
%
Grupo
Cibest
SA,
ADR
4,342
316,141
GREECE
0
.1
%
Marine
Transportation
0
.1
%
Star
Bulk
Carriers
Corp.
8,500
195,245
Oil,
Gas
&
Consumable
Fuels
0
.0
%
†
HELLENiQ
ENERGY
Holdings
S.A.
26,328
301,103
496,348
HONG
KONG
0
.8
%
Electronic
Equipment,
Instruments
&
Components
0
.5
%
Kingboard
Laminates
Holdings
Ltd.
186,000
468,339
Wasion
Holdings
Ltd.
324,000
1,173,465
1,641,804
Food
Products
0
.1
%
WH
Group
Ltd.
Reg.
S
(b)
395,000
520,486
Household
Durables
0
.1
%
Skyworth
Group
Ltd.
*
400,000
315,042
Marine
Transportation
0
.1
%
Orient
Overseas
International
Ltd.
(a)
21,500
385,255
2,862,587
INDIA
12
.1
%
Automobile
Components
0
.3
%
Bharat
Forge
Ltd.
32,666
598,539
Bosch
Ltd.
1,265
395,831
Samvardhana
Motherson
International
Ltd.
100,674
117,118
1,111,488
Automobiles
1
.0
%
Eicher
Motors
Ltd.
30,492
2,193,421
Mahindra
&
Mahindra
Ltd.
38,107
1,231,323
TVS
Motor
Co.
Ltd.
2,659
97,344
3,522,088
Banks
3
.4
%
Bank
of
India
471,273
688,886
Canara
Bank
343,616
464,221
HDFC
Bank
Ltd.
714,444
5,680,810
ICICI
Bank
Ltd.,
ADR
93,116
2,411,705
Punjab
National
Bank
135,385
149,765
State
Bank
of
India
193,765
2,065,020
Yes
Bank
Ltd.
*
2,781,884
520,372
11,980,779
Capital
Markets
0
.1
%
HDFC
Asset
Management
Co.
Ltd.
Reg.
S
(b)
11,776
285,159
Chemicals
0
.1
%
Atul
Ltd.
2,979
203,447
Communications
Equipment
0
.1
%
Astra
Microwave
Products
Ltd.
27,371
247,913
Construction
&
Engineering
0
.3
%
Larsen
&
Toubro
Ltd.
30,277
1,128,929
Consumer
Finance
0
.0
%
†
Muthoot
Finance
Ltd.
2,824
94,877
Common
Stocks
Shares
Value
($)
INDIA
Diversified
Telecommunication
Services
0
.4
%
Indus
Towers
Ltd.
*
320,453
1,421,113
Electrical
Equipment
1
.0
%
ABB
India
Ltd.
16,782
1,058,942
GE
Vernova
T&D
India
Ltd.
23,643
948,251
Graphite
India
Ltd.
46,445
304,456
Hitachi
Energy
India
Ltd.
4,517
1,164,656
3,476,305
Independent
Power
and
Renewable
Electricity
Producers
0
.2
%
NTPC
Ltd.
115,647
461,044
ReNew
Energy
Global
plc,
Class
A
*
73,700
337,546
798,590
IT
Services
0
.4
%
Infosys
Ltd.,
ADR
(a)
96,022
1,297,257
Machinery
0
.3
%
Cummins
India
Ltd.
3,288
157,694
Escorts
Kubota
Ltd.
22,773
681,355
Jamna
Auto
Industries
Ltd.
346,210
429,265
1,268,314
Metals
&
Mining
0
.4
%
Hindalco
Industries
Ltd.
154,887
1,470,173
Vedanta
Ltd.
20,092
142,728
1,612,901
Oil,
Gas
&
Consumable
Fuels
1
.4
%
Bharat
Petroleum
Corp.
Ltd.
705,752
2,161,490
Indian
Oil
Corp.
Ltd.
1,699,936
2,493,991
Reliance
Industries
Ltd.
37,868
548,726
5,204,207
Pharmaceuticals
0
.9
%
JB
Chemicals
&
Pharmaceuticals
Ltd.
14,844
324,797
Laurus
Labs
Ltd.
Reg.
S
(b)
138,687
1,498,455
Lupin
Ltd.
5,481
136,004
Pfizer
Ltd.
7,977
406,803
Zydus
Lifesciences
Ltd.
110,790
1,041,618
3,407,677
Tobacco
0
.4
%
ITC
Ltd.
526,068
1,621,093
Wireless
Telecommunication
Services
1
.4
%
Bharti
Airtel
Ltd.
276,475
5,256,594
43,938,731
INDONESIA
0
.9
%
Banks
0
.2
%
Bank
CIMB
Niaga
Tbk.
PT
1,104,800
115,411
Bank
Mandiri
Persero
Tbk.
PT
2,112,000
592,226
707,637
Food
Products
0
.6
%
Bumitama
Agri
Ltd.
854,300
1,221,934
Charoen
Pokphand
Indonesia
Tbk.
PT
550,600
133,054
Perusahaan
Perkebunan
London
Sumatra
Indonesia
Tbk.
PT
7,388,200
626,259
1,981,247
Gas
Utilities
0
.0
%
†
Perusahaan
Gas
Negara
Persero
Tbk.
PT
1,586,400
173,613
Media
0
.0
%
†
Elang
Mahkota
Teknologi
Tbk.
PT
3,722,000
168,475
4
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
Common
Stocks
Shares
Value
($)
INDONESIA
Metals
&
Mining
0
.1
%
Trimegah
Bangun
Persada
Tbk.
PT
3,907,300
252,737
3,283,709
MEXICO
2
.3
%
Banks
1
.3
%
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
410,978
4,558,066
Metals
&
Mining
1
.0
%
Grupo
Mexico
SAB
de
CV
Series B
268,005
2,869,805
Industrias
Penoles
SAB
de
CV
*
8,000
355,570
Ternium
SA,
ADR
(a)
8,641
346,936
3,572,311
Transportation
Infrastructure
0
.0
%
†
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
3,147
50,886
8,181,263
PHILIPPINES
0
.6
%
Banks
0
.3
%
Metropolitan
Bank
&
Trust
Co.
980,600
1,030,144
Transportation
Infrastructure
0
.3
%
International
Container
Terminal
Services,
Inc.
100,230
1,149,438
2,179,582
POLAND
0
.9
%
Chemicals
0
.0
%
†
Grupa
Azoty
SA
*
21,258
108,291
Construction
&
Engineering
0
.1
%
Budimex
SA
1,273
227,997
Insurance
0
.2
%
Powszechny
Zaklad
Ubezpieczen
SA
41,111
721,238
Oil,
Gas
&
Consumable
Fuels
0
.5
%
ORLEN
SA
52,371
1,887,428
Software
0
.1
%
Asseco
Poland
SA
5,351
244,984
3,189,938
QATAR
0
.6
%
Banks
0
.1
%
Qatar
National
Bank
QPSC
78,807
369,697
Diversified
Telecommunication
Services
0
.2
%
Ooredoo
QPSC
254,394
870,527
Marine
Transportation
0
.2
%
Qatar
Navigation
QSC
208,663
584,317
Wireless
Telecommunication
Services
0
.1
%
Vodafone
Qatar
PQSC
453,519
293,901
2,118,442
RUSSIA
0
.0
%
†
Banks
0
.0
%
†
Sberbank
of
Russia
PJSC
*^∞
819,980
0
VTB
Bank
PJSC
*^∞
109,749
0
0
Chemicals
0
.0
%
†
PhosAgro
PJSC
*^∞
7,500
0
Common
Stocks
Shares
Value
($)
RUSSIA
Chemicals
PhosAgro
PJSC,
GDR
Reg.
S
*^∞
48
0
0
0
SAUDI
ARABIA
3
.5
%
Banks
2
.6
%
Al
Rajhi
Bank
40,853
1,163,428
Arab
National
Bank
217,646
1,250,300
Banque
Saudi
Fransi
114,414
607,357
Riyad
Bank
570,871
4,498,694
Saudi
Awwal
Bank
221,757
2,208,951
9,728,730
Construction
&
Engineering
0
.3
%
Al
Babtain
Power
&
Telecommunication
Co.
59,768
1,059,882
Electrical
Equipment
0
.3
%
Riyadh
Cables
Group
Co.
31,333
1,002,329
Health
Care
Providers
&
Services
0
.1
%
Mouwasat
Medical
Services
Co.
10,295
199,247
Metals
&
Mining
0
.0
%
†
Arabian
Pipes
Co.
65,812
101,996
Oil,
Gas
&
Consumable
Fuels
0
.2
%
Saudi
Arabian
Oil
Co.
Reg.
S
(b)
99,103
722,628
12,814,812
SOUTH
AFRICA
2
.6
%
Broadline
Retail
0
.9
%
Naspers
Ltd.,
Class
N
56,988
2,951,344
Capital
Markets
0
.1
%
JSE
Ltd.
33,483
318,325
Chemicals
0
.1
%
Omnia
Holdings
Ltd.
74,237
418,526
Electronic
Equipment,
Instruments
&
Components
0
.1
%
DataTec
Ltd.
93,764
390,309
Financial
Services
0
.1
%
Remgro
Ltd.
33,039
371,722
Food
Products
0
.0
%
†
Astral
Foods
Ltd.
10,946
165,859
Insurance
0
.6
%
Momentum
Group
Ltd.
153,216
326,089
Old
Mutual
Ltd.
586,206
483,041
Sanlam
Ltd.
255,445
1,345,865
2,154,995
Metals
&
Mining
0
.6
%
Gold
Fields
Ltd.,
ADR
50,490
2,292,246
Oil,
Gas
&
Consumable
Fuels
0
.1
%
Exxaro
Resources
Ltd.
21,524
284,793
9,348,119
SOUTH
KOREA
16
.0
%
Air
Freight
&
Logistics
0
.3
%
Hyundai
Glovis
Co.
Ltd.
7,777
1,075,371
Automobile
Components
0
.5
%
Hankook
&
Co.
Co
Ltd.
5,965
94,369
Hyundai
Mobis
Co.
Ltd.
6,720
1,728,187
1,822,556
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
5
Common
Stocks
Shares
Value
($)
SOUTH
KOREA
Banks
2
.8
%
Hana
Financial
Group,
Inc.
27,998
1,983,553
KB
Financial
Group,
Inc.
30,696
2,871,769
Shinhan
Financial
Group
Co.
Ltd.
52,941
3,052,800
Woori
Financial
Group,
Inc.
111,630
2,355,126
10,263,248
Capital
Markets
0
.3
%
Mirae
Asset
Securities
Co.
Ltd.
499
20,766
Mirae
Asset
Securities
Co.
Ltd.
(Preference)
68,219
888,896
909,662
Electrical
Equipment
0
.4
%
Doosan
Enerbility
Co.
Ltd.
*
4,853
299,512
HD
Hyundai
Electric
Co.
Ltd.
1,437
801,642
LS
Corp.
1,320
226,459
LS
Eco
Energy
Ltd.
6,070
162,309
1,489,922
Electronic
Equipment,
Instruments
&
Components
0
.1
%
IsuPetasys
Co.
Ltd.
3,273
218,845
Mcnex
Co.
Ltd.
3,748
50,738
Partron
Co.
Ltd.
33,371
171,016
440,599
Household
Durables
0
.1
%
LG
Electronics,
Inc.
(Preference)
11,434
370,760
Insurance
0
.0
%
†
DB
Insurance
Co.
Ltd.
1,522
166,371
Machinery
1
.3
%
Hanwha
Engine
*
5,322
153,252
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
8,041
1,835,428
Samsung
Heavy
Industries
Co.
Ltd.
*
160,520
2,604,192
SNT
Energy
Co.
Ltd.
2,638
87,900
TSI
Co.
Ltd.
*
26,760
87,037
4,767,809
Oil,
Gas
&
Consumable
Fuels
0
.4
%
HD
Hyundai
Co.
Ltd.
8,828
1,389,717
Semiconductors
&
Semiconductor
Equipment
3
.5
%
HAESUNG
DS
Co.
Ltd.
8,748
281,988
LEENO
Industrial,
Inc.
4,785
301,467
LOT
Vacuum
Co.
Ltd.
*
18,280
146,745
Seoul
Semiconductor
Co.
Ltd.
*
10,014
58,350
SK
hynix,
Inc.
21,427
11,653,988
TES
Co.
Ltd.
5,430
200,376
12,642,914
Technology
Hardware,
Storage
&
Peripherals
6
.3
%
Samsung
Electronics
Co.
Ltd.
181,704
20,410,818
Samsung
Electronics
Co.
Ltd.
(Preference)
30,260
2,409,347
22,820,165
58,159,094
TAIWAN
22
.9
%
Communications
Equipment
0
.7
%
Accton
Technology
Corp.
49,000
2,385,848
EZconn
Corp.
3,000
187,222
YFC-Boneagle
Electric
Co.
Ltd.
144,000
144,719
2,717,789
Construction
&
Engineering
0
.1
%
United
Integrated
Services
Co.
Ltd.
12,000
316,689
Common
Stocks
Shares
Value
($)
TAIWAN
Electrical
Equipment
0
.2
%
Bizlink
Holding,
Inc.
8,000
448,252
Hong
TAI
Electric
Industrial
264,000
284,410
732,662
Electronic
Equipment,
Instruments
&
Components
3
.2
%
Channel
Well
Technology
Co.
Ltd.
183,000
322,127
Chunghwa
Precision
Test
Tech
Co.
Ltd.
10,000
998,453
Delta
Electronics,
Inc.
72,000
3,204,553
Dynapack
International
Technology
Corp.
16,000
177,728
Eson
Precision
Ind
Co.
Ltd.
18,000
47,795
Genius
Electronic
Optical
Co.
Ltd.
12,000
166,298
Holy
Stone
Enterprise
Co.
Ltd.
100,000
448,142
Hon
Hai
Precision
Industry
Co.
Ltd.
188,000
1,131,153
Ichia
Technologies,
Inc.
296,000
468,042
Kaimei
Electronic
Corp.
90,000
216,216
Kinko
Optical
Co.
Ltd.
*
129,000
206,889
Lelon
Electronics
Corp.
308,000
1,252,595
New
Era
Electronics
Co.
Ltd.
174,000
299,421
Sea
Sonic
Electronics
Co.
Ltd.
107,000
220,574
TA-I
Technology
Co.
Ltd.
53,000
100,457
Taiwan
PCB
Techvest
Co.
Ltd.
334,000
343,260
TPK
Holding
Co.
Ltd.
106,000
146,489
Tripod
Technology
Corp.
97,000
1,063,069
Yageo
Corp.
46,000
367,047
Zhen
Ding
Technology
Holding
Ltd.
32,000
213,734
11,394,042
Insurance
0
.5
%
Cathay
Financial
Holding
Co.
Ltd.
786,000
1,758,510
Fubon
Financial
Holding
Co.
Ltd.
75,000
204,199
1,962,709
Metals
&
Mining
0
.1
%
Chun
Yuan
Steel
Industry
Co.
Ltd.
573,000
445,815
Oil,
Gas
&
Consumable
Fuels
0
.2
%
Formosa
Petrochemical
Corp.
369,000
621,073
Semiconductors
&
Semiconductor
Equipment
17
.4
%
Advanced
Wireless
Semiconductor
Co.
34,000
129,321
Anpec
Electronics
Corp.
19,000
126,863
AP
Memory
Technology
Corp.
18,000
257,121
Ardentec
Corp.
211,000
1,056,439
ASE
Technology
Holding
Co.
Ltd.
156,000
1,711,302
Contrel
Technology
Co.
Ltd.
156,000
320,013
Feedback
Technology
Corp.
76,000
351,087
Keystone
Microtech
Corp.
5,000
223,377
King
Yuan
Electronics
Co.
Ltd.
113,000
976,323
Macronix
International
Co.
Ltd.
*
88,000
337,239
MediaTek,
Inc.
16,000
774,737
MPI
Corp.
1,000
117,274
Powertech
Technology,
Inc.
174,000
1,077,441
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
936,000
52,767,410
Topco
Scientific
Co.
Ltd.
66,000
651,764
United
Microelectronics
Corp.
304,000
543,440
Win
Semiconductors
Corp.
71,000
833,007
ZillTek
Technology
Corp.
63,000
467,783
62,721,941
6
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
Common
Stocks
Shares
Value
($)
TAIWAN
Technology
Hardware,
Storage
&
Peripherals
0
.5
%
Asia
Vital
Components
Co.
Ltd.
30,000
1,938,237
82,850,957
THAILAND
1
.4
%
Banks
0
.7
%
Kiatnakin
Phatra
Bank
PCL
42,400
98,306
Krung
Thai
Bank
PCL
2,162,800
2,322,249
2,420,555
Food
Products
0
.2
%
Charoen
Pokphand
Foods
PCL
1,019,600
655,868
Oil,
Gas
&
Consumable
Fuels
0
.2
%
Thai
Oil
PCL
468,300
701,528
Wireless
Telecommunication
Services
0
.3
%
Advanced
Info
Service
PCL
108,200
1,238,463
5,016,414
TURKEY
0
.9
%
Construction
&
Engineering
0
.3
%
Enka
Insaat
ve
Sanayi
A/S
531,829
1,133,867
Metals
&
Mining
0
.2
%
Iskenderun
Demir
ve
Celik
A/S
722,493
687,049
Kocaer
Celik
Sanayi
ve
Ticaret
A/S
253,207
63,390
750,439
Oil,
Gas
&
Consumable
Fuels
0
.4
%
TR
Dogal
Enerji
Kaynaklari
Arastirma
ve
Uretim
A/S
*
36,743
76,419
Turkiye
Petrol
Rafinerileri
A/S
243,550
1,405,365
1,481,784
3,366,090
UNITED
ARAB
EMIRATES
1
.3
%
Banks
0
.4
%
Abu
Dhabi
Commercial
Bank
PJSC
237,021
806,486
Abu
Dhabi
Islamic
Bank
PJSC
75,226
425,514
Dubai
Islamic
Bank
PJSC
*
219,203
441,542
Emirates
NBD
Bank
PJSC
43,401
318,968
1,992,510
Construction
&
Engineering
0
.2
%
NMDC
Group
PJSC
19,673
92,571
Orascom
Construction
plc
Reg.
S
57,129
503,936
596,507
Industrial
Conglomerates
0
.2
%
Dubai
Investments
PJSC
546,778
564,641
Real
Estate
Management
&
Development
0
.4
%
Emaar
Development
PJSC
166,821
621,395
Emaar
Properties
PJSC
215,961
697,292
1,318,687
Specialty
Retail
0
.1
%
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
202,730
209,976
4,682,321
UNITED
STATES
0
.4
%
Biotechnology
0
.3
%
BeOne
Medicines
Ltd.,
Class
H
*
53,900
1,221,747
Common
Stocks
Shares
Value
($)
UNITED
STATES
Marine
Transportation
0
.1
%
Seanergy
Maritime
Holdings
Corp.
27,700
357,607
1,579,354
Total
Common
Stocks
(cost
$272,696,030)
355,365,164
Repurchase
Agreements
1
.7
%
Principal
Amount
($)
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$4,000,409,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$4,080,000.(c)
4,000,000
4,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,271,700,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$2,317,134.(c)
2,271,470
2,271,470
Total
Repurchase
Agreements
(cost
$6,271,470)
6,271,470
Total
Investments
(cost
$278,967,500)
—
99.7%
361,636,634
Other
assets
in
excess
of
liabilities
—
0.3%
1,186,883
NET
ASSETS
—
100.0%
$362,823,517
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$6,949,105,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$6,271,470
and
by
$644,275
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
5.50%,
and
maturity
dates
ranging
from
5/15/2026
-
2/15/2055,
a
total
value
of
$6,915,745.
(b)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$10,834,631
which
represents
2.99%
of
net
assets.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$6,271,470.
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
7
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
TA
Tax
Allocation
8
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
64
6/2026
USD
4,654,720
(59,108)
Net
contracts
(59,108)
Currency:
USD
United
States
Dollar
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
9
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
10
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Air
Freight
&
Logistics
$
–
$
1,075,371
$
–
$
1,075,371
Automobile
Components
–
4,089,817
–
4,089,817
Automobiles
–
7,180,195
–
7,180,195
Banks
11,464,505
37,644,706
–
49,109,211
Biotechnology
–
3,083,198
–
3,083,198
Broadline
Retail
294,278
12,673,584
–
12,967,862
Capital
Markets
–
2,108,439
–
2,108,439
Chemicals
481,755
2,649,792
–
3,131,547
Communications
Equipment
375,311
2,965,702
–
3,341,013
Construction
&
Engineering
503,936
5,363,216
–
5,867,152
Consumer
Finance
–
94,877
–
94,877
Diversified
Telecommunication
Services
–
2,780,405
–
2,780,405
Electric
Utilities
5,428,854
–
–
5,428,854
Electrical
Equipment
–
12,839,683
–
12,839,683
Electronic
Equipment,
Instruments
&
Components
–
15,738,544
–
15,738,544
Energy
Equipment
&
Services
–
1,668,978
–
1,668,978
Entertainment
–
988,538
–
988,538
Financial
Services
–
568,731
–
568,731
Food
Products
–
3,323,460
–
3,323,460
Gas
Utilities
–
173,613
–
173,613
Health
Care
Providers
&
Services
–
199,247
–
199,247
Hotels,
Restaurants
&
Leisure
1,609,280
1,576,725
–
3,186,005
Household
Durables
–
773,647
–
773,647
Independent
Power
and
Renewable
Electricity
Producers
337,546
3,341,893
–
3,679,439
Industrial
Conglomerates
16,407
564,641
–
581,048
Insurance
–
13,785,359
–
13,785,359
Interactive
Media
&
Services
–
17,029,083
–
17,029,083
IT
Services
1,297,257
–
–
1,297,257
Life
Sciences
Tools
&
Services
–
609,655
–
609,655
Machinery
–
9,729,824
–
9,729,824
Marine
Transportation
876,143
3,926,519
–
4,802,662
Media
–
168,475
–
168,475
Metals
&
Mining
10,565,963
14,605,230
–
25,171,193
Oil,
Gas
&
Consumable
Fuels
5,539,653
12,695,861
–
18,235,514
Paper
&
Forest
Products
–
401,370
–
401,370
Passenger
Airlines
338,983
–
–
338,983
Pharmaceuticals
248,087
7,167,138
–
7,415,225
Real
Estate
Management
&
Development
–
1,318,687
–
1,318,687
Semiconductors
&
Semiconductor
Equipment
–
75,657,474
–
75,657,474
Software
–
244,984
–
244,984
Specialty
Retail
–
209,976
–
209,976
Technology
Hardware,
Storage
&
Peripherals
–
24,758,402
–
24,758,402
Tobacco
–
1,621,093
–
1,621,093
Transportation
Infrastructure
50,886
1,439,382
–
1,490,268
Water
Utilities
61,897
249,952
–
311,849
Wireless
Telecommunication
Services
–
6,788,957
–
6,788,957
Total
Common
Stocks
$
39,490,741
$
315,874,423
$
–
$
355,365,164
Repurchase
Agreements
–
6,271,470
–
6,271,470
Total
Assets
$
39,490,741
$
322,145,893
$
–
$
361,636,634
Liabilities:
Futures
Contracts
$
(
59,108
)
$
–
$
–
$
(
59,108
)
Total
Liabilities
$
(
59,108
)
$
–
$
–
$
(
59,108
)
Total
$
39,431,633
$
322,145,893
$
–
$
361,577,526
NVIT
GS
Emerging
Markets
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
11
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
As
of
March
31,
2026,
the
Fund
held
four
common
stock
investments
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
59,108
)
Total
$
(
59,108
)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
12
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
International
Equity
Insights
Fund
Common
Stocks
96.8%
Shares
Value
($)
AUSTRALIA
6.9%
Banks
1.9%
ANZ
Group
Holdings
Ltd.
100,906
2,536,605
Commonwealth
Bank
of
Australia
34,820
4,067,221
National
Australia
Bank
Ltd.
78,063
2,257,688
Westpac
Banking
Corp.
148,933
4,091,362
12,952,876
Broadline
Retail
0.9%
Wesfarmers
Ltd.
127,118
6,443,917
Capital
Markets
0.3%
Macquarie
Group
Ltd.
13,248
1,879,631
Chemicals
0.1%
Orica
Ltd.
28,822
403,392
Commercial
Services
&
Supplies
0.2%
Brambles
Ltd.
75,434
1,178,726
Construction
&
Engineering
0.0%
†
Monadelphous
Group
Ltd.
9,339
177,248
Electronic
Equipment,
Instruments
&
Components
0.1%
Codan
Ltd.
27,279
600,787
Financial
Services
0.0%
†
Challenger
Ltd.
41,575
239,328
Hotels,
Restaurants
&
Leisure
0.1%
Aristocrat
Leisure
Ltd.
19,309
613,531
Insurance
0.4%
QBE
Insurance
Group
Ltd.
107,658
1,581,820
Suncorp
Group
Ltd.
83,904
936,049
2,517,869
Metals
&
Mining
2.9%
BHP
Group
Ltd.
149,720
5,470,502
Capricorn
Metals
Ltd.
27,722
220,705
Evolution
Mining
Ltd.
265,998
2,410,679
Glencore
plc
28,844
219,791
Northern
Star
Resources
Ltd.
73,901
1,078,868
Perenti
Ltd.
246,562
337,015
Perseus
Mining
Ltd.
204,960
758,279
Ramelius
Resources
Ltd.
(a)
101,159
268,646
Regis
Resources
Ltd.
262,397
1,256,050
Rio
Tinto
plc,
ADR
(a)
77,690
7,247,700
Sandfire
Resources
Ltd.
*(a)
77,930
886,969
Vault
Minerals
Ltd.
46,216
139,065
20,294,269
47,301,574
AUSTRIA
0.6%
Banks
0.3%
BAWAG
Group
AG
Reg.
S
(b)
11,693
1,784,680
Construction
&
Engineering
0.2%
Strabag
SE
16,378
1,657,925
Oil,
Gas
&
Consumable
Fuels
0.1%
OMV
AG
9,435
685,196
4,127,801
BELGIUM
0.6%
Banks
0.3%
KBC
Ancora
22,510
1,835,533
Health
Care
REITs
0.0%
†
Aedifica
SA
2,141
172,843
Common
Stocks
Shares
Value
($)
BELGIUM
Pharmaceuticals
0.3%
UCB
SA
6,766
2,037,994
4,046,370
CHINA
0.3%
Automobile
Components
0.1%
Nexteer
Automotive
Group
Ltd.
1,050,000
683,303
Broadline
Retail
0.1%
Prosus
NV
17,818
814,515
Electronic
Equipment,
Instruments
&
Components
0.0%
†
AAC
Technologies
Holdings,
Inc.
26,000
110,928
Metals
&
Mining
0.1%
MMG
Ltd.
*(a)
692,000
651,913
2,260,659
DENMARK
1.3%
Air
Freight
&
Logistics
0.2%
DSV
A/S
5,546
1,324,962
Banks
0.6%
Danske
Bank
A/S
67,569
3,280,352
Ringkjoebing
Landbobank
A/S
5,391
1,299,099
4,579,451
Pharmaceuticals
0.4%
Novo
Nordisk
A/S,
Class
B
66,832
2,462,704
Textiles,
Apparel
&
Luxury
Goods
0.1%
Pandora
A/S
8,913
626,006
8,993,123
FINLAND
1.6%
Banks
1.1%
Nordea
Bank
Abp
406,783
7,001,812
Broadline
Retail
0.0%
†
Puuilo
OYJ
16,447
242,490
Diversified
Telecommunication
Services
0.0%
†
Elisa
OYJ
(a)
3,060
148,368
Insurance
0.5%
Sampo
OYJ,
Class
A
351,957
3,771,365
11,164,035
FRANCE
10.7%
Aerospace
&
Defense
2.3%
Airbus
SE
2,893
543,379
Dassault
Aviation
SA
2,645
981,030
Safran
SA
27,459
8,980,274
Thales
SA
21,149
6,209,500
16,714,183
Automobile
Components
0.4%
Valeo
SE
205,499
2,518,079
Banks
0.1%
BNP
Paribas
SA
10,564
1,006,337
Building
Products
0.4%
Cie
de
Saint-Gobain
SA
34,888
2,871,116
Chemicals
1.7%
Air
Liquide
SA
55,381
11,408,503
Construction
&
Engineering
0.4%
Vinci
SA
16,254
2,434,320
NVIT
GS
International
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
13
Common
Stocks
Shares
Value
($)
FRANCE
Electrical
Equipment
0.2%
Legrand
SA
4,983
769,996
Nexans
SA
4,388
593,725
1,363,721
Energy
Equipment
&
Services
0.2%
Vallourec
SACA
15,392
382,617
Viridien
*
7,416
1,135,949
1,518,566
Food
Products
0.9%
Danone
SA
76,314
6,128,945
Health
Care
Equipment
&
Supplies
0.7%
BioMerieux
1,525
162,400
EssilorLuxottica
SA
20,691
4,815,525
4,977,925
Insurance
0.7%
AXA
SA
105,276
4,826,448
IT
Services
0.1%
Capgemini
SE
7,947
928,883
Multi-Utilities
0.2%
Engie
SA
45,728
1,474,279
Office
REITs
0.2%
Gecina
SA
13,207
1,044,306
Oil,
Gas
&
Consumable
Fuels
1.1%
Etablissements
Maurel
et
Prom
SA
16,681
203,484
TotalEnergies
SE
77,575
7,162,751
7,366,235
Retail
REITs
0.3%
Klepierre
SA
49,000
1,846,861
Textiles,
Apparel
&
Luxury
Goods
0.8%
Hermes
International
SCA
2,924
5,584,548
74,013,255
GEORGIA
0.3%
Banks
0.3%
Lion
Finance
Group
plc
9,558
1,185,579
TBC
Bank
Group
plc
11,763
637,497
1,823,076
GERMANY
8.7%
Aerospace
&
Defense
0.7%
MTU
Aero
Engines
AG
(a)
7,760
2,778,108
Rheinmetall
AG
1,415
2,359,798
5,137,906
Air
Freight
&
Logistics
0.5%
Deutsche
Post
AG
62,431
3,219,641
Automobile
Components
0.0%
†
Aumovio
SE
*
8,414
324,995
Banks
0.1%
Commerzbank
AG
10,261
368,385
Capital
Markets
0.8%
Deutsche
Bank
AG
(Registered)
196,784
5,758,291
Chemicals
0.5%
BASF
SE
51,935
3,138,238
Diversified
Telecommunication
Services
0.3%
Deutsche
Telekom
AG
(Registered)
60,959
2,247,805
Electrical
Equipment
0.9%
Nordex
SE
*
15,763
830,222
Common
Stocks
Shares
Value
($)
GERMANY
Electrical
Equipment
Siemens
Energy
AG
30,816
5,071,559
5,901,781
Health
Care
Providers
&
Services
0.3%
Fresenius
SE
&
Co.
KGaA
36,615
1,875,587
Hotels,
Restaurants
&
Leisure
0.0%
†
TUI
AG
(a)
9,265
70,266
Household
Products
0.6%
Henkel
AG
&
Co.
KGaA
25,956
1,858,996
Henkel
AG
&
Co.
KGaA
(Preference)
29,378
2,257,189
4,116,185
Independent
Power
and
Renewable
Electricity
Producers
0.4%
RWE
AG
41,775
2,782,372
Insurance
1.6%
Allianz
SE
(Registered)
14,696
6,089,843
Hannover
Rueck
SE
4,152
1,285,061
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
5,586
3,479,683
10,854,587
Interactive
Media
&
Services
0.3%
Scout24
SE
Reg.
S
(b)
24,883
1,906,572
Life
Sciences
Tools
&
Services
0.1%
Sartorius
AG
(Preference)
2,674
652,530
Machinery
0.3%
Duerr
AG
(a)
11,110
240,756
GEA
Group
AG
12,347
872,567
Knorr-Bremse
AG
11,305
1,262,163
2,375,486
Marine
Transportation
0.0%
†
Hapag-Lloyd
AG
Reg.
S
(a)(b)
966
134,374
Multi-Utilities
0.2%
E.ON
SE
63,063
1,378,354
Pharmaceuticals
0.3%
Bayer
AG
(Registered)
7,941
361,006
Merck
KGaA
12,429
1,543,550
1,904,556
Semiconductors
&
Semiconductor
Equipment
0.0%
†
AIXTRON
SE
(a)
7,589
285,583
Software
0.7%
Nemetschek
SE
18,467
1,359,226
SAP
SE
19,444
3,290,567
4,649,793
Textiles,
Apparel
&
Luxury
Goods
0.1%
adidas
AG
6,083
958,597
60,041,884
HONG
KONG
1.5%
Automobile
Components
0.0%
†
Johnson
Electric
Holdings
Ltd.
77,000
231,276
Banks
0.3%
Bank
of
East
Asia
Ltd.
(The)
816,200
1,361,726
Dah
Sing
Banking
Group
Ltd.
118,400
184,048
Dah
Sing
Financial
Holdings
Ltd.
90,800
469,476
2,015,250
14
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
International
Equity
Insights
Fund
Common
Stocks
Shares
Value
($)
HONG
KONG
Capital
Markets
0.3%
Hong
Kong
Exchanges
&
Clearing
Ltd.
47,400
2,402,484
Food
Products
0.6%
WH
Group
Ltd.
Reg.
S
(b)
2,558,000
3,370,638
Real
Estate
Management
&
Development
0.3%
Hongkong
Land
Holdings
Ltd.
187,400
1,465,740
Kerry
Properties
Ltd.
51,500
144,380
Swire
Properties
Ltd.
266,000
773,099
2,383,219
10,402,867
IRELAND
0.1%
Banks
0.1%
AIB
Group
plc
81,178
863,403
ISRAEL
0.1%
Aerospace
&
Defense
0.1%
Elbit
Systems
Ltd.
809
677,700
Banks
0.0%
†
Bank
Hapoalim
BM
11,549
270,320
948,020
ITALY
2.9%
Aerospace
&
Defense
0.1%
Leonardo
SpA
14,051
943,778
Automobiles
0.1%
Ferrari
NV
2,006
676,163
Banks
1.6%
Banco
BPM
SpA
59,164
826,608
FinecoBank
Banca
Fineco
SpA
119,596
2,655,384
Intesa
Sanpaolo
SpA
315,385
1,917,137
UniCredit
SpA
65,709
4,734,822
10,133,951
Electric
Utilities
0.4%
Enel
SpA
252,045
2,743,979
Electrical
Equipment
0.6%
Prysmian
SpA
34,002
3,975,983
Energy
Equipment
&
Services
0.0%
†
Saipem
SpA
(a)
47,027
215,063
Health
Care
Equipment
&
Supplies
0.0%
†
DiaSorin
SpA
3,695
257,411
Insurance
0.1%
Unipol
Assicurazioni
SpA
25,287
591,952
Leisure
Products
0.0%
†
Technogym
SpA
Reg.
S
(b)
9,310
188,676
Machinery
0.0%
†
Industrie
De
Nora
SpA
22,113
144,377
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
Safilo
Group
SpA
*
79,109
157,653
20,028,986
IVORY
COAST
0.3%
Metals
&
Mining
0.3%
Endeavour
Mining
plc
37,812
2,289,137
JAPAN
24.7%
Automobile
Components
0.7%
Press
Kogyo
Co.
Ltd.
(a)
40,500
212,187
Common
Stocks
Shares
Value
($)
JAPAN
Automobile
Components
Sumitomo
Electric
Industries
Ltd.
78,900
4,418,019
4,630,206
Automobiles
0.6%
Isuzu
Motors
Ltd.
(a)
280,300
4,026,379
Subaru
Corp.
(a)
11,100
177,326
Toyota
Motor
Corp.
9,900
205,220
4,408,925
Banks
2.0%
Awa
Bank
Ltd.
(The)
7,200
263,871
Chiba
Bank
Ltd.
(The)
(a)
104,400
1,345,142
Chugin
Financial
Group,
Inc.
123,800
2,208,125
Fukuoka
Financial
Group,
Inc.
(a)
50,600
1,921,132
Gunma
Bank
Ltd.
(The)
(a)
48,700
645,675
Hachijuni
Nagano
Bank
Ltd.
(a)
34,200
429,555
Hirogin
Holdings,
Inc.
27,100
299,670
Mebuki
Financial
Group,
Inc.
(a)
29,400
226,457
Mitsubishi
UFJ
Financial
Group,
Inc.
23,300
393,669
Nishi-Nippon
Financial
Holdings,
Inc.
(a)
10,600
253,368
San-In
Godo
Bank
Ltd.
(The)
(a)
95,800
1,064,740
Sumitomo
Mitsui
Financial
Group,
Inc.
(a)
65,600
2,162,415
Yokohama
Financial
Group,
Inc.
292,100
2,596,881
13,810,700
Building
Products
0.3%
AGC,
Inc.
65,800
2,320,488
Capital
Markets
0.8%
Daiwa
Securities
Group,
Inc.
(a)
324,000
3,047,591
IwaiCosmo
Holdings,
Inc.
(a)
52,500
1,172,768
Japan
Exchange
Group,
Inc.
63,900
741,934
Tokai
Tokyo
Financial
Holdings,
Inc.
(a)
51,700
235,794
5,198,087
Chemicals
0.3%
Ishihara
Sangyo
Kaisha
Ltd.
(a)
37,200
659,789
Nippon
Sanso
Holdings
Corp.
(a)
26,700
953,274
Sakai
Chemical
Industry
Co.
Ltd.
(a)
13,200
292,606
1,905,669
Commercial
Services
&
Supplies
0.1%
Dai
Nippon
Printing
Co.
Ltd.
9,900
179,776
Kyodo
Printing
Co.
Ltd.
(a)
20,600
208,509
388,285
Construction
&
Engineering
0.9%
Chudenko
Corp.
25,100
732,906
Kajima
Corp.
11,700
444,460
Obayashi
Corp.
74,500
1,794,111
Seikitokyu
Kogyo
Co.
Ltd.
(a)
43,200
412,177
Shimizu
Corp.
(a)
26,200
472,307
Taikisha
Ltd.
14,800
312,815
Taisei
Corp.
13,700
1,430,741
Toda
Corp.
(a)
78,000
728,228
6,327,745
Construction
Materials
0.0%
†
Asia
Pile
Holdings
Corp.
16,800
149,806
Consumer
Finance
0.1%
Acom
Co.
Ltd.
(a)
115,900
340,353
Credit
Saison
Co.
Ltd.
(a)
8,000
207,218
547,571
NVIT
GS
International
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
15
Common
Stocks
Shares
Value
($)
JAPAN
Consumer
Staples
Distribution
&
Retail
0.0%
†
Toho
Co.
Ltd.
21,100
180,163
Electric
Utilities
0.1%
Kyushu
Electric
Power
Co.,
Inc.
53,500
615,956
Electrical
Equipment
0.7%
Fuji
Electric
Co.
Ltd.
(a)
21,600
1,512,574
Fujikura
Ltd.
36,000
979,523
Mabuchi
Motor
Co.
Ltd.
79,200
794,944
Mitsubishi
Electric
Corp.
38,600
1,260,579
Nitto
Kogyo
Corp.
(a)
9,100
246,703
4,794,323
Electronic
Equipment,
Instruments
&
Components
1.5%
Dexerials
Corp.
(a)
30,300
417,507
Iriso
Electronics
Co.
Ltd.
(a)
13,600
279,506
Murata
Manufacturing
Co.
Ltd.
168,400
3,775,649
Nippon
Electric
Glass
Co.
Ltd.
19,200
741,173
Sumida
Corp.
(a)
69,400
484,071
TDK
Corp.
342,100
4,435,500
10,133,406
Financial
Services
0.9%
ORIX
Corp.
173,000
5,183,075
Sony
Financial
Group,
Inc.
(a)
763,200
695,265
5,878,340
Gas
Utilities
0.5%
Osaka
Gas
Co.
Ltd.
15,700
636,665
Tokyo
Gas
Co.
Ltd.
56,700
2,677,198
3,313,863
Ground
Transportation
0.0%
†
Central
Japan
Railway
Co.
7,900
204,571
Health
Care
Equipment
&
Supplies
0.5%
Asahi
Intecc
Co.
Ltd.
30,900
659,228
Hoya
Corp.
16,200
2,794,434
3,453,662
Household
Durables
0.7%
Haseko
Corp.
39,500
734,044
Sony
Group
Corp.
200,600
4,137,645
Sumitomo
Forestry
Co.
Ltd.
13,200
119,645
4,991,334
Industrial
Conglomerates
0.4%
Hitachi
Ltd.
86,400
2,525,094
Insurance
0.6%
Sompo
Holdings,
Inc.
110,700
4,325,417
IT
Services
1.0%
Fujitsu
Ltd.
184,500
3,749,514
NEC
Corp.
104,200
2,596,001
NSD
Co.
Ltd.
14,700
255,206
6,600,721
Leisure
Products
0.2%
Noritsu
Koki
Co.
Ltd.
(a)
25,900
332,964
Yamaha
Corp.
(a)
121,500
856,506
1,189,470
Machinery
2.2%
FANUC
Corp.
56,700
1,974,825
Fuji
Corp.
11,100
338,614
Hitachi
Construction
Machinery
Co.
Ltd.
(a)
34,400
1,176,960
Kubota
Corp.
47,600
751,083
MINEBEA
MITSUMI,
Inc.
14,200
232,933
Mitsubishi
Heavy
Industries
Ltd.
140,200
3,824,565
Nabtesco
Corp.
15,600
389,264
Common
Stocks
Shares
Value
($)
JAPAN
Machinery
NGK
Corp.
(a)
148,300
3,845,333
Nikkiso
Co.
Ltd.
31,100
496,075
NSK
Ltd.
159,600
1,124,565
Ryobi
Ltd.
10,000
154,686
Sumitomo
Heavy
Industries
Ltd.
5,300
161,854
Tsugami
Corp.
(a)
17,700
369,611
14,840,368
Marine
Transportation
0.1%
Kawasaki
Kisen
Kaisha
Ltd.
23,600
397,313
Media
0.1%
Tv
Tokyo
Holdings
Corp.
20,500
533,365
Metals
&
Mining
0.2%
Mitsui
Kinzoku
Co.
Ltd.
4,500
843,817
Sumitomo
Metal
Mining
Co.
Ltd.
7,000
405,816
1,249,633
Oil,
Gas
&
Consumable
Fuels
0.8%
Cosmo
Energy
Holdings
Co.
Ltd.
(a)
28,500
798,649
ENEOS
Holdings,
Inc.
540,500
4,823,353
5,622,002
Personal
Care
Products
0.0%
†
Kao
Corp.
(a)
6,700
261,803
Pharmaceuticals
2.3%
Astellas
Pharma,
Inc.
(a)
381,800
6,233,643
Daiichi
Sankyo
Co.
Ltd.
105,600
1,861,778
Eisai
Co.
Ltd.
(a)
31,300
972,715
Takeda
Pharmaceutical
Co.
Ltd.
(a)
193,100
7,123,625
16,191,761
Professional
Services
0.0%
†
Tanseisha
Co.
Ltd.
(a)
30,600
286,086
Real
Estate
Management
&
Development
1.1%
Daito
Trust
Construction
Co.
Ltd.
(a)
41,800
973,545
Daiwa
House
Industry
Co.
Ltd.
(a)
25,600
800,245
Mitsubishi
Estate
Co.
Ltd.
44,800
1,239,676
Mitsui
Fudosan
Co.
Ltd.
233,500
2,471,495
Sumitomo
Realty
&
Development
Co.
Ltd.
82,500
2,319,465
7,804,426
Semiconductors
&
Semiconductor
Equipment
1.5%
Advantest
Corp.
32,600
4,410,639
Disco
Corp.
3,500
1,402,439
Kioxia
Holdings
Corp.
*
7,500
953,446
Lasertec
Corp.
1,300
286,636
Renesas
Electronics
Corp.
152,900
2,171,260
Shindengen
Electric
Manufacturing
Co.
Ltd.
(a)
8,100
156,338
Yamaichi
Electronics
Co.
Ltd.
20,000
984,606
10,365,364
Specialty
Retail
0.0%
†
USS
Co.
Ltd.
29,800
312,008
Technology
Hardware,
Storage
&
Peripherals
0.9%
Brother
Industries
Ltd.
62,700
1,150,706
FUJIFILM
Holdings
Corp.
243,300
4,624,072
Ricoh
Co.
Ltd.
10,600
89,616
5,864,394
Tobacco
1.4%
Japan
Tobacco,
Inc.
251,700
9,657,847
16
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
International
Equity
Insights
Fund
Common
Stocks
Shares
Value
($)
JAPAN
Trading
Companies
&
Distributors
0.7%
Mitsubishi
Corp.
(a)
22,200
762,375
Mitsui
&
Co.
Ltd.
28,900
1,112,658
Sumitomo
Corp.
71,600
2,664,880
4,539,913
Wireless
Telecommunication
Services
0.5%
SoftBank
Group
Corp.
150,700
3,621,944
169,442,029
NETHERLANDS
5.1%
Banks
0.7%
ING
Groep
NV
181,826
4,750,983
Biotechnology
0.1%
Argenx
SE
*
1,297
945,008
Capital
Markets
0.0%
†
Van
Lanschot
Kempen
NV,
CVA
1,511
100,190
Construction
&
Engineering
0.1%
Koninklijke
BAM
Groep
NV
57,666
582,511
Consumer
Staples
Distribution
&
Retail
0.9%
Koninklijke
Ahold
Delhaize
NV
136,001
6,349,044
Financial
Services
0.3%
EXOR
NV
25,677
1,967,932
Insurance
0.1%
NN
Group
NV
9,823
768,368
Professional
Services
0.1%
Wolters
Kluwer
NV
9,818
734,486
Semiconductors
&
Semiconductor
Equipment
2.8%
ASM
International
NV
4,196
3,196,208
ASML
Holding
NV
11,715
15,506,406
18,702,614
34,901,136
NEW
ZEALAND
0.2%
Health
Care
Equipment
&
Supplies
0.2%
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
54,426
1,178,926
NIGERIA
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
Airtel
Africa
plc
Reg.
S
(b)
69,430
320,298
NORWAY
0.6%
Aerospace
&
Defense
0.2%
Kongsberg
Gruppen
ASA
31,902
1,365,987
Banks
0.1%
SpareBank
1
SMN
28,043
599,576
Oil,
Gas
&
Consumable
Fuels
0.3%
Var
Energi
ASA
409,299
2,098,715
4,064,278
PORTUGAL
0.6%
Banks
0.1%
Banco
Comercial
Portugues
SA,
Class
R
800,073
784,326
Consumer
Staples
Distribution
&
Retail
0.2%
Jeronimo
Martins
SGPS
SA
57,429
1,377,664
Common
Stocks
Shares
Value
($)
PORTUGAL
Electric
Utilities
0.3%
EDP
SA
353,008
1,868,943
4,030,933
SINGAPORE
0.6%
Aerospace
&
Defense
0.3%
Singapore
Technologies
Engineering
Ltd.
224,500
1,913,340
Banks
0.1%
Oversea-Chinese
Banking
Corp.
Ltd.
23,100
397,851
Diversified
Telecommunication
Services
0.2%
Singapore
Telecommunications
Ltd.
498,800
1,930,930
Industrial
Conglomerates
0.0%
†
Keppel
Ltd.
17,100
158,699
4,400,820
SOUTH
AFRICA
0.4%
Metals
&
Mining
0.4%
Anglo
American
plc
57,689
2,450,901
SPAIN
3.8%
Banks
1.5%
Banco
Bilbao
Vizcaya
Argentaria
SA
(a)
256,023
5,588,038
Banco
Santander
SA
91,243
1,032,444
CaixaBank
SA
205,373
2,464,146
Unicaja
Banco
SA
Reg.
S
(b)
560,028
1,668,313
10,752,941
Construction
&
Engineering
0.3%
ACS
Actividades
de
Construccion
y
Servicios
SA
10,300
1,274,548
Elecnor
SA
11,480
454,123
1,728,671
Containers
&
Packaging
0.1%
Vidrala
SA
5,011
447,887
Diversified
REITs
0.3%
Merlin
Properties
Socimi
SA
118,163
1,922,233
Diversified
Telecommunication
Services
0.2%
Cellnex
Telecom
SA
Reg.
S
(b)
49,403
1,603,990
Gas
Utilities
0.6%
Naturgy
Energy
Group
SA
(a)
131,348
3,943,532
Oil,
Gas
&
Consumable
Fuels
0.2%
Repsol
SA
54,229
1,523,625
Specialty
Retail
0.6%
Industria
de
Diseno
Textil
SA
76,925
4,422,880
26,345,759
SWEDEN
2.6%
Banks
0.3%
Svenska
Handelsbanken
AB,
Class
A
(a)
143,728
1,876,690
Swedbank
AB,
Class
A
(a)
7,204
244,591
2,121,281
Communications
Equipment
0.1%
Telefonaktiebolaget
LM
Ericsson,
Class
B
(a)
65,207
738,608
NVIT
GS
International
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
17
Common
Stocks
Shares
Value
($)
SWEDEN
Construction
&
Engineering
0.0%
†
NCC
AB,
Class
B
8,021
178,069
Financial
Services
1.0%
Investor
AB,
Class
A
133,583
5,047,089
Investor
AB,
Class
B
(a)
31,266
1,183,565
6,230,654
Health
Care
Providers
&
Services
0.0%
†
Attendo
AB
Reg.
S
(b)
21,768
233,181
Machinery
0.8%
Atlas
Copco
AB,
Class
B
15,673
243,519
Epiroc
AB,
Class
A
106,283
2,609,428
Epiroc
AB,
Class
B
75,321
1,619,828
Trelleborg
AB,
Class
B
20,146
750,667
5,223,442
Metals
&
Mining
0.2%
Boliden
AB
*
23,047
1,223,361
Specialty
Retail
0.0%
†
Clas
Ohlson
AB,
Class
B
5,203
206,153
Wireless
Telecommunication
Services
0.2%
Tele2
AB,
Class
B
74,750
1,536,581
17,691,330
SWITZERLAND
4.0%
Capital
Markets
0.6%
UBS
Group
AG
(Registered)
99,015
3,851,091
Electrical
Equipment
1.3%
ABB
Ltd.
(Registered)
112,148
9,121,297
Accelleron
Industries
AG
1,800
162,574
9,283,871
Electronic
Equipment,
Instruments
&
Components
0.0%
†
Landis+Gyr
Group
AG
3,960
252,352
Health
Care
Equipment
&
Supplies
0.3%
Sonova
Holding
AG
(Registered)
9,330
2,114,861
Health
Care
Providers
&
Services
0.0%
†
Galenica
AG
Reg.
S
(b)
2,724
310,956
Life
Sciences
Tools
&
Services
0.6%
Lonza
Group
AG
(Registered)
6,851
4,383,195
Tecan
Group
AG
(Registered)
(a)
445
75,621
4,458,816
Machinery
0.1%
Burckhardt
Compression
Holding
AG
637
381,856
Marine
Transportation
0.0%
†
Kuehne
+
Nagel
International
AG
(Registered)
(a)
503
114,914
Pharmaceuticals
0.1%
Galderma
Group
AG
4,158
806,071
Professional
Services
0.3%
SGS
SA
(Registered)
17,717
1,875,199
Specialty
Retail
0.1%
Avolta
AG
7,945
476,584
Textiles,
Apparel
&
Luxury
Goods
0.6%
Cie
Financiere
Richemont
SA
(Registered)
21,848
3,893,158
27,819,729
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
9.2%
Aerospace
&
Defense
1.1%
BAE
Systems
plc
157,049
4,571,535
Rolls-Royce
Holdings
plc
179,099
2,735,012
7,306,547
Banks
1.7%
HSBC
Holdings
plc
275,196
4,503,094
Lloyds
Banking
Group
plc
4,872,880
6,022,658
NatWest
Group
plc
157,030
1,165,171
11,690,923
Capital
Markets
0.4%
IG
Group
Holdings
plc
32,799
618,643
Investec
plc
40,324
309,857
London
Stock
Exchange
Group
plc
15,572
1,840,390
2,768,890
Construction
&
Engineering
0.2%
Balfour
Beatty
plc
130,404
1,304,852
Costain
Group
plc
96,206
233,859
1,538,711
Energy
Equipment
&
Services
0.1%
Hunting
plc
86,917
573,132
Hotels,
Restaurants
&
Leisure
0.4%
Compass
Group
plc
106,787
2,966,941
Household
Products
0.6%
Reckitt
Benckiser
Group
plc
58,867
3,994,871
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Drax
Group
plc
21,130
249,600
Industrial
Conglomerates
0.1%
Smiths
Group
plc
22,358
680,979
Insurance
0.5%
Beazley
plc
162,423
2,725,058
Lancashire
Holdings
Ltd.
89,346
697,205
3,422,263
Interactive
Media
&
Services
0.0%
†
Autotrader
Group
plc
Reg.
S
(b)
37,391
233,892
Machinery
0.0%
†
Rotork
plc
39,523
164,211
Multi-Utilities
0.2%
National
Grid
plc
70,783
1,193,326
Oil,
Gas
&
Consumable
Fuels
0.1%
DCC
plc
16,336
1,006,813
Personal
Care
Products
0.4%
Unilever
plc
48,989
2,760,847
Pharmaceuticals
1.9%
AstraZeneca
plc
63,673
12,557,588
Professional
Services
0.4%
Intertek
Group
plc
43,610
2,126,287
RELX
plc
25,559
842,660
2,968,947
Specialty
Retail
0.1%
Kingfisher
plc
272,064
1,033,099
Tobacco
0.7%
Imperial
Brands
plc
112,458
4,576,978
Wireless
Telecommunication
Services
0.3%
Vodafone
Group
plc,
ADR
120,727
1,813,320
63,501,878
18
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
International
Equity
Insights
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
9.1%
Construction
Materials
0.1%
Holcim
AG
5,022
416,741
Energy
Equipment
&
Services
0.2%
Tenaris
SA
(a)
50,208
1,466,552
Entertainment
0.5%
Spotify
Technology
SA
*
6,400
3,103,424
Food
Products
2.3%
Nestle
SA
(Registered)
162,442
16,112,450
Health
Care
Equipment
&
Supplies
0.8%
Alcon
AG
(a)
70,866
5,316,431
Hotels,
Restaurants
&
Leisure
0.5%
Carnival
plc,
ADR
16,291
419,819
InterContinental
Hotels
Group
plc
24,202
3,187,450
3,607,269
Oil,
Gas
&
Consumable
Fuels
1.4%
BP
plc,
ADR
158,679
7,457,913
Shell
plc
47,554
2,223,024
9,680,937
Pharmaceuticals
3.3%
GSK
plc,
ADR
(a)
102,002
5,629,490
Novartis
AG
(Registered)
10,174
1,544,714
Roche
Holding
AG
12,206
4,819,733
Sanofi
SA
117,804
11,362,876
23,356,813
63,060,617
Total
Common
Stocks
(cost
$576,731,077)
667,512,824
Repurchase
Agreements
4.3%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,203,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$2,040,000.(c)
2,000,000
2,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,102,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$1,020,000.(c)
1,000,000
1,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$11,801,206,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$12,036,000.(c)
11,800,000
11,800,000
Repurchase
Agreements
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,747,958,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$5,862,917.(c)
5,747,376
5,747,376
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$9,000,910,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$9,180,000.(c)
9,000,000
9,000,000
Total
Repurchase
Agreements
(cost
$29,547,376)
29,547,376
Total
Investments
(cost
$606,278,453)
—
101.1%
697,060,200
Liabilities
in
excess
of
other
assets
—
(1.1)%
(7,838,653)
NET
ASSETS
—
100.0%
$689,221,547
*
Denotes
a
non-income
producing
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$55,007,366,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$29,547,376
and
by
$28,569,120
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$58,116,496.
(b)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$11,755,570
which
represents
1.71%
of
net
assets.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$29,547,376.
NVIT
GS
International
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
19
ADR
American
Depositary
Receipt
BAM
Build
America
Mutual
CVA
Dutch
Certification
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
Hang
Seng
Index
3
4/2026
HKD
473,556
(8,271)
MSCI
Singapore
Index
5
4/2026
SGD
169,791
980
EURO
STOXX
50
Index
108
6/2026
EUR
6,859,508
(163,355)
FTSE
100
Index
18
6/2026
GBP
2,429,891
(14,618)
SPI
200
Index
7
6/2026
AUD
1,027,870
(10,843)
TOPIX
Index
14
6/2026
JPY
3,091,018
(49,322)
Net
contracts
(245,429)
Currency:
AUD
Australian
Dollar
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
SGD
Singapore
Dollar
20
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
International
Equity
Insights
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
NVIT
GS
International
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
21
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
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
$
–
$
34,059,441
$
–
$
34,059,441
Air
Freight
&
Logistics
–
4,544,603
–
4,544,603
Automobile
Components
–
8,387,859
–
8,387,859
Automobiles
–
5,085,088
–
5,085,088
Banks
–
89,543,657
–
89,543,657
Biotechnology
–
945,008
–
945,008
Broadline
Retail
–
7,500,922
–
7,500,922
Building
Products
–
5,191,604
–
5,191,604
Capital
Markets
–
21,958,663
–
21,958,663
Chemicals
–
16,855,801
–
16,855,801
Commercial
Services
&
Supplies
–
1,567,011
–
1,567,011
Communications
Equipment
–
738,608
–
738,608
Construction
&
Engineering
–
14,625,200
–
14,625,200
Construction
Materials
–
566,547
–
566,547
Consumer
Finance
–
547,571
–
547,571
Consumer
Staples
Distribution
&
Retail
–
7,906,871
–
7,906,871
Containers
&
Packaging
–
447,887
–
447,887
Diversified
REITs
–
1,922,233
–
1,922,233
Diversified
Telecommunication
Services
–
5,931,093
–
5,931,093
Electric
Utilities
–
5,228,879
–
5,228,879
Electrical
Equipment
–
25,319,680
–
25,319,680
Electronic
Equipment,
Instruments
&
Components
–
11,097,473
–
11,097,473
Energy
Equipment
&
Services
–
3,773,313
–
3,773,313
Entertainment
3,103,424
–
–
3,103,424
Financial
Services
–
14,316,253
–
14,316,253
Food
Products
–
25,612,033
–
25,612,033
Gas
Utilities
–
7,257,395
–
7,257,395
Ground
Transportation
–
204,571
–
204,571
Health
Care
Equipment
&
Supplies
–
17,299,215
–
17,299,215
Health
Care
Providers
&
Services
–
2,419,724
–
2,419,724
Health
Care
REITs
–
172,843
–
172,843
Hotels,
Restaurants
&
Leisure
419,819
6,838,187
–
7,258,006
Household
Durables
–
4,991,334
–
4,991,334
Household
Products
–
8,111,055
–
8,111,055
Independent
Power
and
Renewable
Electricity
Producers
–
3,031,972
–
3,031,972
Industrial
Conglomerates
–
3,364,772
–
3,364,772
Insurance
–
31,078,270
–
31,078,270
Interactive
Media
&
Services
–
2,140,464
–
2,140,464
IT
Services
–
7,529,604
–
7,529,604
Leisure
Products
–
1,378,146
–
1,378,146
Life
Sciences
Tools
&
Services
–
5,111,346
–
5,111,346
Machinery
–
23,129,740
–
23,129,740
Marine
Transportation
–
646,600
–
646,600
Media
–
533,365
–
533,365
Metals
&
Mining
7,247,699
20,911,512
–
28,159,211
Multi-Utilities
–
4,045,959
–
4,045,959
Office
REITs
–
1,044,306
–
1,044,306
Oil,
Gas
&
Consumable
Fuels
7,457,914
20,525,610
–
27,983,524
Personal
Care
Products
–
3,022,650
–
3,022,650
Pharmaceuticals
18,187,080
41,130,410
–
59,317,490
Professional
Services
–
5,864,718
–
5,864,718
Real
Estate
Management
&
Development
–
10,187,645
–
10,187,645
Retail
REITs
–
1,846,861
–
1,846,861
Semiconductors
&
Semiconductor
Equipment
–
29,353,562
–
29,353,562
Software
–
4,649,793
–
4,649,793
Specialty
Retail
–
6,450,725
–
6,450,725
22
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
International
Equity
Insights
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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:
Technology
Hardware,
Storage
&
Peripherals
$
–
$
5,864,394
$
–
$
5,864,394
Textiles,
Apparel
&
Luxury
Goods
–
11,219,960
–
11,219,960
Tobacco
–
14,234,825
–
14,234,825
Trading
Companies
&
Distributors
–
4,539,913
–
4,539,913
Wireless
Telecommunication
Services
1,813,320
5,478,824
–
7,292,144
Total
Common
Stocks
$
38,229,256
$
629,283,568
$
–
$
667,512,824
Futures
Contracts
980
–
–
980
Repurchase
Agreements
–
29,547,376
–
29,547,376
Total
Assets
$
38,230,236
$
658,830,944
$
–
$
697,061,180
Liabilities:
Futures
Contracts
$
(246,409)
$
–
$
–
$
(246,409)
Total
Liabilities
$
(246,409)
$
–
$
–
$
(246,409)
Total
$
37,983,827
$
658,830,944
$
–
$
696,814,771
NVIT
GS
International
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
23
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Assets:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
$
980
Total
$
980
Liabilities:
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(246,409)
Total
$
(246,409)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
24
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Small
Cap
Equity
Insights
Fund
Common
Stocks
97.9%
Shares
Value
($)
Aerospace
&
Defense
2.1%
AeroVironment,
Inc.*(a)
1,695
310,270
Archer
Aviation,
Inc.,
Class
A*(a)
2,239
11,576
Astronics
Corp.*
10,622
708,806
Byrna
Technologies,
Inc.*(a)
2,547
23,381
Intuitive
Machines,
Inc.*(a)
1,945
36,099
Kratos
Defense
&
Security
Solutions,
Inc.*
4,442
313,205
Mercury
Systems,
Inc.*(a)
8,352
608,944
Moog,
Inc.,
Class
A
5,695
1,666,585
Redwire
Corp.*(a)
39,893
339,091
Voyager
Technologies,
Inc.,
Class
A*
3,127
73,141
York
Space
Systems,
Inc.*
1,950
43,231
4,134,329
Automobile
Components
1.2%
Adient
plc*
34,354
694,294
Cooper-Standard
Holdings,
Inc.*
11,523
321,146
Dana,
Inc.
6,824
229,628
Dauch
Corp.*(a)
62,915
373,086
Goodyear
Tire
&
Rubber
Co.
(The)*
24,584
162,992
Holley,
Inc.*
8,712
26,746
LCI
Industries(a)
2,284
280,886
Solid
Power,
Inc.*(a)
96,747
290,241
2,379,019
Banks
8.2%
Ameris
Bancorp(a)
11,384
887,838
BancFirst
Corp.(a)
3,214
348,719
Capitol
Federal
Financial,
Inc.
(a)
50,862
362,646
Chemung
Financial
Corp.
3,319
178,629
ChoiceOne
Financial
Services,
Inc.
1,779
50,025
City
Holding
Co.
473
56,533
Community
Trust
Bancorp,
Inc.
9,753
592,202
Dime
Community
Bancshares,
Inc.(a)
2,202
74,472
First
Bancorp,
Inc.
(The)
3,325
93,200
First
Financial
Bankshares,
Inc.
28,336
834,495
First
Merchants
Corp.
6,492
251,435
German
American
Bancorp,
Inc.(a)
16,314
681,762
Glacier
Bancorp,
Inc.(a)
21,569
963,487
Hancock
Whitney
Corp.
11,990
762,444
Hanmi
Financial
Corp.
6,538
172,342
Hingham
Institution
for
Savings(a)
548
156,640
Home
Bancorp,
Inc.
3,634
220,148
Hope
Bancorp,
Inc.
7,737
86,422
Independent
Bank
Corp.
18,634
620,512
International
Bancshares
Corp.
12,155
817,910
Kearny
Financial
Corp.
1,685
12,722
Lakeland
Financial
Corp.
586
33,625
Nicolet
Bankshares,
Inc.
649
96,454
Northrim
Bancorp,
Inc.
14,840
339,539
Origin
Bancorp,
Inc.(a)
7,004
290,386
Park
National
Corp.(a)
137
22,393
Common
Stocks
Shares
Value
($)
Banks
Peapack-Gladstone
Financial
Corp.
2,227
78,413
Renasant
Corp.
3,702
133,753
Riverview
Bancorp,
Inc.(a)
13,155
72,353
S&T
Bancorp,
Inc.
3,203
133,981
ServisFirst
Bancshares,
Inc.(a)
11,422
831,864
SmartFinancial,
Inc.
676
26,418
Stock
Yards
Bancorp,
Inc.
10,692
708,773
Texas
Capital
Bancshares,
Inc.*
7,980
757,142
TrustCo
Bank
Corp.
2,259
98,899
Trustmark
Corp.(a)
16,827
709,090
UMB
Financial
Corp.
209
23,573
Union
Bankshares,
Inc.
1,435
34,899
United
Bankshares,
Inc.
23,480
972,542
United
Community
Banks,
Inc.
26,481
833,887
Washington
Trust
Bancorp,
Inc.
6,485
216,988
WesBanco,
Inc.
23,243
801,651
Westamerica
Bancorp
4,630
241,455
15,682,661
Biotechnology
8.0%
ACADIA
Pharmaceuticals,
Inc.*
4,946
110,098
Allogene
Therapeutics,
Inc.*(a)
24,042
58,662
AnaptysBio,
Inc.*
2,042
113,249
Annexon,
Inc.*
73,568
407,567
Apogee
Therapeutics,
Inc.*
818
68,851
Arcturus
Therapeutics
Holdings,
Inc.*(a)
6,970
53,808
Arcutis
Biotherapeutics,
Inc.*
3,342
78,738
Ardelyx,
Inc.*
4,843
29,010
ArriVent
Biopharma,
Inc.*(a)
14,435
333,015
Aurinia
Pharmaceuticals,
Inc.*
18,942
280,720
Beam
Therapeutics,
Inc.*(a)
1,018
24,259
BioCryst
Pharmaceuticals,
Inc.*
3,963
37,728
Biohaven
Ltd.*
29,480
249,401
Bridgebio
Pharma,
Inc.*(a)
5,833
433,159
Bright
Minds
Biosciences,
Inc.*(a)
1,890
137,913
CareDx,
Inc.*
1,268
22,012
Celcuity,
Inc.*(a)
3,140
358,400
Celldex
Therapeutics,
Inc.*(a)
10,850
344,162
CG
oncology,
Inc.*(a)
6,233
421,849
Cogent
Biosciences,
Inc.*
11,473
441,596
Corvus
Pharmaceuticals,
Inc.*
8,972
131,260
CRISPR
Therapeutics
AG*(a)
3,943
187,569
Denali
Therapeutics,
Inc.*
58,804
1,129,037
Design
Therapeutics,
Inc.*
25,909
275,672
Dyne
Therapeutics,
Inc.*(a)
13,930
252,551
Eledon
Pharmaceuticals,
Inc.*
7,695
23,701
Enanta
Pharmaceuticals,
Inc.*
8,755
110,576
Erasca,
Inc.*
54,064
874,756
Heron
Therapeutics,
Inc.*(a)
33,640
26,915
Ideaya
Biosciences,
Inc.*
14,958
498,401
ImmunityBio,
Inc.*(a)
25,698
197,104
Immunome,
Inc.*(a)
1,234
26,988
Immunovant,
Inc.*(a)
23,186
575,940
Intellia
Therapeutics,
Inc.*(a)
5,806
74,433
Janux
Therapeutics,
Inc.*
1,291
17,945
NVIT
GS
Small
Cap
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
25
Common
Stocks
Shares
Value
($)
Biotechnology
Kodiak
Sciences,
Inc.*
6,910
263,409
Larimar
Therapeutics,
Inc.*
34,109
153,490
Lexeo
Therapeutics,
Inc.*
37,368
214,492
Madrigal
Pharmaceuticals,
Inc.*
704
368,523
Mirum
Pharmaceuticals,
Inc.*
2,026
187,162
Monte
Rosa
Therapeutics,
Inc.*
4,476
73,630
Myriad
Genetics,
Inc.*
52,573
236,578
Nurix
Therapeutics,
Inc.*
20,359
315,565
Nuvalent,
Inc.,
Class
A*(a)
2,932
300,383
Olema
Pharmaceuticals,
Inc.*(a)
2,068
30,834
ORIC
Pharmaceuticals,
Inc.*(a)
6,453
81,760
Praxis
Precision
Medicines,
Inc.*(a)
1,719
553,845
Prime
Medicine,
Inc.*(a)
46,986
163,511
Protagonist
Therapeutics,
Inc.*
1,394
146,928
Prothena
Corp.
plc*
23,853
231,851
PTC
Therapeutics,
Inc.*
3,537
240,976
Puma
Biotechnology,
Inc.*
20,906
133,589
Relay
Therapeutics,
Inc.*
36,016
358,359
Replimune
Group,
Inc.*
4,211
32,214
Rigel
Pharmaceuticals,
Inc.*
6,867
185,684
Rocket
Pharmaceuticals,
Inc.*
17,781
63,656
Sana
Biotechnology,
Inc.*(a)
65,989
190,048
Spyre
Therapeutics,
Inc.*(a)
2,056
103,705
Syndax
Pharmaceuticals,
Inc.*
7,665
179,054
TG
Therapeutics,
Inc.*(a)
15,914
528,663
Travere
Therapeutics,
Inc.*
3,038
90,259
Vaxcyte,
Inc.*
5,933
344,767
Vera
Therapeutics,
Inc.,
Class
A*(a)
12,144
488,553
Veracyte,
Inc.*
9,764
314,498
Viridian
Therapeutics,
Inc.*
16,597
324,637
Voyager
Therapeutics,
Inc.*
7,462
28,803
15,336,471
Building
Products
0.0%
†
Griffon
Corp.
537
39,029
Capital
Markets
1.2%
BGC
Group,
Inc.,
Class
A
9,406
91,991
Donnelley
Financial
Solutions,
Inc.*(a)
9,354
440,948
GCM
Grosvenor,
Inc.,
Class
A(a)
68,261
668,958
Patria
Investments
Ltd.,
Class
A(a)
5,222
65,797
Piper
Sandler
Cos.
8,968
686,500
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
3,536
47,524
Webull
Corp.*(a)
54,274
260,515
2,262,233
Chemicals
1.1%
Innospec,
Inc.
15,692
1,145,830
Minerals
Technologies,
Inc.
13,196
935,860
Stepan
Co.
1,748
87,365
2,169,055
Commercial
Services
&
Supplies
1.7%
ABM
Industries,
Inc.
2,774
106,855
Common
Stocks
Shares
Value
($)
Commercial
Services
&
Supplies
BrightView
Holdings,
Inc.*
83,324
982,390
Ennis,
Inc.(a)
16,353
350,281
Healthcare
Services
Group,
Inc.*
44,024
816,645
Montrose
Environmental
Group,
Inc.*
39,856
872,448
Perma-Fix
Environmental
Services,
Inc.*(a)
6,115
65,369
Pitney
Bowes,
Inc.
1,810
20,001
Vestis
Corp.*
9,378
73,711
3,287,700
Communications
Equipment
0.6%
Applied
Optoelectronics,
Inc.*(a)
7,055
596,783
Viavi
Solutions,
Inc.*
11,031
367,112
Vistance
Networks,
Inc.*
13,502
245,736
1,209,631
Construction
&
Engineering
3.1%
Argan,
Inc.
1,652
899,762
Centuri
Holdings,
Inc.*
4,576
133,665
Construction
Partners,
Inc.,
Class
A*(a)
12,037
1,337,551
Dycom
Industries,
Inc.*
1,330
450,631
Fluor
Corp.*
11,924
556,255
Granite
Construction,
Inc.
326
39,081
Matrix
Service
Co.*
7,807
89,624
MYR
Group,
Inc.*
3,822
1,079,027
Primoris
Services
Corp.
6,764
967,523
Tutor
Perini
Corp.
5,223
403,163
5,956,282
Construction
Materials
0.6%
United
States
Lime
&
Minerals,
Inc.
9,574
1,250,460
Consumer
Finance
2.0%
Encore
Capital
Group,
Inc.*(a)
19,139
1,342,027
FirstCash
Holdings,
Inc.(a)
5,017
943,196
Medallion
Financial
Corp.(a)
18,629
159,464
Oportun
Financial
Corp.*
35,996
165,941
OppFi,
Inc.(a)
17,370
133,923
PROG
Holdings,
Inc.
19,246
552,168
Regional
Management
Corp.
15,882
512,194
Upstart
Holdings,
Inc.*(a)
1,901
48,761
3,857,674
Consumer
Staples
Distribution
&
Retail
0.1%
United
Natural
Foods,
Inc.*
2,922
131,665
Containers
&
Packaging
0.6%
O-I
Glass,
Inc.*
105,154
1,105,169
Diversified
Consumer
Services
2.6%
American
Public
Education,
Inc.*(a)
9,516
541,270
Covista,
Inc.*
4,027
464,112
Frontdoor,
Inc.*
4,167
220,268
Graham
Holdings
Co.,
Class
B
44
46,519
Laureate
Education,
Inc.*
39,420
1,373,393
Perdoceo
Education
Corp.
36,356
1,352,807
Strategic
Education,
Inc.
7,944
659,034
26
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Small
Cap
Equity
Insights
Fund
Common
Stocks
Shares
Value
($)
Diversified
Consumer
Services
Universal
Technical
Institute,
Inc.*
10,012
361,433
5,018,836
Diversified
REITs
0.0%
†
Gladstone
Commercial
Corp.
(a)
7,924
90,571
Diversified
Telecommunication
Services
0.5%
Bandwidth,
Inc.,
Class
A*
4,380
78,052
Liberty
Latin
America
Ltd.,
Class
A*
58,894
508,844
Liberty
Latin
America
Ltd.,
Class
C*(a)
12,622
111,326
Lumen
Technologies,
Inc.*
28,712
199,548
897,770
Electric
Utilities
0.4%
Otter
Tail
Corp.
8,589
753,857
Electrical
Equipment
3.0%
American
Superconductor
Corp.*
13,389
453,218
Array
Technologies,
Inc.*(a)
5,591
40,423
Bloom
Energy
Corp.,
Class
A*
14,554
1,971,921
Enovix
Corp.*(a)
24,963
129,308
Fluence
Energy,
Inc.*
18,214
250,625
Nextpower,
Inc.,
Class
A*(a)
1,424
171,663
NuScale
Power
Corp.,
Class
A*(a)
18,537
200,941
Plug
Power,
Inc.*(a)
25,747
58,188
Powell
Industries,
Inc.
982
531,341
Preformed
Line
Products
Co.
1,794
485,725
Shoals
Technologies
Group,
Inc.,
Class
A*
2,686
17,674
Sunrun,
Inc.*(a)
51,141
693,472
T1
Energy,
Inc.*(a)
4,153
18,232
Vicor
Corp.*
4,734
762,174
5,784,905
Electronic
Equipment,
Instruments
&
Components
4.4%
Advanced
Energy
Industries,
Inc.(a)
3,604
1,163,047
Fabrinet*
3,665
1,911,371
Knowles
Corp.*(a)
51,648
1,326,321
nLight,
Inc.*
8,757
499,324
Novanta,
Inc.*
252
29,764
PC
Connection,
Inc.
1,378
80,558
Sanmina
Corp.*(a)
7,004
907,998
TTM
Technologies,
Inc.*
13,824
1,346,734
Vishay
Intertechnology,
Inc.(a)
66,306
1,193,508
8,458,625
Energy
Equipment
&
Services
2.6%
Archrock,
Inc.
10,789
375,457
Borr
Drilling
Ltd.*(a)
57,840
333,737
Core
Laboratories,
Inc.(a)
37,355
627,190
Expro
Group
Holdings
NV*
25,535
444,564
Forum
Energy
Technologies,
Inc.*
9,597
562,960
Helix
Energy
Solutions
Group,
Inc.*
30,551
302,149
Mammoth
Energy
Services,
Inc.*
11,624
28,479
Nabors
Industries
Ltd.*
666
57,316
Common
Stocks
Shares
Value
($)
Energy
Equipment
&
Services
Oceaneering
International,
Inc.*
2,875
101,976
Patterson-UTI
Energy,
Inc.(a)
134,585
1,457,556
Ranger
Energy
Services,
Inc.,
Class
A
6,777
116,158
Select
Water
Solutions,
Inc.,
Class
A
2,143
32,788
TETRA
Technologies,
Inc.*
13,372
113,929
Tidewater,
Inc.*
665
55,561
Transocean
Ltd.*
46,212
306,386
4,916,206
Entertainment
0.8%
Cinemark
Holdings,
Inc.(a)
24,743
705,670
CuriosityStream,
Inc.
16,554
49,000
IMAX
Corp.*
7,684
292,069
Madison
Square
Garden
Entertainment
Corp.,
Class
A*(a)
3,024
178,144
Marcus
Corp.
(The)
16,661
286,069
Starz
Entertainment
Corp.
3,157
36,306
1,547,258
Financial
Services
1.3%
Acacia
Research
Corp.*
15,000
72,150
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
26,709
1,364,296
Essent
Group
Ltd.
604
35,298
NCR
Atleos
Corp.*
13,621
593,603
Paysign,
Inc.*(a)
5,708
33,677
Remitly
Global,
Inc.*
14,047
220,117
Security
National
Financial
Corp.,
Class
A*(a)
5,407
51,258
Sezzle,
Inc.*(a)
1,656
104,808
2,475,207
Food
Products
0.2%
Alico,
Inc.
1,062
43,818
BRC,
Inc.,
Class
A*(a)
50,108
38,894
Cal-Maine
Foods,
Inc.(a)
2,694
213,230
295,942
Gas
Utilities
0.7%
Brookfield
Infrastructure
Corp.,
Class
A
10,300
407,056
ONE
Gas,
Inc.
10,089
868,966
1,276,022
Ground
Transportation
0.3%
Heartland
Express,
Inc.(a)
19,487
202,665
Marten
Transport
Ltd.
3,325
43,657
RXO,
Inc.*
16,507
241,332
487,654
Health
Care
Equipment
&
Supplies
3.9%
Alphatec
Holdings,
Inc.*(a)
12,900
140,352
Artivion,
Inc.*
3,225
118,100
AtriCure,
Inc.*
34,531
985,170
Cerus
Corp.*
123,821
225,354
CVRx,
Inc.*(a)
3,500
33,110
Embecta
Corp.(a)
20,455
180,822
Enovis
Corp.*
18,444
419,601
Glaukos
Corp.*
11,180
1,203,639
Haemonetics
Corp.*
11,246
633,825
NVIT
GS
Small
Cap
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
27
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Inogen,
Inc.*
29,241
180,709
Integra
LifeSciences
Holdings
Corp.*(a)
6,901
65,007
iRadimed
Corp.
6,640
639,166
IRhythm
Holdings,
Inc.*(a)
2,845
335,767
LeMaitre
Vascular,
Inc.(a)
5,686
620,741
OrthoPediatrics
Corp.*
8,978
142,481
QuidelOrtho
Corp.*
25,731
422,760
RxSight,
Inc.*
6,496
40,015
SI-BONE,
Inc.*
18,171
229,500
TransMedics
Group,
Inc.*
7,042
700,045
UFP
Technologies,
Inc.*(a)
672
130,099
7,446,263
Health
Care
Providers
&
Services
3.2%
AdaptHealth
Corp.,
Class
A*
21,336
253,898
Addus
HomeCare
Corp.*
495
46,357
agilon
health,
Inc.*
5,845
46,236
Aveanna
Healthcare
Holdings,
Inc.*
5,330
34,325
Brookdale
Senior
Living,
Inc.*(a)
39,688
542,932
Castle
Biosciences,
Inc.*
4,410
108,266
Community
Health
Systems,
Inc.*(a)
76,390
224,587
Concentra
Group
Holdings
Parent,
Inc.
3,718
79,751
CorVel
Corp.*
513
28,035
Guardant
Health,
Inc.*
15,500
1,431,735
HealthEquity,
Inc.*
9,928
829,683
LifeStance
Health
Group,
Inc.*(a)
36,190
230,530
NeoGenomics,
Inc.*
1,853
13,749
Nutex
Health,
Inc.*(a)
415
39,442
OPKO
Health,
Inc.*(a)
199,653
227,604
Pennant
Group,
Inc.
(The)*
18,160
553,517
Privia
Health
Group,
Inc.*
20,357
418,743
US
Physical
Therapy,
Inc.
4,633
347,290
Viemed
Healthcare,
Inc.*
81,367
749,390
6,206,070
Health
Care
REITs
1.3%
American
Healthcare
REIT,
Inc.
22,041
1,039,454
Chiron
Real
Estate,
Inc.
6,806
225,142
Sabra
Health
Care
REIT,
Inc.
(a)
62,413
1,200,202
2,464,798
Health
Care
Technology
0.1%
Evolent
Health,
Inc.,
Class
A*
25,454
58,035
Phreesia,
Inc.*
8,773
73,518
Schrodinger,
Inc.*
2,765
31,410
162,963
Hotel
&
Resort
REITs
1.3%
Apple
Hospitality
REIT,
Inc.
100,841
1,160,680
Chatham
Lodging
Trust
95,282
749,869
Xenia
Hotels
&
Resorts,
Inc.
38,493
570,851
2,481,400
Hotels,
Restaurants
&
Leisure
1.0%
Bloomin'
Brands,
Inc.
76,313
412,090
Brightstar
Lottery
plc(a)
54,766
697,719
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
Cheesecake
Factory,
Inc.
(The)(a)
1,763
96,524
Krispy
Kreme,
Inc.(a)
58,897
199,661
Kura
Sushi
USA,
Inc.,
Class
A*
563
39,292
Monarch
Casino
&
Resort,
Inc.
644
61,566
Portillo's,
Inc.,
Class
A*(a)
8,268
43,738
Shake
Shack,
Inc.,
Class
A*
3,684
325,924
Super
Group
SGHC
Ltd.(a)
5,904
63,763
1,940,277
Household
Durables
1.8%
Cavco
Industries,
Inc.*
1,094
529,813
Century
Communities,
Inc.
10,361
594,514
Champion
Homes,
Inc.*
1,829
136,023
Dream
Finders
Homes,
Inc.,
Class
A*(a)
8,036
111,861
Flexsteel
Industries,
Inc.
534
23,998
Green
Brick
Partners,
Inc.*
3,665
236,209
Hovnanian
Enterprises,
Inc.,
Class
A*
241
26,729
Installed
Building
Products,
Inc.
72
19,091
LGI
Homes,
Inc.*
20,403
806,531
Meritage
Homes
Corp.
14,494
896,309
3,381,078
Household
Products
0.4%
Energizer
Holdings,
Inc.(a)
42,752
701,988
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Hallador
Energy
Co.*
1,558
25,364
Industrial
REITs
0.1%
One
Liberty
Properties,
Inc.
13,568
291,169
Insurance
2.4%
AMERISAFE,
Inc.
28,224
940,706
HCI
Group,
Inc.
1,238
191,407
Heritage
Insurance
Holdings,
Inc.*
9,069
238,061
Investors
Title
Co.
1,819
395,342
Lemonade,
Inc.*
4,966
311,269
MBIA,
Inc.*
1,773
10,478
Safety
Insurance
Group,
Inc.
13,569
985,652
Selective
Insurance
Group,
Inc.
2,146
161,787
Stewart
Information
Services
Corp.
15,646
963,481
Tiptree,
Inc.,
Class
A
1,347
22,791
Universal
Insurance
Holdings,
Inc.
13,703
468,095
4,689,069
Interactive
Media
&
Services
0.3%
EverQuote,
Inc.,
Class
A*
11,173
172,288
QuinStreet,
Inc.*
40,162
482,345
654,633
IT
Services
0.9%
Applied
Digital
Corp.*(a)
20,882
495,739
ASGN,
Inc.*
12,492
483,565
BigBear.ai
Holdings,
Inc.*(a)
4,302
15,143
DigitalOcean
Holdings,
Inc.*(a)
3,199
274,410
Fastly,
Inc.,
Class
A*
18,083
525,492
28
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Small
Cap
Equity
Insights
Fund
Common
Stocks
Shares
Value
($)
IT
Services
Unisys
Corp.*
11,037
22,847
1,817,196
Leisure
Products
0.4%
JAKKS
Pacific,
Inc.(a)
3,710
73,903
MasterCraft
Boat
Holdings,
Inc.*(a)
25,643
525,938
Peloton
Interactive,
Inc.,
Class
A*
23,830
102,231
Smith
&
Wesson
Brands,
Inc.
9,272
132,868
834,940
Life
Sciences
Tools
&
Services
0.7%
Adaptive
Biotechnologies
Corp.*(a)
60,673
842,141
Cytek
Biosciences,
Inc.*(a)
42,848
187,246
Maravai
LifeSciences
Holdings,
Inc.,
Class
A*
45,876
129,829
Mesa
Laboratories,
Inc.
1,549
136,963
1,296,179
Machinery
3.1%
Aebi
Schmidt
Holding
AG
30,010
291,397
Atmus
Filtration
Technologies,
Inc.
16,289
924,727
Blue
Bird
Corp.*(a)
3,786
215,007
Chart
Industries,
Inc.*
3,457
714,735
ESCO
Technologies,
Inc.
4,811
1,353,671
Federal
Signal
Corp.
5,011
541,890
Gencor
Industries,
Inc.*
5,075
76,125
Gorman-Rupp
Co.
(The)
176
10,935
Kadant,
Inc.
1,969
575,637
Kennametal,
Inc.
1,063
38,406
Manitowoc
Co.,
Inc.
(The)*
6,165
71,822
Microvast
Holdings,
Inc.*(a)
60,517
90,775
Miller
Industries,
Inc.
14,282
650,545
Omega
Flex,
Inc.
3,376
104,791
Proto
Labs,
Inc.*
1,490
84,960
Trinity
Industries,
Inc.
4,713
151,664
5,897,087
Marine
Transportation
1.0%
Costamare
Bulkers
Holdings
Ltd.*
2,273
35,163
Costamare,
Inc.
37,964
641,592
Himalaya
Shipping
Ltd.(a)
9,130
121,429
Pangaea
Logistics
Solutions
Ltd.(a)
34,266
242,603
Safe
Bulkers,
Inc.
138,205
874,838
1,915,625
Media
0.6%
AMC
Networks,
Inc.,
Class
A*(a)
4,524
30,718
Cable
One,
Inc.*(a)
5,800
529,018
EchoStar
Corp.,
Class
A*(a)
2,107
246,666
Entravision
Communications
Corp.,
Class
A
62,540
185,744
Gray
Media,
Inc.
15,997
69,427
1,061,573
Metals
&
Mining
2.7%
Caledonia
Mining
Corp.
plc(a)
1,811
40,911
Coeur
Mining,
Inc.*(a)
86,581
1,625,125
Ferroglobe
plc
16,963
69,888
Common
Stocks
Shares
Value
($)
Metals
&
Mining
Hecla
Mining
Co.(a)
80,573
1,501,075
Ivanhoe
Electric,
Inc.*
59,862
707,569
Lifezone
Metals
Ltd.*(a)
5,565
18,698
Materion
Corp.
777
112,393
SSR
Mining,
Inc.*
30,093
884,734
US
Goldmining,
Inc.*(a)
2,933
34,111
Warrior
Met
Coal,
Inc.
2,920
271,998
5,266,502
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.6%
Ladder
Capital
Corp.,
Class
A
16,668
162,846
Nexpoint
Real
Estate
Finance,
Inc.(a)
3,762
50,674
Orchid
Island
Capital,
Inc.(a)
83,546
587,329
TPG
Mortgage
Investment
Trust,
Inc.(a)
21,101
154,248
TPG
RE
Finance
Trust,
Inc.
26,192
204,560
1,159,657
Office
REITs
0.4%
Brandywine
Realty
Trust(a)
55,258
149,749
Douglas
Emmett,
Inc.(a)
63,550
598,641
748,390
Oil,
Gas
&
Consumable
Fuels
4.4%
Clean
Energy
Fuels
Corp.*
40,387
100,160
Comstock
Resources,
Inc.*(a)
28,301
596,585
Core
Natural
Resources,
Inc.
5,307
555,802
Delek
US
Holdings,
Inc.
6,694
301,699
Encore
Energy
Corp.*(a)
36,859
66,346
Energy
Fuels,
Inc.*(a)
9,996
182,427
Golar
LNG
Ltd.(a)
21,178
1,145,942
Granite
Ridge
Resources,
Inc.
(a)
5,074
29,784
Green
Plains,
Inc.*
24,969
410,740
Magnolia
Oil
&
Gas
Corp.,
Class
A(a)
49,328
1,557,285
NextDecade
Corp.*(a)
15,934
122,054
Northern
Oil
&
Gas,
Inc.(a)
22,805
666,590
PBF
Energy,
Inc.,
Class
A
3,322
158,194
REX
American
Resources
Corp.*
1,145
52,178
SandRidge
Energy,
Inc.
14,308
233,363
Scorpio
Tankers,
Inc.
4,103
306,330
SFL
Corp.
Ltd.
31,416
338,979
SM
Energy
Co.
41,819
1,303,916
Teekay
Tankers
Ltd.,
Class
A
2,239
164,163
Uranium
Energy
Corp.*(a)
17,553
236,966
8,529,503
Passenger
Airlines
0.9%
Allegiant
Travel
Co.*
4,062
329,184
JetBlue
Airways
Corp.*(a)
61,025
269,731
SkyWest,
Inc.*
11,936
1,096,083
1,694,998
Personal
Care
Products
0.3%
Herbalife
Ltd.*
40,032
589,271
Niagen
Bioscience,
Inc.*
5,628
24,819
614,090
Pharmaceuticals
1.5%
Aclaris
Therapeutics,
Inc.*
12,565
47,119
Amneal
Pharmaceuticals,
Inc.*
63,481
789,069
Atea
Pharmaceuticals,
Inc.*(a)
6,055
32,576
NVIT
GS
Small
Cap
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
29
Common
Stocks
Shares
Value
($)
Pharmaceuticals
Edgewise
Therapeutics,
Inc.*(a)
9,114
287,091
Harmony
Biosciences
Holdings,
Inc.*
8,456
236,853
Innoviva,
Inc.*
6,868
160,024
Ligand
Pharmaceuticals,
Inc.*(a)
808
161,317
Rapport
Therapeutics,
Inc.*(a)
4,763
149,034
Septerna,
Inc.*(a)
11,124
267,310
SIGA
Technologies,
Inc.
30,563
163,512
Supernus
Pharmaceuticals,
Inc.*
4,044
209,034
Tarsus
Pharmaceuticals,
Inc.*
4,203
294,840
Theravance
Biopharma,
Inc.*
777
12,611
Third
Harmonic
Bio,
Inc.*∞
12,914
0
2,810,390
Professional
Services
0.9%
Alight,
Inc.,
Class
A
346,914
202,147
Exponent,
Inc.
6,249
407,747
ICF
International,
Inc.
1,065
69,534
Planet
Labs
PBC*(a)
8,328
232,768
Verra
Mobility
Corp.,
Class
A*
55,367
791,194
1,703,390
Real
Estate
Management
&
Development
0.1%
Forestar
Group,
Inc.*
6,220
152,017
Residential
REITs
1.0%
NexPoint
Residential
Trust,
Inc.
36,167
904,175
UMH
Properties,
Inc.
70,747
1,020,879
1,925,054
Retail
REITs
0.9%
Macerich
Co.
(The)
10,595
200,246
Phillips
Edison
&
Co.,
Inc.
34,801
1,302,253
Tanger,
Inc.
4,282
145,502
1,648,001
Semiconductors
&
Semiconductor
Equipment
3.1%
ACM
Research,
Inc.,
Class
A*
4,775
187,896
Cohu,
Inc.*
18,668
571,614
Credo
Technology
Group
Holding
Ltd.*
9,157
859,568
Diodes,
Inc.*(a)
19,748
1,347,999
FormFactor,
Inc.*
2,860
277,391
MaxLinear,
Inc.,
Class
A*
33,687
585,817
Semtech
Corp.*
6,405
492,480
Silicon
Laboratories,
Inc.*
4,013
835,306
SiTime
Corp.*
2,174
750,791
Ultra
Clean
Holdings,
Inc.*(a)
2,079
129,272
6,038,134
Software
5.0%
A10
Networks,
Inc.
6,766
156,430
Adeia,
Inc.(a)
16,475
395,894
Agilysys,
Inc.*(a)
6,769
481,547
Alkami
Technology,
Inc.*(a)
20,721
324,698
Arteris,
Inc.*
35,303
580,381
AvePoint,
Inc.*
25,691
244,321
Cerence,
Inc.*(a)
24,687
155,775
Cipher
Digital,
Inc.*(a)
3,683
47,400
Cleanspark,
Inc.*(a)
18,233
155,163
Clear
Secure,
Inc.,
Class
A
9,966
482,454
Common
Stocks
Shares
Value
($)
Software
Consensus
Cloud
Solutions,
Inc.*(a)
7,668
182,038
Core
Scientific,
Inc.*
8,356
125,006
Digital
Turbine,
Inc.*(a)
18,068
52,036
Domo,
Inc.,
Class
B*(a)
53,505
163,725
D-Wave
Quantum,
Inc.*(a)
21,687
312,943
Hut
8
Corp.*(a)
4,781
224,277
InterDigital,
Inc.(a)
3,710
1,120,420
MARA
Holdings,
Inc.*(a)
13,485
110,038
Mitek
Systems,
Inc.*
7,061
95,323
Pagaya
Technologies
Ltd.,
Class
A*(a)
15,018
174,960
Porch
Group,
Inc.*(a)
16,606
119,065
Progress
Software
Corp.*
9,180
235,467
Q2
Holdings,
Inc.*
4,035
190,855
Red
Violet,
Inc.*
6,153
212,894
Rezolve
AI
plc*(a)
7,048
18,043
Riot
Platforms,
Inc.*(a)
16,138
199,466
Silvaco
Group,
Inc.*
4,122
29,184
SoundHound
AI,
Inc.,
Class
A*(a)
10,581
72,691
Sprout
Social,
Inc.,
Class
A*
13,614
77,600
Telos
Corp.*
12,759
53,460
Tenable
Holdings,
Inc.*
7,641
129,248
Terawulf,
Inc.*(a)
27,005
389,682
Varonis
Systems,
Inc.,
Class
B*
28,007
601,310
Vertex,
Inc.,
Class
A*
69,408
825,261
Xperi,
Inc.*(a)
4,201
23,526
Zeta
Global
Holdings
Corp.,
Class
A*(a)
54,291
864,313
9,626,894
Specialized
REITs
0.7%
Four
Corners
Property
Trust,
Inc.(a)
15,062
356,216
Smartstop
Self
Storage
REIT,
Inc.(a)
33,809
1,023,737
1,379,953
Specialty
Retail
2.8%
Advance
Auto
Parts,
Inc.(a)
16,677
879,712
American
Eagle
Outfitters,
Inc.
55,866
932,962
Bed
Bath
&
Beyond,
Inc.*
5,813
26,972
Boot
Barn
Holdings,
Inc.*
5,165
755,949
Camping
World
Holdings,
Inc.,
Class
A(a)
40,420
276,069
Citi
Trends,
Inc.*
3,651
158,161
Designer
Brands,
Inc.,
Class
A(a)
37,530
213,546
Petco
Health
&
Wellness
Co.,
Inc.,
Class
A*
34,920
97,077
Shoe
Carnival,
Inc.(a)
27,220
424,360
ThredUp,
Inc.,
Class
A*
9,847
32,298
Upbound
Group,
Inc.
35,476
640,342
Winmark
Corp.
822
351,446
Zumiez,
Inc.*(a)
29,410
651,726
5,440,620
Technology
Hardware,
Storage
&
Peripherals
0.5%
Corsair
Gaming,
Inc.*(a)
21,273
118,065
Eastman
Kodak
Co.*
15,812
143,099
30
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Small
Cap
Equity
Insights
Fund
Common
Stocks
Shares
Value
($)
Technology
Hardware,
Storage
&
Peripherals
IonQ,
Inc.*(a)
22,383
645,302
906,466
Textiles,
Apparel
&
Luxury
Goods
1.5%
Figs,
Inc.,
Class
A*
37,077
547,627
G-III
Apparel
Group
Ltd.
12,059
334,034
Movado
Group,
Inc.
28,271
690,378
Oxford
Industries,
Inc.(a)
6,938
267,182
Steven
Madden
Ltd.
30,829
1,045,720
2,884,941
Trading
Companies
&
Distributors
0.7%
Boise
Cascade
Co.(a)
4,850
367,873
Custom
Truck
One
Source,
Inc.*
10,978
72,126
DNOW,
Inc.*
59,507
708,728
NPK
International,
Inc.*
14,013
203,048
1,351,775
Water
Utilities
0.0%
†
American
States
Water
Co.
511
38,642
Wireless
Telecommunication
Services
0.1%
Telephone
&
Data
Systems,
Inc.
6,402
269,524
Total
Common
Stocks
(cost
$167,882,125)
188,260,844
Rights
0.0%
†
Number
of
Rights
Biotechnology
0.0%
†
Cargo
Therapeutics,
Inc.,
CVR*∞
20,331
0
Total
Rights
(cost
$0)
0
Repurchase
Agreements
12.6%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,500,559,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$5,610,000.(b)
5,500,000
5,500,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,000,511,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$5,100,000.
(b)
5,000,000
5,000,000
Repurchase
Agreements
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$3,810,313,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$3,886,519.(b)
3,809,927
3,809,927
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$10,001,011,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$10,200,001.(b)
10,000,000
10,000,000
Total
Repurchase
Agreements
(cost
$24,309,927)
24,309,927
Total
Investments
(cost
$192,192,052)
—
110.5%
212,570,771
Liabilities
in
excess
of
other
assets
—
(10.5)%
(20,189,267)
NET
ASSETS
—
100.0%
$
192,381,504
*
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
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$37,874,719,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$24,309,927
and
by
$13,057,430
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$37,367,357.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$24,309,927.
CVR
Contingent
Value
Rights
REIT
Real
Estate
Investment
Trust
NVIT
GS
Small
Cap
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
31
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
Russell
2000
E-Mini
Index
28
6/2026
USD
3,517,080
(29,873)
Net
contracts
(29,873)
Currency:
USD
United
States
Dollar
32
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Small
Cap
Equity
Insights
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
NVIT
GS
Small
Cap
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
33
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
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
$
4,134,329
$
–
$
–
$
4,134,329
Automobile
Components
2,379,019
–
–
2,379,019
Banks
15,682,660
–
–
15,682,660
Biotechnology
15,336,471
–
–
15,336,471
Building
Products
39,029
–
–
39,029
Capital
Markets
2,262,233
–
–
2,262,233
Chemicals
2,169,055
–
–
2,169,055
Commercial
Services
&
Supplies
3,287,700
–
–
3,287,700
Communications
Equipment
1,209,631
–
–
1,209,631
Construction
&
Engineering
5,956,282
–
–
5,956,282
Construction
Materials
1,250,460
–
–
1,250,460
Consumer
Finance
3,857,674
–
–
3,857,674
Consumer
Staples
Distribution
&
Retail
131,665
–
–
131,665
Containers
&
Packaging
1,105,169
–
–
1,105,169
Diversified
Consumer
Services
5,018,836
–
–
5,018,836
Diversified
REITs
90,571
–
–
90,571
Diversified
Telecommunication
Services
897,770
–
–
897,770
Electric
Utilities
753,857
–
–
753,857
Electrical
Equipment
5,784,905
–
–
5,784,905
Electronic
Equipment,
Instruments
&
Components
8,458,625
–
–
8,458,625
Energy
Equipment
&
Services
4,916,206
–
–
4,916,206
Entertainment
1,547,258
–
–
1,547,258
Financial
Services
2,475,207
–
–
2,475,207
Food
Products
295,942
–
–
295,942
Gas
Utilities
1,276,022
–
–
1,276,022
Ground
Transportation
487,654
–
–
487,654
Health
Care
Equipment
&
Supplies
7,446,263
–
–
7,446,263
Health
Care
Providers
&
Services
6,206,070
–
–
6,206,070
Health
Care
REITs
2,464,798
–
–
2,464,798
Health
Care
Technology
162,963
–
–
162,963
Hotel
&
Resort
REITs
2,481,400
–
–
2,481,400
Hotels,
Restaurants
&
Leisure
1,940,277
–
–
1,940,277
Household
Durables
3,381,078
–
–
3,381,078
Household
Products
701,988
–
–
701,988
Independent
Power
and
Renewable
Electricity
Producers
25,364
–
–
25,364
Industrial
REITs
291,169
–
–
291,169
Insurance
4,689,069
–
–
4,689,069
Interactive
Media
&
Services
654,633
–
–
654,633
IT
Services
1,817,196
–
–
1,817,196
Leisure
Products
834,940
–
–
834,940
Life
Sciences
Tools
&
Services
1,296,179
–
–
1,296,179
Machinery
5,897,087
–
–
5,897,087
Marine
Transportation
1,915,625
–
–
1,915,625
Media
1,061,573
–
–
1,061,573
Metals
&
Mining
5,266,502
–
–
5,266,502
Mortgage
Real
Estate
Investment
Trusts
(REITs)
1,159,657
–
–
1,159,657
Office
REITs
748,390
–
–
748,390
Oil,
Gas
&
Consumable
Fuels
8,529,503
–
–
8,529,503
Passenger
Airlines
1,694,998
–
–
1,694,998
Personal
Care
Products
614,091
–
–
614,091
Pharmaceuticals
2,810,390
–
–
2,810,390
Professional
Services
1,703,390
–
–
1,703,390
Real
Estate
Management
&
Development
152,017
–
–
152,017
Residential
REITs
1,925,054
–
–
1,925,054
Retail
REITs
1,648,001
–
–
1,648,001
34
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Small
Cap
Equity
Insights
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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:
Semiconductors
&
Semiconductor
Equipment
$
6,038,134
$
–
$
–
$
6,038,134
Software
9,626,894
–
–
9,626,894
Specialized
REITs
1,379,953
–
–
1,379,953
Specialty
Retail
5,440,620
–
–
5,440,620
Technology
Hardware,
Storage
&
Peripherals
906,466
–
–
906,466
Textiles,
Apparel
&
Luxury
Goods
2,884,941
–
–
2,884,941
Trading
Companies
&
Distributors
1,351,775
–
–
1,351,775
Water
Utilities
38,642
–
–
38,642
Wireless
Telecommunication
Services
269,524
–
–
269,524
Total
Common
Stocks
$
188,260,844
$
–
$
–
$
188,260,844
Repurchase
Agreements
–
24,309,927
–
24,309,927
Rights
–
–
–
–
Total
Assets
$
188,260,844
$
24,309,927
$
–
$
212,570,771
Liabilities:
Futures
Contracts
$
(29,873)
$
–
$
–
$
(29,873)
Total
Liabilities
$
(29,873)
$
–
$
–
$
(29,873)
Total
$
188,230,971
$
24,309,927
$
–
$
212,540,898
NVIT
GS
Small
Cap
Equity
Insights
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
35
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(29,873)
Total
$
(29,873)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
36
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Large
Cap
Equity
Fund
Common
Stocks
98
.6
%
Shares
Value
($)
Aerospace
&
Defense
3
.0
%
GE
Aerospace
36,072
10,236,151
RTX
Corp.
69,165
13,341,929
Textron,
Inc.
34,798
3,046,913
26,624,993
Automobile
Components
1
.2
%
BorgWarner,
Inc.
142,928
7,755,273
Gentex
Corp.
156,309
3,415,352
11,170,625
Automobiles
2
.0
%
Tesla,
Inc.*
48,052
17,863,331
Banks
3
.6
%
Bank
of
America
Corp.
285,367
13,911,641
JPMorgan
Chase
&
Co.
61,538
18,102,018
32,013,659
Beverages
1
.1
%
Coca-Cola
Co.
(The)
123,757
9,411,720
Biotechnology
1
.4
%
Moderna,
Inc.*
43,223
2,195,728
Regeneron
Pharmaceuticals,
Inc.
1,723
1,331,259
Vertex
Pharmaceuticals,
Inc.*
20,150
8,997,781
12,524,768
Broadline
Retail
4
.4
%
Amazon.com,
Inc.*
158,641
33,040,161
Ollie's
Bargain
Outlet
Holdings,
Inc.*
68,259
6,282,558
39,322,719
Building
Products
0
.8
%
Carrier
Global
Corp.
126,375
7,116,176
Capital
Markets
3
.3
%
Ameriprise
Financial,
Inc.
7,877
3,500,539
Bank
of
New
York
Mellon
Corp.
(The)
13,040
1,546,935
Blackrock,
Inc.
6,519
6,269,388
Brookfield
Asset
Management
Ltd.,
Class
A
26,176
1,163,523
CME
Group,
Inc.
14,645
4,325,401
Evercore,
Inc.,
Class
A
17,264
5,153,477
Invesco
Ltd.
161,038
3,911,613
MarketAxess
Holdings,
Inc.
23,279
3,840,569
29,711,445
Chemicals
1
.2
%
Axalta
Coating
Systems
Ltd.*
116,233
3,219,654
Linde
plc
11,801
5,850,464
Mosaic
Co.
(The)
76,709
1,956,079
11,026,197
Commercial
Services
&
Supplies
1
.4
%
Clean
Harbors,
Inc.*
32,349
9,275,429
Waste
Connections,
Inc.
17,266
2,804,689
12,080,118
Communications
Equipment
0
.6
%
Arista
Networks,
Inc.*
3,658
449,129
Motorola
Solutions,
Inc.
11,513
4,996,297
5,445,426
Construction
&
Engineering
0
.4
%
Everus
Construction
Group,
Inc.*
7,200
850,032
Common
Stocks
Shares
Value
($)
Construction
&
Engineering
MasTec,
Inc.*
6,296
2,025,675
Quanta
Services,
Inc.
1,630
894,903
3,770,610
Construction
Materials
1
.1
%
Vulcan
Materials
Co.
35,298
9,611,645
Consumer
Finance
1
.8
%
OneMain
Holdings,
Inc.
137,288
7,343,535
SoFi
Technologies,
Inc.*
173,757
2,759,261
Synchrony
Financial
86,745
5,900,395
16,003,191
Consumer
Staples
Distribution
&
Retail
1
.3
%
Casey's
General
Stores,
Inc.
14,278
10,392,385
Sysco
Corp.
22,044
1,572,399
11,964,784
Containers
&
Packaging
0
.1
%
Crown
Holdings,
Inc.
9,768
979,242
Diversified
Consumer
Services
0
.2
%
Bright
Horizons
Family
Solutions,
Inc.*
16,462
1,352,024
Electrical
Equipment
0
.6
%
Emerson
Electric
Co.
31,085
4,072,757
Vertiv
Holdings
Co.,
Class
A
6,167
1,545,327
5,618,084
Electronic
Equipment,
Instruments
&
Components
0
.7
%
Corning,
Inc.
46,041
6,260,195
Energy
Equipment
&
Services
0
.8
%
Baker
Hughes
Co.,
Class
A
12,890
786,935
NOV,
Inc.
233,715
4,396,179
TechnipFMC
plc
25,730
1,778,715
6,961,829
Entertainment
0
.0
%
†
ROBLOX
Corp.,
Class
A*
5,736
324,428
Financial
Services
2
.2
%
Berkshire
Hathaway,
Inc.,
Class
B*
8,987
4,306,571
Mastercard,
Inc.,
Class
A
30,567
15,273,107
19,579,678
Food
Products
0
.9
%
Tyson
Foods,
Inc.,
Class
A
125,873
8,064,683
Ground
Transportation
0
.5
%
XPO,
Inc.*
24,782
4,821,338
Health
Care
Equipment
&
Supplies
1
.7
%
Align
Technology,
Inc.*
5,468
937,379
Boston
Scientific
Corp.*
143,971
9,034,180
Medtronic
plc
21,741
1,883,858
Stryker
Corp.
9,560
3,141,321
14,996,738
Health
Care
Providers
&
Services
3
.6
%
CVS
Health
Corp.
141,170
10,138,830
Encompass
Health
Corp.
52,051
5,034,893
HCA
Healthcare,
Inc.
1,458
689,984
UnitedHealth
Group,
Inc.
35,119
9,502,850
Universal
Health
Services,
Inc.,
Class
B
37,621
6,733,030
32,099,587
NVIT
GS
Large
Cap
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
37
Common
Stocks
Shares
Value
($)
Health
Care
REITs
0
.4
%
Welltower,
Inc.
17,630
3,485,627
Hotels,
Restaurants
&
Leisure
2
.7
%
Aramark
167,619
6,795,274
Chipotle
Mexican
Grill,
Inc.,
Class
A*
285,974
9,154,028
Expedia
Group,
Inc.
4,702
1,085,645
Planet
Fitness,
Inc.,
Class
A*
35,062
2,607,911
Royal
Caribbean
Cruises
Ltd.
11,569
3,183,557
Viking
Holdings
Ltd.*
19,062
1,400,676
24,227,091
Household
Durables
0
.6
%
DR
Horton,
Inc.
36,250
4,974,225
Independent
Power
and
Renewable
Electricity
Producers
0
.1
%
AES
Corp.
(The)
39,456
555,935
Industrial
Conglomerates
0
.9
%
3M
Co.
56,379
8,187,922
Insurance
1
.1
%
Loews
Corp.
83,957
8,961,570
MetLife,
Inc.
14,640
1,035,341
9,996,911
Interactive
Media
&
Services
7
.8
%
Alphabet,
Inc.,
Class
A
127,416
36,639,745
Meta
Platforms,
Inc.,
Class
A
46,865
26,812,872
Reddit,
Inc.,
Class
A*
48,180
6,487,437
69,940,054
IT
Services
0
.1
%
International
Business
Machines
Corp.
1,912
463,450
Life
Sciences
Tools
&
Services
0
.4
%
Mettler-Toledo
International,
Inc.*
2,905
3,663,786
West
Pharmaceutical
Services,
Inc.
687
172,190
3,835,976
Machinery
2
.0
%
Illinois
Tool
Works,
Inc.
36,962
9,620,839
Mueller
Industries,
Inc.
77,551
8,592,651
18,213,490
Marine
Transportation
1
.1
%
Kirby
Corp.*
72,560
9,641,773
Media
0
.6
%
Fox
Corp.,
Class
A
87,441
5,106,554
Oil,
Gas
&
Consumable
Fuels
3
.0
%
Antero
Resources
Corp.*
57,206
2,427,822
APA
Corp.
71,822
3,048,126
Cheniere
Energy,
Inc.
4,062
1,152,633
Chevron
Corp.
7,242
1,498,370
ConocoPhillips
42,428
5,600,496
Exxon
Mobil
Corp.
4,180
709,179
Kinder
Morgan,
Inc.
304,455
10,208,376
Phillips
66
10,329
1,881,737
26,526,739
Passenger
Airlines
0
.6
%
United
Airlines
Holdings,
Inc.*
56,518
5,203,612
Common
Stocks
Shares
Value
($)
Pharmaceuticals
2
.6
%
Eli
Lilly
&
Co.
14,607
13,435,080
Johnson
&
Johnson
40,172
9,819,644
23,254,724
Professional
Services
0
.2
%
Parsons
Corp.*
26,098
1,413,729
Residential
REITs
1
.8
%
American
Homes
4
Rent,
Class
A
45,285
1,264,357
AvalonBay
Communities,
Inc.
25,529
4,170,162
Camden
Property
Trust
88,353
8,628,554
Invitation
Homes,
Inc.
86,141
2,140,604
16,203,677
Semiconductors
&
Semiconductor
Equipment
11
.5
%
Allegro
MicroSystems,
Inc.*
32,971
1,039,576
Broadcom,
Inc.
98,614
30,522,019
Microchip
Technology,
Inc.
4,883
315,491
Micron
Technology,
Inc.
6,420
2,168,933
NVIDIA
Corp.
322,891
56,312,190
ON
Semiconductor
Corp.*
48,777
3,020,272
Texas
Instruments,
Inc.
42,793
8,307,833
Universal
Display
Corp.
13,538
1,240,893
102,927,207
Software
10
.6
%
Bentley
Systems,
Inc.,
Class
B
53,573
1,881,484
Dolby
Laboratories,
Inc.,
Class
A
108,365
6,508,402
Fortinet,
Inc.*
89,788
7,337,475
Intuit,
Inc.
400
172,952
Microsoft
Corp.
132,971
49,221,875
Oracle
Corp.
65,004
9,562,738
Palantir
Technologies,
Inc.,
Class
A*
56,888
8,321,577
Synopsys,
Inc.*
25,529
10,121,738
Zoom
Communications,
Inc.,
Class
A*
15,141
1,217,185
94,345,426
Specialty
Retail
1
.9
%
AutoNation,
Inc.*
8,509
1,661,467
Burlington
Stores,
Inc.*
10,945
3,561,284
Carvana
Co.,
Class
A*
723
227,297
TJX
Cos.,
Inc.
(The)
73,104
11,674,709
17,124,757
Technology
Hardware,
Storage
&
Peripherals
7
.5
%
Apple,
Inc.
254,255
64,527,377
Sandisk
Corp.*
3,236
2,055,960
Western
Digital
Corp.
2,310
624,832
67,208,169
Textiles,
Apparel
&
Luxury
Goods
0
.0
%
†
Crocs,
Inc.*
3,021
250,803
Trading
Companies
&
Distributors
0
.3
%
Watsco,
Inc.
6,276
2,283,146
38
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GS
Large
Cap
Equity
Fund
Common
Stocks
Shares
Value
($)
Wireless
Telecommunication
Services
0
.9
%
T-Mobile
US,
Inc.
39,000
8,191,170
Total
Investments
(cost
$683,167,432)
—
98.6%
880,281,400
Other
assets
in
excess
of
liabilities
—
1.4%
12,818,281
NET
ASSETS
—
100.0%
$
893,099,681
*
Denotes
a
non-income
producing
security.
†
Amount
rounds
to
less
than
0.1%.
REIT
Real
Estate
Investment
Trust
NVIT
GS
Large
Cap
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
39
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
S&P
500
E-Mini
Index
26
6/2026
USD
8,541,975
(262,739)
Net
contracts
(262,739)
Currency:
USD
United
States
Dollar
40
-
Statement
of
Investments
-
March
31,
2026
(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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
41
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
880,281,400
$
–
$
–
$
880,281,400
Total
Assets
$
880,281,400
$
–
$
–
$
880,281,400
Liabilities:
Futures
Contracts
$
(
262,739
)
$
–
$
–
$
(
262,739
)
Total
Liabilities
$
(
262,739
)
$
–
$
–
$
(
262,739
)
Total
$
880,018,661
$
–
$
–
$
880,018,661
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
262,739
)
Total
$
(
262,739
)
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.
42
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
U.S.
130/30
Equity
Fund
Common
Stocks
97.9%
Shares
Value
($)
Aerospace
&
Defense
1.4%
Lockheed
Martin
Corp.
20,620
12,462,522
Automobiles
1.0%
General
Motors
Co.
118,169
8,803,591
Biotechnology
1.4%
Halozyme
Therapeutics,
Inc.*
38,948
2,517,209
Incyte
Corp.*
108,280
10,191,314
12,708,523
Broadline
Retail
4.0%
Amazon.com,
Inc.*
70,015
14,582,024
Coupang,
Inc.*
462,020
8,722,937
Dillard's,
Inc.,
Class
A
1,052
601,860
eBay,
Inc.
141,046
12,838,007
36,744,828
Building
Products
1.8%
A
O
Smith
Corp.
89,416
5,896,091
Masco
Corp.
137,748
8,315,847
Trex
Co.,
Inc.*
55,424
2,018,542
16,230,480
Capital
Markets
4.1%
Bank
of
New
York
Mellon
Corp.
(The)
36,403
4,318,488
Interactive
Brokers
Group,
Inc.,
Class
A
226,812
15,212,281
Jefferies
Financial
Group,
Inc.
71,347
2,944,491
Northern
Trust
Corp.
66,684
9,307,086
State
Street
Corp.
16,711
2,114,944
Stifel
Financial
Corp.
52,595
3,887,822
37,785,112
Chemicals
2.0%
Albemarle
Corp.
55,198
9,909,697
Westlake
Corp.
74,303
8,680,076
18,589,773
Commercial
Services
&
Supplies
1.6%
Waste
Management,
Inc.
63,731
14,644,747
Communications
Equipment
1.5%
Arista
Networks,
Inc.*
112,641
13,830,062
Construction
&
Engineering
1.7%
Comfort
Systems
USA,
Inc.
5,857
8,076,744
EMCOR
Group,
Inc.
9,879
7,293,765
15,370,509
Consumer
Finance
1.1%
Ally
Financial,
Inc.
257,985
10,120,752
Consumer
Staples
Distribution
&
Retail
2.7%
Maplebear
,
Inc.*
203,356
7,617,716
Target
Corp.
141,547
17,155,496
24,773,212
Containers
&
Packaging
0.9%
Crown
Holdings,
Inc.
85,996
8,621,099
Electronic
Equipment,
Instruments
&
Components
1.9%
Jabil,
Inc.
42,726
11,349,307
TD
SYNNEX
Corp.
33,705
5,686,371
17,035,678
Entertainment
0.9%
Netflix,
Inc.*
21,666
2,083,186
ROBLOX
Corp.,
Class
A*
10,536
595,916
Common
Stocks
Shares
Value
($)
Entertainment
Roku,
Inc.,
Class
A*
61,345
5,804,464
8,483,566
Financial
Services
0.9%
Corebridge
Financial,
Inc.
323,364
7,715,465
Food
Products
2.2%
Archer-Daniels-Midland
Co.
165,896
12,058,980
Smithfield
Foods,
Inc.
123,350
3,450,100
Tyson
Foods,
Inc.,
Class
A
65,364
4,187,871
19,696,951
Ground
Transportation
1.9%
JB
Hunt
Transport
Services,
Inc.
31,280
6,628,232
Landstar
System,
Inc.
51,130
8,196,650
Ryder
System,
Inc.
8,474
1,734,713
U-Haul
Holding
Co.*
15,208
726,638
17,286,233
Health
Care
Equipment
&
Supplies
4.0%
Align
Technology,
Inc.*
66,959
11,478,781
Edwards
Lifesciences
Corp.*
189,746
15,194,860
GE
HealthCare
Technologies,
Inc.
138,952
9,890,603
36,564,244
Health
Care
Providers
&
Services
1.8%
Centene
Corp.*
246,892
8,083,244
McKesson
Corp.
1,798
1,555,917
Molina
Healthcare,
Inc.*
49,279
6,568,891
16,208,052
Hotels,
Restaurants
&
Leisure
4.9%
Booking
Holdings,
Inc.
4,085
17,199,157
Domino's
Pizza,
Inc.
29,261
10,498,554
DraftKings,
Inc.,
Class
A*
264,375
5,715,788
Las
Vegas
Sands
Corp.
215,825
11,628,651
45,042,150
Household
Products
0.9%
Clorox
Co.
(The)
80,078
8,298,483
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Vistra
Corp.
15,404
2,315,683
Insurance
3.8%
CNA
Financial
Corp.
51,391
2,359,875
Everest
Group
Ltd.
20,889
6,827,569
First
American
Financial
Corp.
24,692
1,488,681
Globe
Life,
Inc.
96,835
13,476,527
Reinsurance
Group
of
America,
Inc.
36,712
7,495,122
Travelers
Cos.,
Inc.
(The)
10,960
3,196,813
34,844,587
Interactive
Media
&
Services
6.8%
Alphabet,
Inc.,
Class
C
161,485
46,323,587
Match
Group,
Inc.
341,505
10,487,618
Meta
Platforms,
Inc.,
Class
A
5,861
3,353,254
Snap,
Inc.,
Class
A*
419,593
1,930,128
62,094,587
IT
Services
1.5%
VeriSign,
Inc.
56,633
14,065,372
NVIT
U.S.
130/30
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
43
Common
Stocks
Shares
Value
($)
Life
Sciences
Tools
&
Services
0.8%
West
Pharmaceutical
Services,
Inc.
29,782
7,464,561
Machinery
1.7%
Graco,
Inc.
68,607
5,807,582
Otis
Worldwide
Corp.
126,985
9,788,004
15,595,586
Media
0.5%
Trade
Desk,
Inc.
(The),
Class
A*
208,655
4,734,382
Metals
&
Mining
0.2%
Commercial
Metals
Co.
23,726
1,457,488
Oil,
Gas
&
Consumable
Fuels
3.2%
Phillips
66
89,008
16,215,477
Valero
Energy
Corp.
53,475
13,212,603
29,428,080
Passenger
Airlines
1.3%
Southwest
Airlines
Co.
317,694
11,935,764
Professional
Services
0.4%
FTI
Consulting,
Inc.*
20,407
3,607,345
Residential
REITs
2.1%
Camden
Property
Trust
102,503
10,010,443
Essex
Property
Trust,
Inc.
35,879
8,682,718
18,693,161
Semiconductors
&
Semiconductor
Equipment
13.1%
Broadcom,
Inc.
20,114
6,225,484
Cirrus
Logic,
Inc.*
29,161
4,217,264
Micron
Technology,
Inc.
52,506
17,738,627
NVIDIA
Corp.
397,699
69,358,705
QUALCOMM,
Inc.
120,947
15,575,555
Texas
Instruments,
Inc.
31,976
6,207,821
119,323,456
Software
11.5%
Adobe,
Inc.*
36,664
8,912,285
Atlassian
Corp.,
Class
A*
35,320
2,410,590
Docusign
,
Inc.,
Class
A*
124,134
5,885,193
Dropbox,
Inc.,
Class
A*
140,028
3,181,436
Fortinet,
Inc.*
138,562
11,323,287
Manhattan
Associates,
Inc.*
46,866
6,238,802
Microsoft
Corp.
73,059
27,044,250
Nutanix,
Inc.,
Class
A*
92,760
3,525,808
Palantir
Technologies,
Inc.,
Class
A*
70,436
10,303,378
Pegasystems,
Inc.
38,411
1,634,772
ServiceNow,
Inc.*
106,837
11,169,808
Workday,
Inc.,
Class
A*
75,371
9,792,200
Zoom
Communications,
Inc.,
Class
A*
34,219
2,750,866
Zscaler,
Inc.*
8,066
1,131,579
105,304,254
Specialized
REITs
0.0%
†
Millrose
Properties,
Inc.
9,380
262,640
Specialty
Retail
1.2%
Best
Buy
Co.,
Inc.
65,813
4,225,194
Carvana
Co.,
Class
A*
6,723
2,113,577
Wayfair,
Inc.,
Class
A*
23,946
1,800,979
Williams-Sonoma,
Inc.
14,688
2,678,063
10,817,813
Common
Stocks
Shares
Value
($)
Technology
Hardware,
Storage
&
Peripherals
3.4%
Apple,
Inc.
123,090
31,239,011
Textiles,
Apparel
&
Luxury
Goods
1.5%
Deckers
Outdoor
Corp.*
136,977
13,710,028
Total
Investments
(cost
$758,452,648)
—
97.9%
893,909,830
Other
assets
in
excess
of
liabilities
—
2.1%
18,999,650
NET
ASSETS
—
100.0%
$
912,909,480
*
Denotes
a
non-income
producing
security.
†
Amount
rounds
to
less
than
0.1%.
REIT
Real
Estate
Investment
Trust
44
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
U.S.
130/30
Equity
Fund
OTC
Total
return
swap
contracts
outstanding
as
of
March
31,
2026
:
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
A
O
Smith
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
25,589
57,831
57,831
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
4/30/2027
22,677
117,240
117,240
Allegro
MicroSystems
,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
87,165
304,206
304,206
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
12/31/2026
74,729
98,642
98,642
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
4/30/2027
104,383
747,382
747,382
Archer-Daniels-
Midland
Co.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/30/2026
8,256
12,054
12,054
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
1/29/2027
19,334
592,974
592,974
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
1/29/2027
5,999
8,219
8,219
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
381,815
381,815
Best
Buy
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
1/29/2027
111,390
139,238
139,238
Carvana
Co.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
2,603
61,379
61,379
Centene
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/30/2026
61,506
57,816
57,816
CF
Industries
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
4/30/2027
31,726
246,194
246,194
Cirrus
Logic,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
47,624
299,555
299,555
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
11/30/2026
103,063
138,104
138,104
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
12/31/2026
3,666
5,059
5,059
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
11/30/2026
22,095
52,586
52,586
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
115,020
115,020
Docusign
,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
25,041
3,756
3,756
NVIT
U.S.
130/30
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
45
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
DraftKings,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
15,464
10,670
10,670
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
2/26/2027
290,515
46,482
46,482
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
395,245
395,245
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
4/30/2027
8,990
17,800
17,800
Evercore,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
36,452
484,447
484,447
Everest
Group
Ltd.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
15,364
84,809
84,809
Everpure
,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
14,249
29,210
29,210
Expand
Energy
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
42,941
71,712
71,712
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
66,964
66,964
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
102,045
102,045
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
58,423
58,423
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
85,090
163,373
163,373
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
72,278
72,278
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
4/30/2027
52,321
198,297
198,297
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
1/29/2027
14,292
101,902
101,902
Jefferies
Financial
Group,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/30/2026
125,944
255,666
255,666
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
11/30/2026
7,023
65,103
65,103
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
35,625
35,625
Maplebear
,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
60,155
16,242
16,242
46
-
Statement
of
Investments
-
March
31,
2026
(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)
($)
Value
($)
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
70,404
70,404
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
4/30/2027
4,170
2,335
2,335
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
1/29/2027
1,786
22,410
22,410
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
2/26/2027
14,267
26,109
26,109
Neurocrine
Biosciences,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
63,969
193,186
193,186
Northern
Trust
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
13,748
45,918
45,918
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
1/29/2027
37,350
2,988
2,988
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
1/29/2027
78,466
725,026
725,026
Omega
Healthcare
Investors,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/28/2027
100,892
26,944
26,944
ONEOK,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
34,091
87,614
87,614
Paramount
Skydance
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
164,830
16,483
16,483
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
3/31/2027
61,539
66,462
66,462
Pinterest,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
324,709
107,154
107,154
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
4/30/2027
7,313
281,697
281,697
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
2/26/2027
1,203
5,835
5,835
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
3/31/2027
10,821
95,333
95,333
SentinelOne
,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
107,265
28,962
28,962
Snap,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
409,522
237,523
237,523
Stifel
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
4/30/2027
102,446
214,691
214,691
NVIT
U.S.
130/30
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
47
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
StoneX
Group,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
31,063
83,870
83,870
TD
SYNNEX
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
38,455
329,944
329,944
Texas
Instruments,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
49,599
382,904
382,904
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
4/30/2027
84,688
57,588
57,588
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
12/31/2026
23,897
35,295
35,295
Trex
Co.,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
88,003
89,763
89,763
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
11/30/2026
132,462
108,619
108,619
U-Haul
Holding
Co.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
4,869
7,352
7,352
Vistra
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
17,713
58,416
58,416
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
59,922
59,922
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
114,725
114,725
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
1/29/2027
1,190
1,607
1,607
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
226,720
226,720
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
1/29/2027
11,561
35,029
35,029
–
–
Total
unrealized
appreciation
9,564,191
9,564,191
–
–
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
1/29/2027
10,735
(79,332)
(79,332)
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
3/31/2027
20,133
(122,409)
(122,409)
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
1/29/2027
515,429
(221,634)
(221,634)
Amcor
plc
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
116,248
(266,208)
(266,208)
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
2/26/2027
28,386
(56,204)
(56,204)
48
-
Statement
of
Investments
-
March
31,
2026
(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)
($)
Value
($)
Applied
Digital
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
13,123
(41,928)
(41,928)
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
3/31/2027
42,132
(212,767)
(212,767)
Atlantic
Union
Bankshares
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
123,824
(151,557)
(151,557)
Axon
Enterprise,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/28/2027
10,720
(100,236)
(100,236)
Bentley
Systems,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.39%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
129,650
(78,588)
(78,588)
Blackstone
Secured
Lending
Fund
Increases
in
total
return
of
reference
entity
OBFR
-
0.64%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
23,020
(15,423)
(15,423)
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
7/31/2026
20,195
(18,781)
(18,781)
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
(3,795)
(3,795)
Carpenter
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
11/30/2026
10,398
(245,809)
(245,809)
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
12/31/2026
58,331
(55,998)
(55,998)
Cipher
Digital,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
44,347
(37,917)
(37,917)
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
3/31/2027
252,070
(85,704)
(85,704)
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
24,701
(458,451)
(458,451)
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
4/30/2027
43,273
(223,289)
(223,289)
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
1/29/2027
60,779
(162,280)
(162,280)
D-Wave
Quantum,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
9/30/2026
26,120
(37,874)
(37,874)
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
46,166
(22,621)
(22,621)
Element
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
4/30/2027
130,110
(231,596)
(231,596)
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
1/29/2027
33,328
(275,789)
(275,789)
NVIT
U.S.
130/30
Equity
Fund
-
March
31,
2026
(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)
($)
Value
($)
Enphase
Energy,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
37,410
(81,180)
(81,180)
Erie
Indemnity
Co.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/30/2026
1,202
(3,991)
(3,991)
Figure
Technology
Solutions,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
3.02%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
10,891
(35,287)
(35,287)
Globus
Medical,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
56,861
(150,682)
(150,682)
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
98,863
(295,600)
(295,600)
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
(81,293)
(81,293)
HubSpot,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
981
(6,170)
(6,170)
Ingersoll
Rand,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
60,249
(192,797)
(192,797)
International
Paper
Co.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
132,871
(154,462)
(154,462)
IonQ
,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
15,672
(35,105)
(35,105)
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
37,371
(193,582)
(193,582)
Joby
Aviation,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
348,825
(111,624)
(111,624)
Kraft
Heinz
Co.
(The)
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
85,292
(12,794)
(12,794)
Kymera
Therapeutics,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
33,117
(126,176)
(126,176)
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
41,729
(310,464)
(310,464)
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
5/28/2027
6,858
(14,316)
(14,316)
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
(104,318)
(104,318)
LPL
Financial
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/28/2027
9,901
(4,853)
(4,853)
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
3/31/2027
5,476
(262,684)
(262,684)
50
-
Statement
of
Investments
-
March
31,
2026
(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)
($)
Value
($)
MACOM
Technology
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
11/30/2026
24,575
(309,153)
(309,153)
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
1/29/2027
210,608
(267,472)
(267,472)
MKS,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
2,425
(46,899)
(46,899)
Modine
Manufacturing
Co.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
18,051
(262,281)
(262,281)
NuScale
Power
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
107,498
(63,424)
(63,424)
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
1/29/2027
158,357
(121,143)
(121,143)
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
3/31/2027
33,448
(277,953)
(277,953)
Palo
Alto
Networks,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
28,857
(172,276)
(172,276)
Planet
Labs
PBC
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
98,753
(5,925)
(5,925)
Primo
Brands
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
217,416
(106,534)
(106,534)
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
2/26/2027
24,225
(133,964)
(133,964)
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
(10,120)
(10,120)
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
3/31/2027
2,525
(47,318)
(47,318)
Realty
Income
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
63,053
(35,972)
(35,972)
Regal
Rexnord
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
21,827
(205,610)
(205,610)
Revolution
Medicines,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
59,000
(267,860)
(267,860)
Rocket
Cos.,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/30/2026
237,214
(180,283)
(180,283)
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
(181,458)
(181,458)
Royal
Caribbean
Cruises
Ltd.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
17,697
(270,941)
(270,941)
NVIT
U.S.
130/30
Equity
Fund
-
March
31,
2026
(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)
($)
Value
($)
Royal
Gold,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
16,244
(255,518)
(255,518)
Samsara,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
41,793
(43,883)
(43,883)
Sanmina
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/30/2026
37,462
(210,162)
(210,162)
ServiceNow,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
53,960
(22,663)
(22,663)
Shift4
Payments,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
9.89%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
23,066
(2,537)
(2,537)
Sirius
XM
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
213,217
(125,798)
(125,798)
SPX
Technologies,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
2,486
(22,946)
(22,946)
Super
Micro
Computer,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
96,522
(165,053)
(165,053)
T
Rowe
Price
Group,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
52,004
(125,330)
(125,330)
Teledyne
Technologies,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
4,705
(98,523)
(98,523)
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
1/29/2027
12,687
(98,832)
(98,832)
TransUnion
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
48,757
(131,644)
(131,644)
TTM
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
11/30/2026
52,230
(476,860)
(476,860)
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
3/31/2027
1,291
(68,862)
(68,862)
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
1/29/2027
159,814
(16,780)
(16,780)
United
Therapeutics
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/28/2027
4,132
(22,613)
(22,613)
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
3/31/2027
210,364
(206,157)
(206,157)
Urban
Outfitters,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
48,927
(118,403)
(118,403)
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
16,059
(31,957)
(31,957)
52
-
Statement
of
Investments
-
March
31,
2026
(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)
($)
Value
($)
Viper
Energy,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
123,677
(98,942)
(98,942)
Xcel
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
1/29/2027
36,172
(31,378)
(31,378)
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
1/29/2027
79,468
(99,334)
(99,334)
–
–
Total
unrealized
depreciation
(10,824,329)
(10,824,329)
–
–
Net
unrealized
depreciation
(1,260,138)
(1,260,138)
Financing
Costs
of
Swap
Contracts
(7,116)
(7,116)
Total
Unrealized
Appreciation
(Depreciation)
including
Financing
Costs
of
Swap
Contracts
(1,267,254)
(1,267,254)
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)
3.64%
NVIT
U.S.
130/30
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
53
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
54
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
U.S.
130/30
Equity
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
893,909,830
$
–
$
–
$
893,909,830
Total
Return
Swaps†
–
9,564,191
–
9,564,191
Total
Assets
$
893,909,830
$
9,564,191
$
–
$
903,474,021
Liabilities:
Total
Return
Swaps†
$
–
$
(10,831,445)
$
–
$
(10,831,445)
Total
Liabilities
$
–
$
(10,831,445)
$
–
$
(10,831,445)
Total
$
893,909,830
$
(1,267,254)
$
–
$
892,642,576
†
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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
55
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Assets:
Fair
Value
Swap
Contracts†
Equity
risk
Swap
contracts,
at
value
$
9,564,191
Total
$
9,564,191
Liabilities:
Swap
Contracts†
Equity
risk
Swap
contracts,
at
value
$
(10,831,445)
Total
$
(10,831,445)
†
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
1
Common
Stocks
92.1%
Shares
Value
($)
Aerospace
&
Defense
2.1%
Axon
Enterprise,
Inc.*
2,906
1,234,149
Boeing
Co.
(The)*
29,705
5,912,186
GE
Aerospace
39,671
11,257,440
General
Dynamics
Corp.
9,599
3,294,569
Howmet
Aerospace,
Inc.
15,139
3,488,934
Huntington
Ingalls
Industries,
Inc.
1,554
590,364
L3Harris
Technologies,
Inc.
7,031
2,426,750
Lockheed
Martin
Corp.
7,658
4,628,418
Northrop
Grumman
Corp.
5,046
3,442,583
RTX
Corp.
50,771
9,793,726
Textron,
Inc.(a)
6,870
601,537
TransDigm
Group,
Inc.
2,158
2,501,036
49,171,692
Air
Freight
&
Logistics
0.3%
CH
Robinson
Worldwide,
Inc.
4,285
711,610
Expeditors
International
of
Washington,
Inc.
5,157
738,637
FedEx
Corp.
8,182
2,914,265
United
Parcel
Service,
Inc.,
Class
B(a)
27,952
2,749,918
7,114,430
Automobile
Components
0.0%
†
Aptiv
plc*
8,418
584,546
Automobiles
1.9%
Ford
Motor
Co.
147,103
1,697,569
General
Motors
Co.
34,657
2,581,946
Tesla,
Inc.*
106,379
39,546,393
43,825,908
Banks
3.2%
Bank
of
America
Corp.
250,983
12,235,421
Citigroup,
Inc.
66,098
7,496,174
Citizens
Financial
Group,
Inc.
16,181
970,375
Fifth
Third
Bancorp
34,688
1,611,605
Huntington
Bancshares,
Inc.
78,414
1,227,179
JPMorgan
Chase
&
Co.
101,982
29,999,025
KeyCorp
35,458
710,933
M&T
Bank
Corp.(a)
5,589
1,155,358
PNC
Financial
Services
Group,
Inc.
(The)
15,404
3,205,418
Regions
Financial
Corp.
33,434
873,296
Truist
Financial
Corp.
47,879
2,200,998
US
Bancorp
58,271
3,030,675
Wells
Fargo
&
Co.
116,976
9,312,459
74,028,916
Beverages
1.0%
Brown-Forman
Corp.,
Class
B(a)
5,907
156,181
Coca-Cola
Co.
(The)
146,436
11,136,458
Constellation
Brands,
Inc.,
Class
A
5,520
828,000
Keurig
Dr
Pepper,
Inc.
52,674
1,386,906
Molson
Coors
Beverage
Co.,
Class
B(a)
6,463
278,297
Monster
Beverage
Corp.*
26,636
1,930,045
PepsiCo,
Inc.
51,693
8,027,406
23,743,293
Biotechnology
1.6%
AbbVie,
Inc.
66,850
14,539,206
Common
Stocks
Shares
Value
($)
Biotechnology
Amgen,
Inc.
20,368
7,166,481
Biogen,
Inc.*
5,424
994,382
Gilead
Sciences,
Inc.
46,928
6,540,355
Incyte
Corp.*
6,216
585,050
Moderna,
Inc.*(a)
13,340
677,672
Regeneron
Pharmaceuticals,
Inc.
3,776
2,917,489
Vertex
Pharmaceuticals,
Inc.*
9,607
4,289,910
37,710,545
Broadline
Retail
3.4%
Amazon.com,
Inc.*
369,499
76,955,557
eBay,
Inc.
16,766
1,526,041
78,481,598
Building
Products
0.5%
A
O
Smith
Corp.
3,965
261,452
Allegion
plc
3,139
456,065
Builders
FirstSource,
Inc.*
4,067
334,836
Carrier
Global
Corp.
29,684
1,671,506
Johnson
Controls
International
plc
23,151
3,031,623
Lennox
International,
Inc.(a)
1,258
583,876
Masco
Corp.
8,269
499,200
Trane
Technologies
plc
8,341
3,476,028
10,314,586
Capital
Markets
3.0%
Ameriprise
Financial,
Inc.
3,515
1,562,066
Ares
Management
Corp.,
Class
A
7,949
867,236
Bank
of
New
York
Mellon
Corp.
(The)
25,807
3,061,484
Blackrock,
Inc.
5,458
5,249,013
Blackstone,
Inc.
28,587
3,287,219
Cboe
Global
Markets,
Inc.
3,973
1,116,691
Charles
Schwab
Corp.
(The)
63,179
5,937,562
CME
Group,
Inc.
13,639
4,028,279
Coinbase
Global,
Inc.,
Class
A*
8,570
1,496,408
FactSet
Research
Systems,
Inc.
1,515
328,740
Franklin
Resources,
Inc.(a)
10,179
240,428
Goldman
Sachs
Group,
Inc.
(The)
11,345
9,597,757
Interactive
Brokers
Group,
Inc.,
Class
A
17,007
1,140,660
Intercontinental
Exchange,
Inc.
21,480
3,378,374
Invesco
Ltd.
15,742
382,373
KKR
&
Co.,
Inc.
26,104
2,414,620
Moody's
Corp.
5,720
2,495,350
Morgan
Stanley
45,506
7,488,922
MSCI,
Inc.,
Class
A
2,806
1,512,462
Nasdaq,
Inc.
16,621
1,410,957
Northern
Trust
Corp.
6,958
971,128
Raymond
James
Financial,
Inc.
6,848
991,522
Robinhood
Markets,
Inc.,
Class
A*
29,485
2,043,311
S&P
Global,
Inc.
11,574
4,922,885
State
Street
Corp.
10,475
1,325,716
T.
Rowe
Price
Group,
Inc.
8,030
723,824
67,974,987
2
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
Common
Stocks
Shares
Value
($)
Chemicals
1.1%
Air
Products
&
Chemicals,
Inc.
8,422
2,446,507
Albemarle
Corp.
4,492
806,449
CF
Industries
Holdings,
Inc.
5,840
758,266
Corteva,
Inc.
25,685
2,150,091
Dow,
Inc.
27,485
1,144,750
DuPont
de
Nemours,
Inc.
14,864
680,771
Ecolab,
Inc.
9,731
2,588,641
International
Flavors
&
Fragrances,
Inc.
9,714
704,751
Linde
plc
17,662
8,756,113
LyondellBasell
Industries
NV,
Class
A
9,466
762,581
Mosaic
Co.
(The)
12,281
313,165
PPG
Industries,
Inc.
8,180
874,278
Sherwin-Williams
Co.
(The)
8,795
2,819,237
24,805,600
Commercial
Services
&
Supplies
0.4%
Cintas
Corp.
12,857
2,174,633
Copart,
Inc.*
33,905
1,125,646
Republic
Services,
Inc.,
Class
A
7,677
1,681,417
Rollins,
Inc.
11,003
587,670
Veralto
Corp.
9,684
856,259
Waste
Management,
Inc.
13,882
3,189,945
9,615,570
Communications
Equipment
1.0%
Arista
Networks,
Inc.*
39,058
4,795,541
Ciena
Corp.*
5,252
2,038,984
Cisco
Systems,
Inc.
149,448
11,595,670
F5,
Inc.*
2,056
594,863
Lumentum
Holdings,
Inc.*(a)
2,747
1,930,482
Motorola
Solutions,
Inc.
6,222
2,700,161
23,655,701
Construction
&
Engineering
0.3%
Comfort
Systems
USA,
Inc.
1,357
1,871,289
EMCOR
Group,
Inc.
1,702
1,256,604
Quanta
Services,
Inc.
5,611
3,080,551
6,208,444
Construction
Materials
0.2%
CRH
plc
25,353
2,665,108
Martin
Marietta
Materials,
Inc.
2,243
1,320,409
Vulcan
Materials
Co.
5,000
1,361,500
5,347,017
Consumer
Finance
0.5%
American
Express
Co.
20,257
6,127,337
Capital
One
Financial
Corp.
23,644
4,313,375
Synchrony
Financial
13,124
892,695
11,333,407
Consumer
Staples
Distribution
&
Retail
1.9%
Costco
Wholesale
Corp.
16,789
16,729,063
Dollar
General
Corp.
8,346
990,921
Dollar
Tree,
Inc.*
7,087
776,097
Kroger
Co.
(The)
22,284
1,612,470
Sysco
Corp.
17,928
1,278,804
Target
Corp.
16,907
2,049,129
Walmart,
Inc.
165,807
20,606,494
44,042,978
Containers
&
Packaging
0.2%
Amcor
plc(a)
16,945
673,564
Common
Stocks
Shares
Value
($)
Containers
&
Packaging
Avery
Dennison
Corp.
2,929
505,780
Ball
Corp.
9,683
572,362
International
Paper
Co.
20,785
742,024
Packaging
Corp.
of
America
3,409
723,458
Smurfit
Westrock
plc
19,547
778,948
3,996,136
Distributors
0.0%
†
Genuine
Parts
Co.
5,384
569,358
Pool
Corp.
1,091
220,742
790,100
Diversified
Telecommunication
Services
0.9%
AT&T,
Inc.
264,793
7,676,349
Comcast
Corp.,
Class
A
135,554
3,891,756
Verizon
Communications,
Inc.
159,506
8,007,201
19,575,306
Electric
Utilities
1.5%
Alliant
Energy
Corp.(a)
9,385
673,468
American
Electric
Power
Co.,
Inc.
20,371
2,670,231
Constellation
Energy
Corp.
11,924
3,329,777
Duke
Energy
Corp.
29,344
3,842,303
Edison
International
14,290
1,045,742
Entergy
Corp.
16,965
1,906,187
Evergy,
Inc.
8,404
688,456
Eversource
Energy
14,374
995,831
Exelon
Corp.
39,252
1,924,133
FirstEnergy
Corp.
19,920
1,009,147
NextEra
Energy,
Inc.
78,774
7,316,529
NRG
Energy,
Inc.
8,191
1,197,033
PG&E
Corp.
82,944
1,457,326
Pinnacle
West
Capital
Corp.
4,515
454,886
PPL
Corp.
27,976
1,068,683
Southern
Co.
(The)
41,649
4,019,962
Xcel
Energy,
Inc.
22,087
1,754,591
35,354,285
Electrical
Equipment
1.1%
AMETEK,
Inc.
8,723
1,869,862
Eaton
Corp.
plc
14,691
5,254,530
Emerson
Electric
Co.
21,525
2,820,206
GE
Vernova,
Inc.
10,195
8,899,215
Generac
Holdings,
Inc.*
2,216
432,851
Hubbell,
Inc.,
Class
B
1,975
969,212
Rockwell
Automation,
Inc.
4,197
1,506,219
Vertiv
Holdings
Co.,
Class
A
14,426
3,614,867
25,366,962
Electronic
Equipment,
Instruments
&
Components
0.8%
Amphenol
Corp.,
Class
A
46,494
5,874,517
CDW
Corp.
4,923
595,781
Coherent
Corp.*
7,193
1,713,445
Corning,
Inc.
29,531
4,015,330
Jabil,
Inc.
4,077
1,082,974
Keysight
Technologies,
Inc.*
6,393
1,805,191
TE
Connectivity
plc
11,213
2,343,741
Teledyne
Technologies,
Inc.*
1,781
1,077,523
Zebra
Technologies
Corp.,
Class
A*
1,953
408,333
18,916,835
Energy
Equipment
&
Services
0.3%
Baker
Hughes
Co.,
Class
A
37,380
2,282,049
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
3
Common
Stocks
Shares
Value
($)
Energy
Equipment
&
Services
Halliburton
Co.
32,051
1,249,668
SLB
Ltd.
56,886
2,923,372
6,455,089
Entertainment
1.3%
Electronic
Arts,
Inc.
8,618
1,756,952
Live
Nation
Entertainment,
Inc.*
6,147
937,479
Netflix,
Inc.*
159,701
15,355,251
Take-Two
Interactive
Software,
Inc.*
6,708
1,324,830
TKO
Group
Holdings,
Inc.,
Class
A
2,503
504,730
Walt
Disney
Co.
(The)
67,007
6,458,135
Warner
Bros
Discovery,
Inc.*
93,744
2,574,210
28,911,587
Financial
Services
3.3%
Apollo
Global
Management,
Inc.
17,735
1,976,034
Berkshire
Hathaway,
Inc.,
Class
B*
69,360
33,237,312
Block,
Inc.,
Class
A*
20,488
1,232,968
Corpay,
Inc.*
2,708
788,001
Fidelity
National
Information
Services,
Inc.
19,148
898,233
Fiserv,
Inc.*
20,445
1,140,831
Global
Payments,
Inc.
9,032
607,853
Jack
Henry
&
Associates,
Inc.
2,718
429,553
Mastercard,
Inc.,
Class
A
30,804
15,391,526
PayPal
Holdings,
Inc.
34,232
1,548,313
Visa,
Inc.,
Class
A
63,587
19,218,535
76,469,159
Food
Products
0.4%
Archer-Daniels-Midland
Co.
18,221
1,324,485
Bunge
Global
SA
4,896
622,771
Campbell's
Co.
(The)(a)
7,200
160,344
Conagra
Brands,
Inc.
17,138
269,409
General
Mills,
Inc.
20,332
756,757
Hershey
Co.
(The)
5,628
1,170,005
Hormel
Foods
Corp.
12,154
275,288
J
M
Smucker
Co.
(The)
4,257
410,545
Kraft
Heinz
Co.
(The)
32,242
725,123
McCormick
&
Co.,
Inc.
(Non-Voting)
9,656
487,049
Mondelez
International,
Inc.,
Class
A
48,906
2,818,942
Tyson
Foods,
Inc.,
Class
A
10,421
667,673
9,688,391
Gas
Utilities
0.1%
Atmos
Energy
Corp.
6,407
1,183,501
Ground
Transportation
0.8%
CSX
Corp.
70,337
2,887,334
JB
Hunt
Transport
Services,
Inc.
2,769
586,751
Norfolk
Southern
Corp.
8,391
2,408,217
Old
Dominion
Freight
Line,
Inc.
7,087
1,384,800
Uber
Technologies,
Inc.*
77,847
5,599,534
Union
Pacific
Corp.(a)
22,445
5,445,606
18,312,242
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
1.7%
Abbott
Laboratories
65,772
6,752,811
Align
Technology,
Inc.*
2,417
414,346
Baxter
International,
Inc.
21,269
357,319
Becton
Dickinson
&
Co.
10,613
1,668,682
Boston
Scientific
Corp.*
55,999
3,513,937
Cooper
Cos.,
Inc.
(The)*
7,219
516,159
Dexcom,
Inc.*
14,050
882,340
Edwards
Lifesciences
Corp.*
21,808
1,746,385
GE
HealthCare
Technologies,
Inc.
17,736
1,262,448
Hologic,
Inc.*
8,285
626,263
IDEXX
Laboratories,
Inc.*
3,044
1,710,393
Insulet
Corp.*
2,551
535,302
Intuitive
Surgical,
Inc.*
13,433
6,192,479
Medtronic
plc
48,492
4,201,832
ResMed,
Inc.(a)
5,650
1,268,312
Solventum
Corp.*
5,593
365,223
STERIS
plc
3,708
819,950
Stryker
Corp.
13,028
4,280,871
Zimmer
Biomet
Holdings,
Inc.
7,167
648,040
37,763,092
Health
Care
Providers
&
Services
1.4%
Cardinal
Health,
Inc.
9,026
1,907,284
Cencora,
Inc.
7,358
2,311,442
Centene
Corp.*
17,383
569,119
Cigna
Group
(The)
9,942
2,652,029
CVS
Health
Corp.
48,632
3,492,750
DaVita,
Inc.*
1,086
166,907
Elevance
Health,
Inc.
8,278
2,423,385
HCA
Healthcare,
Inc.
5,895
2,789,750
Henry
Schein,
Inc.*
3,614
266,352
Humana,
Inc.
4,503
780,775
Labcorp
Holdings,
Inc.
3,065
817,773
McKesson
Corp.
4,633
4,009,213
Quest
Diagnostics,
Inc.
4,230
828,995
UnitedHealth
Group,
Inc.
34,263
9,271,225
Universal
Health
Services,
Inc.,
Class
B
2,006
359,014
32,646,013
Health
Care
REITs
0.3%
Alexandria
Real
Estate
Equities,
Inc.
6,296
292,260
Healthpeak
Properties,
Inc.
27,143
445,960
Ventas,
Inc.
17,509
1,431,886
Welltower,
Inc.
26,392
5,217,962
7,388,068
Hotel
&
Resort
REITs
0.0%
†
Host
Hotels
&
Resorts,
Inc.(a)
22,584
432,709
Hotels,
Restaurants
&
Leisure
1.6%
Airbnb,
Inc.,
Class
A*
15,738
1,987,395
Booking
Holdings,
Inc.
1,219
5,132,380
Carnival
Corp.
43,491
1,125,547
Chipotle
Mexican
Grill,
Inc.,
Class
A*
48,461
1,551,237
Darden
Restaurants,
Inc.
4,365
855,715
Domino's
Pizza,
Inc.(a)
1,160
416,196
DoorDash,
Inc.,
Class
A*
14,322
2,150,448
Expedia
Group,
Inc.
4,341
1,002,293
Hilton
Worldwide
Holdings,
Inc.
8,673
2,637,286
4
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
Las
Vegas
Sands
Corp.
10,742
578,779
Marriott
International,
Inc.,
Class
A
8,369
2,737,249
McDonald's
Corp.
26,937
8,371,750
MGM
Resorts
International*
7,576
280,388
Norwegian
Cruise
Line
Holdings
Ltd.*
18,657
348,886
Royal
Caribbean
Cruises
Ltd.
9,516
2,618,613
Starbucks
Corp.
42,908
3,844,128
Wynn
Resorts
Ltd.(a)
3,333
338,466
Yum!
Brands,
Inc.
10,445
1,623,988
37,600,744
Household
Durables
0.2%
DR
Horton,
Inc.
10,188
1,397,997
Garmin
Ltd.
6,271
1,454,935
Lennar
Corp.,
Class
A
8,213
713,217
NVR,
Inc.*
105
691,932
PulteGroup,
Inc.
7,440
875,019
5,133,100
Household
Products
0.8%
Church
&
Dwight
Co.,
Inc.
9,154
854,251
Clorox
Co.
(The)
4,778
495,144
Colgate-Palmolive
Co.
30,124
2,567,468
Kimberly-Clark
Corp.
12,280
1,184,652
Procter
&
Gamble
Co.
(The)
87,904
12,696,854
17,798,369
Independent
Power
and
Renewable
Electricity
Producers
0.1%
AES
Corp.
(The)
26,214
369,355
Vistra
Corp.
12,188
1,832,222
2,201,577
Industrial
Conglomerates
0.4%
3M
Co.
19,922
2,893,272
Honeywell
International,
Inc.
24,014
5,427,884
8,321,156
Industrial
REITs
0.2%
Prologis,
Inc.
35,160
4,647,449
Insurance
1.6%
Aflac,
Inc.
17,938
1,967,978
Allstate
Corp.
(The)
9,834
2,038,982
American
International
Group,
Inc.
20,566
1,547,591
Aon
plc,
Class
A
8,204
2,648,087
Arch
Capital
Group
Ltd.*
13,762
1,321,014
Arthur
J
Gallagher
&
Co.
9,616
2,082,633
Assurant,
Inc.
2,104
458,272
Brown
&
Brown,
Inc.(a)
11,177
728,852
Chubb
Ltd.
13,758
4,484,145
Cincinnati
Financial
Corp.
6,064
954,170
Erie
Indemnity
Co.,
Class
A(a)
1,031
259,101
Everest
Group
Ltd.
1,534
501,388
Globe
Life,
Inc.
3,139
436,855
Hartford
Insurance
Group,
Inc.
(The)
10,546
1,426,136
Loews
Corp.
6,405
683,670
Marsh
&
McLennan
Cos.,
Inc.
18,312
3,176,216
MetLife,
Inc.
20,738
1,466,591
Principal
Financial
Group,
Inc.
7,450
671,320
Progressive
Corp.
(The)
22,169
4,394,783
Common
Stocks
Shares
Value
($)
Insurance
Prudential
Financial,
Inc.
12,984
1,268,407
Travelers
Cos.,
Inc.
(The)
8,134
2,372,525
W
R
Berkley
Corp.
11,149
738,956
Willis
Towers
Watson
plc
3,530
1,026,171
36,653,843
Interactive
Media
&
Services
7.0%
Alphabet,
Inc.,
Class
A
220,214
63,324,738
Alphabet,
Inc.,
Class
C
176,893
50,743,526
Meta
Platforms,
Inc.,
Class
A
82,729
47,331,743
161,400,007
IT
Services
0.7%
Accenture
plc,
Class
A
23,274
4,615,002
Akamai
Technologies,
Inc.*(a)
5,371
616,859
Cognizant
Technology
Solutions
Corp.,
Class
A
18,297
1,122,521
EPAM
Systems,
Inc.*
2,176
294,630
Gartner,
Inc.*
2,735
433,060
GoDaddy,
Inc.,
Class
A*
4,984
412,027
International
Business
Machines
Corp.
35,356
8,569,941
VeriSign,
Inc.
3,123
775,628
16,839,668
Leisure
Products
0.0%
†
Hasbro,
Inc.
4,974
465,566
Life
Sciences
Tools
&
Services
0.8%
Agilent
Technologies,
Inc.
10,742
1,224,373
Bio-Techne
Corp.(a)
5,257
274,731
Charles
River
Laboratories
International,
Inc.*
1,793
309,292
Danaher
Corp.
23,797
4,511,911
IQVIA
Holdings,
Inc.*
6,529
1,113,456
Mettler-Toledo
International,
Inc.*
786
991,303
Revvity,
Inc.(a)
4,288
375,672
Thermo
Fisher
Scientific,
Inc.
14,211
6,985,133
Waters
Corp.*
3,630
1,081,014
West
Pharmaceutical
Services,
Inc.
2,785
698,032
17,564,917
Machinery
1.7%
Caterpillar,
Inc.
17,599
12,468,187
Cummins,
Inc.
5,208
2,802,008
Deere
&
Co.
9,536
5,371,629
Dover
Corp.
4,906
1,022,656
Fortive
Corp.
12,027
664,853
IDEX
Corp.
2,954
559,931
Illinois
Tool
Works,
Inc.(a)
9,977
2,596,913
Ingersoll
Rand,
Inc.
13,726
1,099,727
Nordson
Corp.
1,963
522,276
Otis
Worldwide
Corp.
14,299
1,102,167
PACCAR,
Inc.
19,641
2,268,535
Parker-Hannifin
Corp.
4,774
4,273,876
Pentair
plc
6,339
552,190
Snap-on,
Inc.
1,982
719,902
Stanley
Black
&
Decker,
Inc.
6,161
437,801
Westinghouse
Air
Brake
Technologies
Corp.
6,532
1,632,412
Xylem,
Inc.
9,297
1,110,991
39,206,054
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
5
Common
Stocks
Shares
Value
($)
Media
0.2%
Charter
Communications,
Inc.,
Class
A*(a)
3,277
707,439
EchoStar
Corp.,
Class
A*(a)
5,179
606,305
Fox
Corp.,
Class
A
7,900
461,360
Fox
Corp.,
Class
B
5,216
276,970
News
Corp.,
Class
A
13,637
339,970
News
Corp.,
Class
B(a)
4,547
129,635
Omnicom
Group,
Inc.
12,016
904,925
Paramount
Skydance
Corp.,
Class
B(a)
12,264
110,621
Trade
Desk,
Inc.
(The),
Class
A*
17,282
392,129
3,929,354
Metals
&
Mining
0.4%
Freeport-McMoRan,
Inc.
53,996
3,173,885
Newmont
Corp.
41,276
4,468,127
Nucor
Corp.
8,492
1,435,997
Steel
Dynamics,
Inc.
5,342
961,560
10,039,569
Multi-Utilities
0.6%
Ameren
Corp.
10,541
1,158,667
CenterPoint
Energy,
Inc.(a)
24,095
1,039,940
CMS
Energy
Corp.
11,929
925,452
Consolidated
Edison,
Inc.
13,717
1,552,490
Dominion
Energy,
Inc.
31,839
1,968,287
DTE
Energy
Co.
7,766
1,135,544
NiSource,
Inc.
18,048
842,120
Public
Service
Enterprise
Group,
Inc.
19,268
1,559,744
Sempra
24,639
2,394,172
WEC
Energy
Group,
Inc.
12,134
1,404,753
13,981,169
Office
REITs
0.0%
†
BXP,
Inc.
5,223
271,074
Oil,
Gas
&
Consumable
Fuels
3.4%
APA
Corp.
12,843
545,057
Chevron
Corp.
70,903
14,669,831
ConocoPhillips
46,341
6,117,012
Coterra
Energy,
Inc.
29,325
1,030,480
Devon
Energy
Corp.
22,953
1,154,995
Diamondback
Energy,
Inc.
7,476
1,478,678
EOG
Resources,
Inc.
20,717
2,995,057
EQT
Corp.
23,123
1,471,548
Expand
Energy
Corp.
8,901
977,152
Exxon
Mobil
Corp.
158,069
26,817,987
Kinder
Morgan,
Inc.
73,718
2,471,765
Marathon
Petroleum
Corp.
11,136
2,719,188
Occidental
Petroleum
Corp.
27,482
1,786,330
ONEOK,
Inc.
23,668
2,139,350
Phillips
66
15,341
2,794,823
Targa
Resources
Corp.
8,114
2,034,423
Texas
Pacific
Land
Corp.
2,196
1,042,134
Valero
Energy
Corp.
11,514
2,844,879
Williams
Cos.,
Inc.
(The)
46,192
3,361,854
78,452,543
Passenger
Airlines
0.2%
Delta
Air
Lines,
Inc.
24,266
1,613,204
Southwest
Airlines
Co.
18,631
699,966
Common
Stocks
Shares
Value
($)
Passenger
Airlines
United
Airlines
Holdings,
Inc.*
12,353
1,137,341
3,450,511
Personal
Care
Products
0.1%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
9,638
691,719
Kenvue,
Inc.
73,753
1,271,502
1,963,221
Pharmaceuticals
3.2%
Bristol-Myers
Squibb
Co.
77,029
4,671,809
Eli
Lilly
&
Co.
29,973
27,568,266
Johnson
&
Johnson
91,153
22,281,439
Merck
&
Co.,
Inc.
93,881
11,292,945
Pfizer,
Inc.
215,059
6,038,857
Viatris,
Inc.
41,607
562,111
Zoetis,
Inc.,
Class
A
16,123
1,905,900
74,321,327
Professional
Services
0.4%
Automatic
Data
Processing,
Inc.
15,224
3,093,212
Broadridge
Financial
Solutions,
Inc.
4,427
719,299
Equifax,
Inc.
4,692
844,888
Jacobs
Solutions,
Inc.
4,242
539,922
Leidos
Holdings,
Inc.
4,748
738,409
Paychex,
Inc.
12,427
1,144,775
Verisk
Analytics,
Inc.,
Class
A
5,137
974,746
8,055,251
Real
Estate
Management
&
Development
0.1%
CBRE
Group,
Inc.,
Class
A*
11,117
1,505,909
CoStar
Group,
Inc.*
16,508
665,933
2,171,842
Residential
REITs
0.2%
AvalonBay
Communities,
Inc.
5,403
882,580
Camden
Property
Trust
3,890
379,897
Equity
Residential
13,208
781,253
Essex
Property
Trust,
Inc.
2,515
608,630
Invitation
Homes,
Inc.
21,063
523,416
Mid-America
Apartment
Communities,
Inc.
4,347
530,856
UDR,
Inc.
11,084
374,417
4,081,049
Retail
REITs
0.3%
Federal
Realty
Investment
Trust
3,176
337,323
Kimco
Realty
Corp.
24,706
555,144
Realty
Income
Corp.
35,304
2,159,899
Regency
Centers
Corp.
5,951
450,252
Simon
Property
Group,
Inc.
12,194
2,274,547
5,777,165
Semiconductors
&
Semiconductor
Equipment
13.3%
Advanced
Micro
Devices,
Inc.*
61,669
12,545,325
Analog
Devices,
Inc.
18,482
5,879,864
Applied
Materials,
Inc.
30,022
10,261,219
Broadcom,
Inc.
179,336
55,506,285
First
Solar,
Inc.*
3,881
765,566
Intel
Corp.*
177,597
7,837,356
KLA
Corp.
4,958
7,300,209
Lam
Research
Corp.
47,234
10,092,016
Microchip
Technology,
Inc.
20,649
1,334,132
6
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
Micron
Technology,
Inc.
42,572
14,382,524
Monolithic
Power
Systems,
Inc.
1,812
1,981,150
NVIDIA
Corp.
919,135
160,297,144
NXP
Semiconductors
NV
9,513
1,872,729
ON
Semiconductor
Corp.*
15,290
946,757
Qnity
Electronics,
Inc.
8,129
937,924
QUALCOMM,
Inc.
40,359
5,197,432
Skyworks
Solutions,
Inc.(a)
5,814
311,340
Teradyne,
Inc.
5,815
1,723,915
Texas
Instruments,
Inc.
34,328
6,664,438
305,837,325
Software
7.6%
Adobe,
Inc.*
15,726
3,822,676
AppLovin
Corp.,
Class
A*
10,222
4,068,356
Autodesk,
Inc.*
7,951
1,903,469
Cadence
Design
Systems,
Inc.*
10,389
2,886,791
Crowdstrike
Holdings,
Inc.,
Class
A*
9,535
3,722,559
Datadog,
Inc.,
Class
A*
12,178
1,437,613
Fair
Isaac
Corp.*
925
987,475
Fortinet,
Inc.*
24,311
1,986,695
Gen
Digital,
Inc.(a)
20,195
380,272
Intuit,
Inc.
10,526
4,551,232
Microsoft
Corp.
280,871
103,970,018
Oracle
Corp.
64,139
9,435,488
Palantir
Technologies,
Inc.,
Class
A*
86,404
12,639,177
Palo
Alto
Networks,
Inc.*
30,565
4,900,181
PTC,
Inc.*
4,315
614,844
Roper
Technologies,
Inc.
4,005
1,417,209
Salesforce,
Inc.
35,442
6,615,958
ServiceNow,
Inc.*
39,564
4,136,416
Synopsys,
Inc.*
7,199
2,854,260
Trimble,
Inc.*
9,416
614,206
Tyler
Technologies,
Inc.*(a)
1,554
532,059
Workday,
Inc.,
Class
A*
7,826
1,016,754
174,493,708
Specialized
REITs
0.7%
American
Tower
Corp.
17,603
3,037,926
Crown
Castle,
Inc.
16,571
1,347,388
Digital
Realty
Trust,
Inc.
12,131
2,186,128
Equinix,
Inc.
3,702
3,628,848
Extra
Space
Storage,
Inc.
7,885
1,033,960
Iron
Mountain,
Inc.
11,444
1,168,890
Public
Storage
5,931
1,606,589
SBA
Communications
Corp.,
Class
A
4,111
707,544
VICI
Properties,
Inc.,
Class
A
39,777
1,086,708
Weyerhaeuser
Co.
27,450
670,604
16,474,585
Specialty
Retail
1.6%
AutoZone,
Inc.*
625
2,111,112
Best
Buy
Co.,
Inc.
7,118
456,976
Carvana
Co.,
Class
A*(a)
5,286
1,661,813
Home
Depot,
Inc.
(The)
37,655
12,384,353
Lowe's
Cos.,
Inc.
21,218
5,013,389
O'Reilly
Automotive,
Inc.*
31,629
2,919,673
Ross
Stores,
Inc.
12,234
2,650,251
Common
Stocks
Shares
Value
($)
Specialty
Retail
TJX
Cos.,
Inc.
(The)
42,003
6,707,879
Tractor
Supply
Co.
19,878
900,473
Ulta
Beauty,
Inc.*
1,729
903,766
Williams-Sonoma,
Inc.
4,530
825,955
36,535,640
Technology
Hardware,
Storage
&
Peripherals
6.8%
Apple,
Inc.
555,307
140,931,364
Dell
Technologies,
Inc.,
Class
C
11,391
1,869,605
Hewlett
Packard
Enterprise
Co.
50,300
1,197,643
HP,
Inc.(a)
35,156
675,347
NetApp,
Inc.
7,260
743,351
Sandisk
Corp.*
5,583
3,547,103
Seagate
Technology
Holdings
plc
8,230
3,224,185
Super
Micro
Computer,
Inc.*
19,655
447,544
Western
Digital
Corp.
12,816
3,466,600
156,102,742
Textiles,
Apparel
&
Luxury
Goods
0.2%
Deckers
Outdoor
Corp.*
5,361
536,583
Lululemon
Athletica,
Inc.*
3,828
586,067
NIKE,
Inc.,
Class
B
44,842
2,368,554
Ralph
Lauren
Corp.,
Class
A
1,554
534,560
Tapestry,
Inc.
7,852
1,107,996
5,133,760
Tobacco
0.6%
Altria
Group,
Inc.
63,495
4,190,035
Philip
Morris
International,
Inc.
58,881
9,735,385
13,925,420
Trading
Companies
&
Distributors
0.3%
Fastenal
Co.
43,429
2,015,106
United
Rentals,
Inc.
2,381
1,734,701
WW
Grainger,
Inc.
1,676
1,828,198
5,578,005
Water
Utilities
0.1%
American
Water
Works
Co.,
Inc.
7,409
1,008,291
Wireless
Telecommunication
Services
0.2%
T-Mobile
US,
Inc.
17,921
3,763,948
Total
Common
Stocks
(cost
$875,148,865)
2,114,388,642
Purchased
Options
0.1%
Number
of
Contracts
Call
Options
0.1%
Future
Equity
Index
Options:
0.1%
S&P
500
E-Mini
Index
4/17/2026
at
USD
7,125.00,
European
Style
Notional
Amount:
USD
242,132,138
Exchange
Traded
*
737
27,638
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
7
Purchased
Options
Number
of
Contracts
Value
($)
Call
Options
S&P
500
E-Mini
Index
5/15/2026
at
USD
7,050.00,
European
Style
Notional
Amount:
USD
347,592,675
Exchange
Traded
*
1,058
677,120
S&P
500
E-Mini
Index
5/15/2026
at
USD
6,900.00,
European
Style
Notional
Amount:
USD
344,635,838
Exchange
Traded
1,049
2,124,225
Total
Purchased
Options
(cost
$12,701,876)
2,828,983
Short-Term
Investment
3.1%
Shares
U.S.
Treasury
Obligation
3.1%
U.S.
Treasury
Bills,
3.58%,
8/6/2026
73,000,000
72,075,540
Total
Short-Term
Investment
(cost
$72,093,374)
72,075,540
Repurchase
Agreements
0.2%
Principal
Amount
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,726,059,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$1,760,580.(b)
1,725,884
1,725,884
MetLife,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,203,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$2,041,024.(b)
2,000,000
2,000,000
Total
Repurchase
Agreements
(cost
$3,725,884)
3,725,884
Total
Investments
(cost
$963,669,999)
—
95.5%
2,193,019,049
Other
assets
in
excess
of
liabilities
—
4.5%
103,166,711
NET
ASSETS
—
100.0%
$
2,296,185,760
*
Denotes
a
non-income
producing
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$16,323,228,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$3,725,884
and
by
$12,678,661
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$16,404,545.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$3,725,884.
REIT
Real
Estate
Investment
Trust
Currency:
USD
United
States
Dollar
8
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
Long
Bond
2,365
6/2026
USD
269,314,375
(8,040,970)
Total
long
contracts
(8,040,970)
Short
Contracts
S&P
500
E-Mini
Index
(98)
6/2026
USD
(32,196,675)
402,827
Total
short
contracts
402,827
Net
contracts
(7,638,143)
Currency:
USD
United
States
Dollar
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
9
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
10
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
2,114,388,642
$
–
$
–
$
2,114,388,642
Futures
Contracts
402,827
–
–
402,827
Purchased
Option
2,828,983
–
–
2,828,983
Repurchase
Agreements
–
3,725,884
–
3,725,884
Short-Term
Investment
–
72,075,540
–
72,075,540
Total
Assets
$
2,117,620,452
$
75,801,424
$
–
$
2,193,421,876
Liabilities:
Futures
Contracts
$
(8,040,970)
$
–
$
–
$
(8,040,970)
Total
Liabilities
$
(8,040,970)
$
–
$
–
$
(8,040,970)
Total
$
2,109,579,482
$
75,801,424
$
–
$
2,185,380,906
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
March
31,
2026
(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.
12
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
BNY
Mellon
Dynamic
U.S.
Core
Fund
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Assets:
Fair
Value
Purchased
Options
Equity
risk
Investment
securities,
at
value
$
2,828,983
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
402,827
Total
$
3,231,810
Liabilities:
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(8,040,970)
Total
$
(8,040,970)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
BNY
Mellon
Dynamic
U.S.
Equity
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
13
Common
Stocks
91.3%
Shares
Value
($)
Aerospace
&
Defense
2.1%
L3Harris
Technologies,
Inc.
62,913
21,714,422
Air
Freight
&
Logistics
0.9%
FedEx
Corp.
26,450
9,420,961
Automobiles
0.9%
Ford
Motor
Co.
805,258
9,292,677
Banks
8.8%
Citigroup,
Inc.
131,749
14,941,654
Columbia
Banking
System,
Inc.
246,126
6,751,236
Fifth
Third
Bancorp(a)
466,945
21,694,264
First
Horizon
Corp.
566,125
12,885,005
JPMorgan
Chase
&
Co.
101,186
29,764,874
Truist
Financial
Corp.
144,509
6,643,079
92,680,112
Biotechnology
0.9%
Gilead
Sciences,
Inc.
67,572
9,417,510
Broadline
Retail
1.9%
Amazon.com,
Inc.*
96,300
20,056,401
Building
Products
0.8%
Carlisle
Cos.,
Inc.(a)
25,675
8,565,693
Capital
Markets
4.7%
Charles
Schwab
Corp.
(The)
186,919
17,566,648
CME
Group,
Inc.
27,961
8,258,281
Goldman
Sachs
Group,
Inc.
(The)
9,536
8,067,361
Morgan
Stanley
99,022
16,296,050
50,188,340
Communications
Equipment
3.7%
Cisco
Systems,
Inc.
498,896
38,709,341
Construction
Materials
1.0%
CRH
plc
96,396
10,133,148
Consumer
Finance
0.7%
Capital
One
Financial
Corp.
42,459
7,745,795
Containers
&
Packaging
1.4%
International
Paper
Co.
249,405
8,903,758
Packaging
Corp.
of
America
25,804
5,476,125
14,379,883
Diversified
Telecommunication
Services
3.2%
AT&T,
Inc.
659,283
19,112,614
Verizon
Communications,
Inc.
284,011
14,257,352
33,369,966
Electric
Utilities
0.6%
Constellation
Energy
Corp.
24,466
6,832,131
Electrical
Equipment
2.2%
Emerson
Electric
Co.
38,101
4,991,993
Hubbell,
Inc.,
Class
B
21,688
10,643,169
Regal
Rexnord
Corp.
38,968
7,297,148
22,932,310
Electronic
Equipment,
Instruments
&
Components
0.4%
TE
Connectivity
plc
20,539
4,293,062
Energy
Equipment
&
Services
2.0%
SLB
Ltd.
408,063
20,970,358
Entertainment
0.7%
Walt
Disney
Co.
(The)
77,540
7,473,305
Common
Stocks
Shares
Value
($)
Financial
Services
3.7%
Berkshire
Hathaway,
Inc.,
Class
B*
63,861
30,602,191
Voya
Financial,
Inc.(a)
128,975
8,811,572
39,413,763
Ground
Transportation
1.9%
CSX
Corp.
488,713
20,061,669
Health
Care
Equipment
&
Supplies
1.5%
Alcon
AG
CHF(a)
61,704
4,649,397
Medtronic
plc
124,745
10,809,154
15,458,551
Health
Care
Providers
&
Services
3.2%
Elevance
Health,
Inc.
40,043
11,722,588
UnitedHealth
Group,
Inc.
81,121
21,950,532
33,673,120
Hotels,
Restaurants
&
Leisure
0.8%
Las
Vegas
Sands
Corp.
157,626
8,492,889
Household
Products
2.0%
Colgate-Palmolive
Co.
243,885
20,786,319
Industrial
Conglomerates
0.7%
Honeywell
International,
Inc.
35,080
7,929,132
Insurance
7.4%
American
International
Group,
Inc.
144,034
10,838,558
Aon
plc,
Class
A
49,751
16,058,628
Assurant,
Inc.
125,695
27,377,628
Chubb
Ltd.
42,753
13,934,485
Old
Republic
International
Corp.(a)
241,594
9,639,601
77,848,900
IT
Services
0.7%
International
Business
Machines
Corp.(a)
29,989
7,269,034
Life
Sciences
Tools
&
Services
1.1%
Thermo
Fisher
Scientific,
Inc.
24,250
11,919,602
Machinery
2.7%
Caterpillar,
Inc.
13,678
9,690,316
CNH
Industrial
NV(a)
547,558
6,023,138
Dover
Corp.
64,120
13,365,814
29,079,268
Media
2.3%
Omnicom
Group,
Inc.
319,556
24,065,762
Metals
&
Mining
1.8%
Freeport-McMoRan,
Inc.
143,078
8,410,125
Newmont
Corp.
98,165
10,626,361
19,036,486
Multi-Utilities
0.7%
Dominion
Energy,
Inc.(a)
112,491
6,954,194
Oil,
Gas
&
Consumable
Fuels
7.8%
Diamondback
Energy,
Inc.
41,101
8,129,367
EQT
Corp.
97,907
6,230,801
Expand
Energy
Corp.
58,424
6,413,787
Exxon
Mobil
Corp.
193,006
32,745,398
Marathon
Petroleum
Corp.
40,277
9,834,838
Permian
Resources
Corp.,
Class
A
278,483
5,937,258
14
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
BNY
Mellon
Dynamic
U.S.
Equity
Income
Fund
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Phillips
66
69,342
12,632,725
81,924,174
Passenger
Airlines
1.8%
Delta
Air
Lines,
Inc.(a)
293,203
19,492,135
Personal
Care
Products
0.5%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
79,481
5,704,351
Pharmaceuticals
5.3%
Bristol-Myers
Squibb
Co.
254,238
15,419,535
Johnson
&
Johnson
130,530
31,906,753
Pfizer,
Inc.
294,496
8,269,448
55,595,736
Semiconductors
&
Semiconductor
Equipment
4.9%
Applied
Materials,
Inc.
76,127
26,019,447
Texas
Instruments,
Inc.
133,934
26,001,947
52,021,394
Software
0.6%
Dolby
Laboratories,
Inc.,
Class
A
111,499
6,696,630
Specialized
REITs
0.9%
Weyerhaeuser
Co.
385,326
9,413,514
Specialty
Retail
0.5%
Lowe's
Cos.,
Inc.
22,093
5,220,134
Textiles,
Apparel
&
Luxury
Goods
0.7%
Deckers
Outdoor
Corp.*
71,489
7,155,334
Trading
Companies
&
Distributors
0.4%
Ferguson
Enterprises,
Inc.
20,064
4,680,129
Wireless
Telecommunication
Services
0.5%
Vodafone
Group
plc,
ADR-UK
323,147
4,853,668
Total
Common
Stocks
(cost
$811,406,441)
962,921,303
Purchased
Options
0.1%
Number
of
Contracts
Call
Options
0.1%
Future
Equity
Index
Options:
0.1%
S&P
500
E-Mini
Index
4/17/2026
at
USD
7,125.00,
European
Style
Notional
Amount:
USD
99,218,325
Exchange
Traded
*
302
11,325
S&P
500
E-Mini
Index
5/15/2026
at
USD
7,050.00,
European
Style
Notional
Amount:
USD
157,040,925
Exchange
Traded
*
478
305,920
Purchased
Options
Number
of
Contracts
Value
($)
Call
Options
S&P
500
E-Mini
Index
5/15/2026
at
USD
6,900.00,
European
Style
Notional
Amount:
USD
157,040,925
Exchange
Traded
478
967,950
Total
Purchased
Options
(cost
$5,630,557)
1,285,195
Short-Term
Investment
2.5%
Shares
U.S.
Treasury
Obligation
2.5%
U.S.
Treasury
Bills,
3.58%,
8/6/2026
27,000,000
26,658,076
Total
Short-Term
Investment
(cost
$26,664,672)
26,658,076
Repurchase
Agreements
1.1%
Principal
Amount
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$6,730,127,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$6,864,730.(b)
6,729,445
6,729,445
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,000,506,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$5,100,000.(b)
5,000,000
5,000,000
Total
Repurchase
Agreements
(cost
$11,729,445)
11,729,445
Total
Investments
(cost
$855,431,115)
—
95.0%
1,002,594,019
Other
assets
in
excess
of
liabilities
—
5.0%
52,489,725
NET
ASSETS
—
100.0%
$
1,055,083,744
NVIT
BNY
Mellon
Dynamic
U.S.
Equity
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
15
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$20,397,314,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$11,729,445
and
by
$9,047,148
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
-
5.25%,
and
maturity
dates
ranging
from
7/15/2026
-
8/15/2053,
a
total
value
of
$20,776,593.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$11,729,445.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
UK
United
Kingdom
Currency:
CHF
Switzerland
Franc
USD
United
States
Dollar
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
Russell
1000
Value
E-Mini
Index
798
6/2026
USD
84,440,370
(199,117)
U.S.
Treasury
Long
Bond
1,069
6/2026
USD
121,732,375
(3,658,681)
Total
long
contracts
(3,857,798)
Short
Contracts
S&P
500
E-Mini
Index
(292)
6/2026
USD
(95,932,950)
1,454,623
Total
short
contracts
1,454,623
Net
contracts
(2,403,175)
Currency:
USD
United
States
Dollar
16
-
Statement
of
Investments
-
March
31,
2026
(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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
17
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
962,921,303
$
–
$
–
$
962,921,303
Futures
Contracts
1,454,623
–
–
1,454,623
Purchased
Option
1,285,195
–
–
1,285,195
Repurchase
Agreements
–
11,729,445
–
11,729,445
Short-Term
Investment
–
26,658,076
–
26,658,076
Total
Assets
$
965,661,121
$
38,387,521
$
–
$
1,004,048,642
Liabilities:
Futures
Contracts
$
(3,857,798)
$
–
$
–
$
(3,857,798)
Total
Liabilities
$
(3,857,798)
$
–
$
–
$
(3,857,798)
Total
$
961,803,323
$
38,387,521
$
–
$
1,000,190,844
18
-
Statement
of
Investments
-
March
31,
2026
(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
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
NVIT
BNY
Mellon
Dynamic
U.S.
Equity
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
19
Assets:
Fair
Value
Purchased
Options
Equity
risk
Investment
securities,
at
value
$
1,285,195
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
1,454,623
Total
$
2,739,818
Liabilities:
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(199,117)
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
(3,658,681)
Total
$
(3,857,798)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
20
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Digital
Evolution
Strategy
Fund
Common
Stocks
134
.7
%
Shares
Value
($)
Broadline
Retail
2
.2
%
Amazon.com,
Inc.*
3,082
641,888
Communications
Equipment
4
.4
%
Arista
Networks,
Inc.*
6,489
796,720
Lumentum
Holdings,
Inc.*
665
467,335
1,264,055
Electronic
Equipment,
Instruments
&
Components
8
.2
%
Amphenol
Corp.,
Class
A
3,693
466,611
Celestica,
Inc.*
2,101
591,810
Coherent
Corp.*
2,797
666,273
Corning,
Inc.
4,589
623,966
2,348,660
Entertainment
3
.0
%
ROBLOX
Corp.,
Class
A*
9,152
517,637
Take-Two
Interactive
Software,
Inc.*
1,769
349,378
867,015
Financial
Services
1
.5
%
Toast,
Inc.,
Class
A*
16,035
425,088
Interactive
Media
&
Services
20
.4
%
Alphabet,
Inc.,
Class
A
10,009
2,878,188
Meta
Platforms,
Inc.,
Class
A
4,072
2,329,714
Reddit,
Inc.,
Class
A*
2,799
376,885
ZoomInfo
Technologies,
Inc.,
Class
A*
44,156
264,053
5,848,840
IT
Services
6
.0
%
MongoDB,
Inc.,
Class
A*
2,884
705,917
Shopify,
Inc.,
Class
A*
4,972
589,778
Snowflake,
Inc.,
Class
A*
2,728
411,437
1,707,132
Semiconductors
&
Semiconductor
Equipment
46
.9
%
Advanced
Micro
Devices,
Inc.*
4,075
828,977
Applied
Materials,
Inc.
4,007
1,369,553
Broadcom,
Inc.
9,850
3,048,674
Intel
Corp.*
6,194
273,341
Microchip
Technology,
Inc.
10,753
694,751
Micron
Technology,
Inc.
5,863
1,980,756
NVIDIA
Corp.
23,142
4,035,965
Texas
Instruments,
Inc.
6,252
1,213,763
13,445,780
Software
30
.3
%
AppLovin
Corp.,
Class
A*
2,037
810,726
Circle
Internet
Group,
Inc.,
Class
A*
4,368
416,751
Core
Scientific,
Inc.*
24,760
370,409
Dynatrace,
Inc.*
12,726
470,607
Guidewire
Software,
Inc.*
3,848
575,507
Hut
8
Corp.*(a)
8,103
380,112
Klaviyo,
Inc.,
Class
A*
24,456
475,914
Microsoft
Corp.
7,618
2,819,955
Palantir
Technologies,
Inc.,
Class
A*
4,653
680,641
Palo
Alto
Networks,
Inc.*
4,028
645,769
Salesforce,
Inc.
5,575
1,040,685
8,687,076
Technology
Hardware,
Storage
&
Peripherals
11
.8
%
Apple,
Inc.
8,193
2,079,301
Sandisk
Corp.*
1,025
651,224
Common
Stocks
Shares
Value
($)
Technology
Hardware,
Storage
&
Peripherals
Seagate
Technology
Holdings
plc
1,637
641,311
3,371,836
Total
Investments
(cost
$36,280,085)
—
134.7%
38,607,370
Liabilities
in
excess
of
other
assets
—
(34.7)%
(
9,940,548
)
NET
ASSETS
—
100.0%
$
28,666,822
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$46,910,
which
was
collateralized
by
$43,561
in
the
form
of
U.S
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
-
4.63%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2054.
NVIT
J.P.
Morgan
Digital
Evolution
Strategy
Fund
-
March
31,
2026
(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
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
38,607,370
$
–
$
–
$
38,607,370
Total
$
38,607,370
$
–
$
–
$
38,607,370
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
22
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Innovators
Fund
Common
Stocks
95
.8
%
Shares
Value
($)
Aerospace
&
Defense
2
.9
%
Boeing
Co.
(The)*
713
141,908
GE
Aerospace
483
137,061
278,969
Automobiles
0
.9
%
Tesla,
Inc.*
243
90,335
Beverages
3
.1
%
Celsius
Holdings,
Inc.*
2,109
74,827
PepsiCo,
Inc.
1,406
218,338
293,165
Biotechnology
3
.6
%
Gilead
Sciences,
Inc.
1,082
150,798
Insmed,
Inc.*
723
118,225
Natera,
Inc.*
396
79,196
348,219
Broadline
Retail
6
.2
%
Amazon.com,
Inc.*
2,499
520,467
Global-e
Online
Ltd.*
2,261
69,752
590,219
Capital
Markets
4
.7
%
Charles
Schwab
Corp.
(The)
1,900
178,562
Coinbase
Global,
Inc.,
Class
A*
401
70,019
Morgan
Stanley
844
138,897
Robinhood
Markets,
Inc.,
Class
A*
923
63,964
451,442
Chemicals
3
.0
%
Ecolab,
Inc.
363
96,565
Sherwin-Williams
Co.
(The)
594
190,407
286,972
Communications
Equipment
3
.8
%
Arista
Networks,
Inc.*
805
98,838
Ciena
Corp.*
320
124,234
Lumentum
Holdings,
Inc.*
200
140,552
363,624
Construction
&
Engineering
1
.2
%
Quanta
Services,
Inc.
201
110,353
Consumer
Finance
2
.0
%
American
Express
Co.
646
195,402
Electric
Utilities
1
.8
%
NextEra
Energy,
Inc.
1,815
168,577
Electrical
Equipment
2
.3
%
GE
Vernova,
Inc.
162
141,410
Vertiv
Holdings
Co.,
Class
A
322
80,687
222,097
Entertainment
1
.8
%
Netflix,
Inc.*
1,803
173,358
Financial
Services
3
.3
%
Affirm
Holdings,
Inc.,
Class
A*
1,333
61,078
Corpay,
Inc.*
601
174,885
Toast,
Inc.,
Class
A*
3,153
83,586
319,549
Health
Care
Equipment
&
Supplies
2
.0
%
Intuitive
Surgical,
Inc.*
120
55,319
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Stryker
Corp.
400
131,436
186,755
Hotels,
Restaurants
&
Leisure
2
.4
%
Carnival
Corp.
4,632
119,876
DoorDash,
Inc.,
Class
A*
725
108,859
228,735
Household
Durables
0
.6
%
SharkNinja,
Inc.*
563
59,622
Insurance
1
.2
%
Progressive
Corp.
(The)
601
119,142
Interactive
Media
&
Services
7
.8
%
Alphabet,
Inc.,
Class
A
1,407
404,597
Meta
Platforms,
Inc.,
Class
A
604
345,566
750,163
Life
Sciences
Tools
&
Services
2
.1
%
Thermo
Fisher
Scientific,
Inc.
402
197,595
Machinery
2
.4
%
Caterpillar,
Inc.
161
114,062
Deere
&
Co.
200
112,660
226,722
Personal
Care
Products
0
.7
%
elf
Beauty,
Inc.*
1,124
68,126
Pharmaceuticals
2
.2
%
Elanco
Animal
Health,
Inc.*
1,232
29,482
Eli
Lilly
&
Co.
201
184,874
214,356
Professional
Services
1
.1
%
Verisk
Analytics,
Inc.,
Class
A
564
107,019
Real
Estate
Management
&
Development
1
.5
%
Zillow
Group,
Inc.,
Class
C*
3,350
138,623
Semiconductors
&
Semiconductor
Equipment
13
.2
%
Broadcom,
Inc.
684
211,705
NVIDIA
Corp.
4,595
801,368
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR-TW
362
122,338
Texas
Instruments,
Inc.
642
124,638
1,260,049
Software
9
.6
%
AppLovin
Corp.,
Class
A*
242
96,316
Autodesk,
Inc.*
515
123,291
Braze,
Inc.,
Class
A*
3,523
83,178
Datadog,
Inc.,
Class
A*
1,038
122,536
Intuit,
Inc.
243
105,068
IREN
Ltd.*
1,623
55,637
Microsoft
Corp.
884
327,230
913,256
Technology
Hardware,
Storage
&
Peripherals
5
.0
%
Apple,
Inc.
1,279
324,597
Sandisk
Corp.*
240
152,482
477,079
Textiles,
Apparel
&
Luxury
Goods
1
.1
%
NIKE,
Inc.,
Class
B
2,059
108,756
NVIT
J.P.
Morgan
Innovators
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
23
Common
Stocks
Shares
Value
($)
Tobacco
2
.3
%
Philip
Morris
International,
Inc.
1,322
218,579
Total
Investments
(cost
$7,551,703)
—
95.8%
9,166,858
Other
assets
in
excess
of
liabilities
—
4.2%
399,447
NET
ASSETS
—
100.0%
$
9,566,305
*
Denotes
a
non-income
producing
security.
ADR
American
Depositary
Receipt
TW
Taiwan
24
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Innovators
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
9,166,858
$
–
$
–
$
9,166,858
Total
$
9,166,858
$
–
$
–
$
9,166,858
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
J.P.
Morgan
Large
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
25
Common
Stocks
95
.0
%
Shares
Value
($)
Aerospace
&
Defense
2
.9
%
GE
Aerospace
15,080
4,279,252
Rocket
Lab
Corp.*
12,804
822,273
RTX
Corp.
20,789
4,010,198
9,111,723
Automobiles
3
.3
%
Tesla,
Inc.*
28,501
10,595,247
Beverages
2
.2
%
Coca-Cola
Co.
(The)
56,948
4,330,895
Monster
Beverage
Corp.*
35,565
2,577,040
6,907,935
Biotechnology
6
.6
%
AbbVie,
Inc.
11,107
2,415,661
Alnylam
Pharmaceuticals,
Inc.*
6,002
1,985,882
Amgen,
Inc.
7,689
2,705,375
Gilead
Sciences,
Inc.
36,606
5,101,778
Insmed,
Inc.*
31,377
5,130,767
Natera,
Inc.*
17,935
3,586,821
20,926,284
Broadline
Retail
2
.9
%
Alibaba
Group
Holding
Ltd.,
ADR-CN
21,907
2,748,452
Amazon.com,
Inc.*
29,608
6,166,458
MercadoLibre,
Inc.*
169
292,205
Sea
Ltd.,
ADR-SG*
300
24,843
9,231,958
Building
Products
0
.2
%
Trane
Technologies
plc
1,617
673,869
Capital
Markets
3
.4
%
Charles
Schwab
Corp.
(The)
38,122
3,582,706
Goldman
Sachs
Group,
Inc.
(The)
7,310
6,184,187
Intercontinental
Exchange,
Inc.
4,673
734,969
Robinhood
Markets,
Inc.,
Class
A*
2,847
197,297
10,699,159
Communications
Equipment
1
.8
%
Ciena
Corp.*
9,823
3,813,583
Lumentum
Holdings,
Inc.*
2,504
1,759,711
5,573,294
Construction
&
Engineering
0
.8
%
Quanta
Services,
Inc.
4,358
2,392,629
Consumer
Staples
Distribution
&
Retail
2
.3
%
Dollar
General
Corp.
8,883
1,054,679
Walmart,
Inc.
49,276
6,124,021
7,178,700
Electrical
Equipment
2
.2
%
GE
Vernova,
Inc.
7,996
6,979,708
Electronic
Equipment,
Instruments
&
Components
1
.3
%
Amphenol
Corp.,
Class
A
20,960
2,648,296
Celestica,
Inc.*
4,944
1,392,626
4,040,922
Entertainment
0
.0
%
†
Netflix,
Inc.*
415
39,902
ROBLOX
Corp.,
Class
A*
476
26,923
66,825
Common
Stocks
Shares
Value
($)
Financial
Services
3
.5
%
Berkshire
Hathaway,
Inc.,
Class
B*
7,713
3,696,069
Mastercard,
Inc.,
Class
A
14,298
7,144,139
Visa,
Inc.,
Class
A
625
188,900
11,029,108
Ground
Transportation
0
.7
%
Uber
Technologies,
Inc.*
2,622
188,600
Union
Pacific
Corp.
8,890
2,156,892
2,345,492
Health
Care
Equipment
&
Supplies
0
.9
%
Abbott
Laboratories
25,681
2,636,668
Intuitive
Surgical,
Inc.*
778
358,650
2,995,318
Health
Care
Providers
&
Services
1
.0
%
Hims
&
Hers
Health,
Inc.*(a)
5,866
121,778
McKesson
Corp.
3,453
2,988,088
3,109,866
Hotels,
Restaurants
&
Leisure
1
.3
%
Booking
Holdings,
Inc.
187
787,330
DoorDash,
Inc.,
Class
A*
586
87,988
McDonald's
Corp.
10,874
3,379,530
4,254,848
Household
Durables
0
.3
%
DR
Horton,
Inc.
6,580
902,908
Household
Products
0
.7
%
Procter
&
Gamble
Co.
(The)
15,122
2,184,222
Independent
Power
and
Renewable
Electricity
Producers
0
.3
%
Vistra
Corp.
5,950
894,463
Industrial
Conglomerates
1
.3
%
3M
Co.
29,057
4,219,948
Interactive
Media
&
Services
10
.9
%
Alphabet,
Inc.,
Class
C
88,279
25,323,714
Meta
Platforms,
Inc.,
Class
A
16,570
9,480,194
34,803,908
IT
Services
1
.8
%
Cloudflare,
Inc.,
Class
A*
192
39,617
International
Business
Machines
Corp.
17,040
4,130,326
Shopify,
Inc.,
Class
A*
2,438
289,196
Snowflake,
Inc.,
Class
A*
4,000
603,280
Twilio,
Inc.,
Class
A*
5,926
745,609
5,808,028
Machinery
0
.7
%
Deere
&
Co.
4,081
2,298,827
Metals
&
Mining
0
.4
%
Freeport-McMoRan,
Inc.
20,175
1,185,887
Oil,
Gas
&
Consumable
Fuels
1
.6
%
Cheniere
Energy,
Inc.
1,135
322,068
Exxon
Mobil
Corp.
27,887
4,731,308
5,053,376
Pharmaceuticals
5
.9
%
Bristol-Myers
Squibb
Co.
25,774
1,563,193
Eli
Lilly
&
Co.
7,196
6,618,665
Johnson
&
Johnson
28,119
6,873,408
26
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Large
Cap
Growth
Fund
Common
Stocks
Shares
Value
($)
Pharmaceuticals
Merck
&
Co.,
Inc.
32,205
3,873,940
18,929,206
Semiconductors
&
Semiconductor
Equipment
17
.1
%
Advanced
Micro
Devices,
Inc.*
13,481
2,742,440
Analog
Devices,
Inc.
5,476
1,742,135
Broadcom,
Inc.
28,944
8,958,457
Lam
Research
Corp.
11,083
2,367,994
NVIDIA
Corp.
178,661
31,158,478
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR-TW
12,530
4,234,513
Texas
Instruments,
Inc.
17,026
3,305,428
54,509,445
Software
5
.2
%
AppLovin
Corp.,
Class
A*
540
214,920
Crowdstrike
Holdings,
Inc.,
Class
A*
739
288,513
Intuit,
Inc.
1,530
661,541
Microsoft
Corp.
38,070
14,092,372
Oracle
Corp.
2,696
396,609
Palantir
Technologies,
Inc.,
Class
A*
2,438
356,631
ServiceNow,
Inc.*
5,284
552,442
16,563,028
Specialty
Retail
0
.3
%
AutoZone,
Inc.*
120
405,334
Carvana
Co.,
Class
A*
1,056
331,985
Wayfair,
Inc.,
Class
A*
4,790
360,256
1,097,575
Technology
Hardware,
Storage
&
Peripherals
9
.6
%
Apple,
Inc.
109,453
27,778,077
Western
Digital
Corp.
10,799
2,921,021
30,699,098
Tobacco
1
.6
%
Philip
Morris
International,
Inc.
30,954
5,117,934
Total
Investments
(cost
$308,203,899)
—
95.0%
302,380,738
Other
assets
in
excess
of
liabilities
—
5.0%
15,830,584
NET
ASSETS
—
100.0%
$
318,211,322
*
Denotes
a
non-income
producing
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$121,757,
which
was
collateralized
by
$112,496
in
the
form
of
U.S
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
–
4.63%,
and
maturity
dates
ranging
from
4/15/2026
–
11/15/2054.
ADR
American
Depositary
Receipt
CN
China
SG
Singapore
TW
Taiwan
NVIT
J.P.
Morgan
Large
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
27
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
302,380,738
$
–
$
–
$
302,380,738
Total
$
302,380,738
$
–
$
–
$
302,380,738
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
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
U.S.
Equity
Fund
Common
Stocks
99
.6
%
Shares
Value
($)
Aerospace
&
Defense
3
.0
%
Howmet
Aerospace,
Inc.
98,683
22,742,484
Northrop
Grumman
Corp.
48,802
33,294,677
56,037,161
Automobiles
1
.2
%
Tesla,
Inc.*
63,129
23,468,206
Banks
3
.6
%
US
Bancorp
164,418
8,551,380
Wells
Fargo
&
Co.
750,285
59,730,189
68,281,569
Biotechnology
3
.3
%
AbbVie,
Inc.
145,721
31,692,860
Regeneron
Pharmaceuticals,
Inc.
20,074
15,509,975
Vertex
Pharmaceuticals,
Inc.*
32,125
14,345,098
61,547,933
Broadline
Retail
5
.4
%
Amazon.com,
Inc.*
488,030
101,642,008
Building
Products
1
.9
%
Carrier
Global
Corp.
124,809
7,027,995
Trane
Technologies
plc
69,577
28,995,519
36,023,514
Capital
Markets
2
.8
%
Blackstone,
Inc.
189,514
21,792,215
Morgan
Stanley
193,918
31,913,085
53,705,300
Construction
Materials
1
.1
%
Vulcan
Materials
Co.
72,666
19,786,952
Consumer
Finance
2
.4
%
American
Express
Co.
149,575
45,243,446
Consumer
Staples
Distribution
&
Retail
2
.0
%
Walmart,
Inc.
310,280
38,561,598
Electric
Utilities
4
.6
%
Entergy
Corp.
183,797
20,651,431
NextEra
Energy,
Inc.
500,886
46,522,292
Southern
Co.
(The)
198,724
19,180,840
86,354,563
Electrical
Equipment
1
.7
%
Eaton
Corp.
plc
90,683
32,434,589
Electronic
Equipment,
Instruments
&
Components
0
.9
%
Amphenol
Corp.,
Class
A
133,645
16,886,046
Energy
Equipment
&
Services
1
.8
%
Baker
Hughes
Co.,
Class
A
555,493
33,912,848
Entertainment
1
.9
%
Walt
Disney
Co.
(The)
375,161
36,158,017
Financial
Services
3
.0
%
Mastercard,
Inc.,
Class
A
111,456
55,690,105
Food
Products
0
.7
%
Mondelez
International,
Inc.,
Class
A
239,114
13,782,531
Health
Care
Equipment
&
Supplies
4
.1
%
Boston
Scientific
Corp.*
138,194
8,671,674
Edwards
Lifesciences
Corp.*
222,239
17,796,899
Medtronic
plc
264,083
22,882,792
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Stryker
Corp.
86,609
28,458,851
77,810,216
Hotels,
Restaurants
&
Leisure
3
.5
%
Chipotle
Mexican
Grill,
Inc.,
Class
A*
187,500
6,001,875
DoorDash,
Inc.,
Class
A*
51,748
7,769,962
Marriott
International,
Inc.,
Class
A
22,433
7,337,161
McDonald's
Corp.
142,434
44,267,063
65,376,061
Industrial
REITs
0
.8
%
Prologis,
Inc.
118,206
15,624,469
Insurance
2
.6
%
Arthur
J
Gallagher
&
Co.
146,788
31,791,345
Progressive
Corp.
(The)
87,679
17,381,485
49,172,830
Interactive
Media
&
Services
8
.4
%
Alphabet,
Inc.,
Class
A
322,622
92,773,182
Meta
Platforms,
Inc.,
Class
A
113,108
64,712,480
157,485,662
Machinery
0
.7
%
Deere
&
Co.
25,073
14,123,621
Oil,
Gas
&
Consumable
Fuels
1
.2
%
ConocoPhillips
167,447
22,103,004
Pharmaceuticals
1
.8
%
Eli
Lilly
&
Co.
36,632
33,693,015
Semiconductors
&
Semiconductor
Equipment
15
.7
%
ASML
Holding
NV
(Registered),
ADR-NL
11,611
15,336,157
Broadcom,
Inc.
197,732
61,200,031
Micron
Technology,
Inc.
58,259
19,682,221
NVIDIA
Corp.
976,077
170,227,829
NXP
Semiconductors
NV
151,148
29,754,995
296,201,233
Software
7
.2
%
Intuit,
Inc.
77,643
33,571,280
Microsoft
Corp.
197,509
73,111,907
Oracle
Corp.
187,809
27,628,582
ServiceNow,
Inc.*
19,489
2,037,575
136,349,344
Specialty
Retail
3
.5
%
AutoZone,
Inc.*
5,595
18,898,679
Lowe's
Cos.,
Inc.
198,489
46,898,981
65,797,660
Technology
Hardware,
Storage
&
Peripherals
7
.9
%
Apple,
Inc.
530,302
134,585,344
Western
Digital
Corp.
52,900
14,308,921
148,894,265
Trading
Companies
&
Distributors
0
.9
%
United
Rentals,
Inc.
22,805
16,614,811
Total
Investments
(cost
$1,771,837,613)
—
99.6%
1,878,762,577
Other
assets
in
excess
of
liabilities
—
0.4%
6,731,985
NET
ASSETS
—
100.0%
$
1,885,494,562
NVIT
J.P.
Morgan
U.S.
Equity
Fund
-
March
31,
2026
(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
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
U.S.
Equity
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
NVIT
J.P.
Morgan
U.S.
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
31
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
As
of March
31,
2026,
the
Fund
had
no
open
futures
contracts.  
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
1,878,762,577
$
–
$
–
$
1,878,762,577
Total
$
1,878,762,577
$
–
$
–
$
1,878,762,577
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
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
US
Technology
Leaders
Fund
Common
Stocks
97
.3
%
Shares
Value
($)
Automobiles
5
.1
%
Rivian
Automotive,
Inc.,
Class
A*
19,751
297,253
Tesla,
Inc.*
2,296
853,538
1,150,791
Banks
1
.1
%
NU
Holdings
Ltd.,
Class
A*
17,673
253,961
Broadline
Retail
3
.4
%
Alibaba
Group
Holding
Ltd.,
ADR-CN
2,561
321,303
Amazon.com,
Inc.*
789
164,325
MercadoLibre,
Inc.*
161
278,372
764,000
Capital
Markets
2
.0
%
Robinhood
Markets,
Inc.,
Class
A*
6,483
449,272
Communications
Equipment
4
.6
%
Ciena
Corp.*
1,695
658,050
Lumentum
Holdings,
Inc.*
533
374,571
1,032,621
Consumer
Finance
0
.2
%
Figure
Technology
Solutions,
Inc.,
Class
A*
1,440
48,888
Diversified
Telecommunication
Services
0
.4
%
Lumen
Technologies,
Inc.*
13,281
92,303
Electrical
Equipment
1
.7
%
Rockwell
Automation,
Inc.
349
125,249
Vicor
Corp.*
1,544
248,584
373,833
Electronic
Equipment,
Instruments
&
Components
0
.8
%
Fabrinet*
183
95,438
TTM
Technologies,
Inc.*
854
83,197
178,635
Entertainment
5
.5
%
Netflix,
Inc.*
3,844
369,601
Take-Two
Interactive
Software,
Inc.*
4,363
861,692
1,231,293
Financial
Services
0
.5
%
Block,
Inc.,
Class
A*
1,892
113,861
Health
Care
Technology
0
.6
%
Veeva
Systems,
Inc.,
Class
A*
753
132,272
Hotels,
Restaurants
&
Leisure
2
.1
%
Booking
Holdings,
Inc.
63
265,250
DoorDash,
Inc.,
Class
A*
1,348
202,402
467,652
Insurance
1
.2
%
Lemonade,
Inc.*
4,350
272,658
Interactive
Media
&
Services
9
.0
%
Alphabet,
Inc.,
Class
C
3,509
1,006,592
Meta
Platforms,
Inc.,
Class
A
1,345
769,515
Reddit,
Inc.,
Class
A*
1,284
172,890
Snap,
Inc.,
Class
A*
19,148
88,081
2,037,078
IT
Services
9
.6
%
Cloudflare,
Inc.,
Class
A*
2,256
465,503
Common
Stocks
Shares
Value
($)
IT
Services
DigitalOcean
Holdings,
Inc.*
1,422
121,979
Shopify,
Inc.,
Class
A*
4,259
505,203
Snowflake,
Inc.,
Class
A*
4,614
695,883
Twilio,
Inc.,
Class
A*
2,874
361,607
2,150,175
Life
Sciences
Tools
&
Services
0
.9
%
Tempus
AI,
Inc.,
Class
A*(a)
4,555
205,977
Machinery
0
.5
%
Symbotic,
Inc.,
Class
A*
1,962
104,378
Media
1
.0
%
EchoStar
Corp.,
Class
A*
1,907
223,252
Semiconductors
&
Semiconductor
Equipment
27
.6
%
Advanced
Micro
Devices,
Inc.*
1,640
333,625
Allegro
MicroSystems,
Inc.*
4,729
149,105
Amkor
Technology,
Inc.
4,490
202,185
Analog
Devices,
Inc.
741
235,742
ASML
Holding
NV
(Registered),
ADR-NL
378
499,274
Broadcom,
Inc.
2,405
744,372
Entegris,
Inc.
2,242
262,852
First
Solar,
Inc.*
951
187,594
GLOBALFOUNDRIES,
Inc.*
4,542
202,028
Intel
Corp.*
8,507
375,414
Lam
Research
Corp.
3,668
783,705
MACOM
Technology
Solutions
Holdings,
Inc.*
998
221,626
Micron
Technology,
Inc.
685
231,420
NVIDIA
Corp.
4,670
814,448
ON
Semiconductor
Corp.*
4,384
271,457
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR-TW
1,242
419,734
Texas
Instruments,
Inc.
1,107
214,913
Universal
Display
Corp.
805
73,786
6,223,280
Software
16
.0
%
AppLovin
Corp.,
Class
A*
669
266,262
Cadence
Design
Systems,
Inc.*
791
219,795
Circle
Internet
Group,
Inc.,
Class
A*
535
51,044
Crowdstrike
Holdings,
Inc.,
Class
A*
772
301,397
HubSpot,
Inc.*
869
212,123
Intuit,
Inc.
612
264,617
Microsoft
Corp.
667
246,903
Oracle
Corp.
3,052
448,980
Palantir
Technologies,
Inc.,
Class
A*
874
127,849
Palo
Alto
Networks,
Inc.*
2,071
332,023
Procore
Technologies,
Inc.*
1,812
103,284
ServiceNow,
Inc.*
3,120
326,196
ServiceTitan,
Inc.,
Class
A*
1,368
86,813
Synopsys,
Inc.*
511
202,601
Zoom
Communications,
Inc.,
Class
A*
5,003
402,191
3,592,078
Specialized
REITs
1
.9
%
American
Tower
Corp.
2,474
426,963
NVIT
J.P.
Morgan
US
Technology
Leaders
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
33
Common
Stocks
Shares
Value
($)
Specialty
Retail
0
.6
%
Warby
Parker,
Inc.,
Class
A*
6,353
133,858
Technology
Hardware,
Storage
&
Peripherals
1
.0
%
Sandisk
Corp.*
370
235,076
Total
Common
Stocks
(cost
$17,537,386)
21,894,155
Repurchase
Agreement
0
.8
%
Principal
Amount
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$190,536,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$194,346.(b)
190,516
190,516
Total
Repurchase
Agreement
(cost
$190,516)
190,516
Total
Investments
(cost
$17,727,902)
—
98.1%
22,084,671
Other
assets
in
excess
of
liabilities
—
1.9%
425,842
NET
ASSETS
—
100.0%
$
22,510,513
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$199,194,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$190,516.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$190,516.
ADR
American
Depositary
Receipt
CN
China
NL
Netherlands
REIT
Real
Estate
Investment
Trust
TW
Taiwan
34
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
US
Technology
Leaders
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
21,894,155
$
–
$
–
$
21,894,155
Repurchase
Agreement
–
190,516
–
190,516
Total
$
21,894,155
$
190,516
$
–
$
22,084,671
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
J.P.
Morgan
Equity
and
Options
Total
Return
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
35
Common
Stocks
99.7%
Shares
Value
($)
Aerospace
&
Defense
3.4%
Howmet
Aerospace,
Inc.
29,584
6,817,929
Northrop
Grumman
Corp.
10,103
6,892,671
RTX
Corp.
38,921
7,507,861
Textron,
Inc.
22,901
2,005,211
23,223,672
Air
Freight
&
Logistics
0.3%
United
Parcel
Service,
Inc.,
Class
B
23,189
2,281,334
Automobile
Components
0.1%
Aptiv
plc*
12,605
875,291
Automobiles
1.5%
Tesla,
Inc.*
28,193
10,480,748
Banks
3.9%
Bank
of
America
Corp.
176,710
8,614,613
First
Citizens
BancShares,
Inc.,
Class
A
1,155
2,176,782
Wells
Fargo
&
Co.
199,466
15,879,488
26,670,883
Beverages
0.9%
Coca-Cola
Co.
(The)
31,561
2,400,214
PepsiCo,
Inc.
25,943
4,028,689
6,428,903
Biotechnology
2.6%
AbbVie,
Inc.
44,550
9,689,179
Regeneron
Pharmaceuticals,
Inc.
6,495
5,018,297
Vertex
Pharmaceuticals,
Inc.*
5,918
2,642,624
17,350,100
Broadline
Retail
4.1%
Amazon.com,
Inc.*
133,411
27,785,509
Building
Products
0.8%
Trane
Technologies
plc
13,230
5,513,470
Capital
Markets
3.7%
Ameriprise
Financial,
Inc.
10,729
4,767,968
Blackstone,
Inc.
20,832
2,395,472
Charles
Schwab
Corp.
(The)
56,386
5,299,156
CME
Group,
Inc.
16,309
4,816,863
Morgan
Stanley
30,406
5,003,915
State
Street
Corp.
21,072
2,666,872
24,950,246
Chemicals
0.8%
Axalta
Coating
Systems
Ltd.*
76,246
2,112,014
DuPont
de
Nemours,
Inc.
35,521
1,626,862
Linde
plc
2,948
1,461,500
5,200,376
Communications
Equipment
0.4%
Arista
Networks,
Inc.*
10,392
1,275,930
Motorola
Solutions,
Inc.
2,694
1,169,115
2,445,045
Construction
Materials
0.4%
Vulcan
Materials
Co.
9,516
2,591,207
Consumer
Finance
1.1%
American
Express
Co.
24,344
7,363,573
Consumer
Staples
Distribution
&
Retail
1.7%
BJ's
Wholesale
Club
Holdings,
Inc.*
25,450
2,504,789
Common
Stocks
Shares
Value
($)
Consumer
Staples
Distribution
&
Retail
Costco
Wholesale
Corp.
2,309
2,300,757
Performance
Food
Group
Co.*
34,447
2,950,730
Walmart,
Inc.
29,155
3,623,383
11,379,659
Diversified
Telecommunication
Services
1.2%
AT&T,
Inc.
157,465
4,564,911
Comcast
Corp.,
Class
A
132,106
3,792,763
8,357,674
Electric
Utilities
2.3%
Entergy
Corp.
39,210
4,405,636
NextEra
Energy,
Inc.
58,887
5,469,424
Southern
Co.
(The)
60,716
5,860,308
15,735,368
Electrical
Equipment
1.1%
Eaton
Corp.
plc
12,124
4,336,391
GE
Vernova,
Inc.
3,194
2,788,043
7,124,434
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.,
Class
A
34,591
4,370,573
Entertainment
1.2%
Netflix,
Inc.*
24,536
2,359,136
Spotify
Technology
SA*
2,646
1,283,072
Walt
Disney
Co.
(The)
46,812
4,511,741
8,153,949
Financial
Services
3.0%
Berkshire
Hathaway,
Inc.,
Class
B*
11,210
5,371,832
Corpay,
Inc.*
5,292
1,539,919
Fidelity
National
Information
Services,
Inc.
31,416
1,473,724
Mastercard,
Inc.,
Class
A
23,430
11,707,034
20,092,509
Food
Products
0.7%
Mondelez
International,
Inc.,
Class
A
86,695
4,997,100
Ground
Transportation
1.2%
CSX
Corp.
194,367
7,978,765
Health
Care
Equipment
&
Supplies
1.8%
Edwards
Lifesciences
Corp.*
31,753
2,542,780
Medtronic
plc
50,757
4,398,094
Stryker
Corp.
16,791
5,517,355
12,458,229
Health
Care
Providers
&
Services
1.2%
Cigna
Group
(The)
10,536
2,810,478
UnitedHealth
Group,
Inc.
18,859
5,103,057
7,913,535
Health
Care
REITs
0.4%
Ventas,
Inc.
32,234
2,636,097
Hotels,
Restaurants
&
Leisure
1.8%
Chipotle
Mexican
Grill,
Inc.,
Class
A*
57,444
1,838,782
Hilton
Worldwide
Holdings,
Inc.
14,289
4,344,999
McDonald's
Corp.
18,426
5,726,617
11,910,398
36
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Equity
and
Options
Total
Return
Fund
Common
Stocks
Shares
Value
($)
Household
Products
0.3%
Procter
&
Gamble
Co.
(The)
12,701
1,834,532
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Vistra
Corp.
3,945
593,052
Industrial
Conglomerates
0.7%
3M
Co.
31,801
4,618,459
Industrial
REITs
0.6%
Prologis,
Inc.
32,667
4,317,924
Insurance
1.4%
Arthur
J
Gallagher
&
Co.
7,986
1,729,608
MetLife,
Inc.
36,901
2,609,639
Progressive
Corp.
(The)
24,488
4,854,501
9,193,748
Interactive
Media
&
Services
7.6%
Alphabet,
Inc.,
Class
A
111,260
31,993,926
Meta
Platforms,
Inc.,
Class
A
33,486
19,158,345
51,152,271
IT
Services
0.4%
Cognizant
Technology
Solutions
Corp.,
Class
A
38,825
2,381,914
Life
Sciences
Tools
&
Services
0.8%
Thermo
Fisher
Scientific,
Inc.
10,825
5,320,812
Machinery
1.4%
Deere
&
Co.
8,275
4,661,308
Dover
Corp.
21,794
4,542,959
9,204,267
Multi-Utilities
0.6%
CMS
Energy
Corp.
52,825
4,098,163
Oil,
Gas
&
Consumable
Fuels
4.4%
ConocoPhillips
55,423
7,315,836
EOG
Resources,
Inc.
47,148
6,816,186
Exxon
Mobil
Corp.
91,554
15,533,052
29,665,074
Pharmaceuticals
3.1%
Bristol-Myers
Squibb
Co.
121,912
7,393,963
Elanco
Animal
Health,
Inc.*
101,465
2,428,058
Eli
Lilly
&
Co.
9,382
8,629,282
Johnson
&
Johnson
10,873
2,657,796
21,109,099
Professional
Services
0.3%
Leidos
Holdings,
Inc.
13,663
2,124,870
Semiconductors
&
Semiconductor
Equipment
15.1%
Advanced
Micro
Devices,
Inc.*
8,997
1,830,260
Analog
Devices,
Inc.
12,653
4,025,425
ASML
Holding
NV
(Registered),
ADR-NL
2,213
2,922,997
Broadcom,
Inc.
52,874
16,365,032
Lam
Research
Corp.
31,128
6,650,808
Micron
Technology,
Inc.
25,446
8,596,677
NVIDIA
Corp.(a)
320,355
55,869,912
NXP
Semiconductors
NV
19,340
3,807,272
Qnity
Electronics,
Inc.
13,904
1,604,244
101,672,627
Software
8.3%
AppLovin
Corp.,
Class
A*
1,828
727,544
Autodesk,
Inc.*
5,244
1,255,413
Common
Stocks
Shares
Value
($)
Software
Cadence
Design
Systems,
Inc.*
5,436
1,510,501
Intuit,
Inc.
7,986
3,452,987
Microsoft
Corp.(a)
105,410
39,019,620
Oracle
Corp.
12,894
1,896,836
Palantir
Technologies,
Inc.,
Class
A*
12,749
1,864,924
Roper
Technologies,
Inc.
2,839
1,004,608
Salesforce,
Inc.
17,031
3,179,177
ServiceNow,
Inc.*
23,334
2,439,570
56,351,180
Specialized
REITs
0.6%
Digital
Realty
Trust,
Inc.
23,430
4,222,320
Specialty
Retail
2.2%
AutoZone,
Inc.*
1,058
3,573,691
Lowe's
Cos.,
Inc.
30,117
7,116,045
TJX
Cos.,
Inc.
(The)
27,327
4,364,122
15,053,858
Technology
Hardware,
Storage
&
Peripherals
8.3%
Apple,
Inc.(a)
177,720
45,103,559
Hewlett
Packard
Enterprise
Co.
140,627
3,348,329
Seagate
Technology
Holdings
plc
19,244
7,539,029
55,990,917
Tobacco
1.3%
Philip
Morris
International,
Inc.
51,911
8,582,965
Total
Investments
(cost
$611,433,119)
—
99.7%
673,756,699
Other
assets
in
excess
of
liabilities
—
0.3%
1,727,860
NET
ASSETS
—
100.0%
$
675,484,559
*
Denotes
a
non-income
producing
security.
(a)
Security
or
a
portion
of
the
security
was
used
to
cover
the
margin
requirement
for
written
options
contracts.
ADR
American
Depositary
Receipt
NL
Netherlands
REIT
Real
Estate
Investment
Trust
NVIT
J.P.
Morgan
Equity
and
Options
Total
Return
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
37
Written
Call
Options
Contracts
as
of
March
31,
2026:
D
escription
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
  Price  
Expiration
Date
Value
($)  
S&P
500
Index
Exchange
Traded
258
USD
168,435,816
USD
6,590.00
4/24/2026
(2,879,796)
S&P
500
Index
Exchange
Traded
258
USD
168,435,816
USD
6,705.00
4/17/2026
(1,043,610)
S&P
500
Index
Exchange
Traded
258
USD
168,435,816
USD
6,830.00
4/10/2026
(80,754)
S&P
500
Index
Exchange
Traded
258
USD
168,435,816
USD
6,930.00
4/2/2026
(1,548)
Total
written
call
options
contracts
(4,005,708)
Total
Written
Options
Contracts
(Premiums
Received
($7,775,774))
(4,005,708)
Currency:
USD
United
States
dollar
38
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Equity
and
Options
Total
Return
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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
39
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using options and financial
futures
contracts.
(a)
Options      
The
Fund
purchased
and/or
wrote
options
on
futures
contracts,
single
stocks,
ETFs,
and/or
indexes.
Such
option
investments
are
utilized
to
manage
currency
exposures
and/or
hedge
against
movements
in
the
values
of
the
foreign
currencies
in
which
the
portfolio
securities
are
denominated,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates
and
equity
movements,
to
capitalize
on
the
return-generating
features
of
selling
options
(short
volatility)
while
simultaneously
benefiting
from
the
risk-control
attributes
associated
with
buying
options
(long
volatility),
and/or
to
generate
consistent
outperformance,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
purchase
of
put
options
serves
as
a
short
hedge
and
the
purchase
of
call
options
serves
as
a
long
hedge.
Writing
put
options
serves
as
a
limited
long
hedge
because
increases
in
the
value
of
the
hedged
investment
would
be
offset
to
the
extent
of
the
premium
received
for
writing
the
option.
However,
if
the
security
depreciates
to
a
price
lower
than
the
strike
price
of
the
put
option,
it
can
be
expected
that
the
put
option
will
be
exercised,
and
the
Fund
will
be
obligated
to
purchase
the
security
at
more
than
its
market
value.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
option
contracts.
Writing
call
options
serves
as
a
limited
short
hedge
because
declines
in
the
value
of
the
hedged
investment
would
be
offset
to
the
extent
of
the
premium
received
for
writing
the
option.
However,
if
the
security
appreciates
to
a
price
higher
than
the
exercise
price
of
the
call
option,
it
can
be
expected
that
the
call
option
will
be
exercised,
and
a
Fund
will
be
obligated
to
sell
the
security
at
less
than
its
market
value
or
will
be
obligated
to
purchase
the
security
at
a
price
greater
than
that
at
which
the
security
must
be
sold
under
the
option.
When the
Fund
writes
an
option,
an
amount
equal
to
the
premium
received
is
recorded
as
a
liability
and
subsequently
marked-
to-market
to
reflect
the
current
value
of
the
option
written.
Premiums
received
from
writing
options
which
expire
unexercised
are
treated
as
realized
gains.
Premiums
received
from
writing
options
which
are
exercised
or
closed
are
added
to
the
proceeds
from
or
offset
against
amounts
paid
on
the
underlying
transaction
to
determine
the
realized
gain
or
loss
on
such
underlying
transaction.
When the
Fund
writes
an
option,
it
has
no
control
over
whether
the
option
will
be
exercised,
and
as
a
result
bears
the
risk
of
an
unfavorable
change
in
the
price
of
the
instrument
underlying
the
written
option.
Writing
options
entails
the
risk
that the
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
Options
traded
on
an
exchange
are
valued
at
the
settlement
price
provided
by
an
independent
pricing
service
as
approved
by
the
Board.
If
a
settlement
price
is
not
available,
such
options
are
valued
at
the
last
quoted
sale
price,
if
available,
and
otherwise
at
the
average
bid/ask
price.
Exchange
traded
options
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
Options
traded
in
the
over-the-counter
(“OTC”)
market,
and
which
are
not
quoted
by
NASDAQ,
are
valued
at
the
last
quoted
bid
price,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
value
of
an
option
position
reflects,
among
other
things,
the
implied
price
volatility
of
the
underlying
investment,
the
current
market
value
of
the
underlying
investment,
the
time
remaining
until
expiration
of
the
option,
the
relationship
of
the
strike
price
to
the
market
price
of
the
underlying
investment,
and
general
market
conditions.
Options
that
expire
unexercised
have
no
value.
American-style
options
can
be
exercised
at
any
time
prior
to
the
expiration
date
of
the
option.
European-style
options
can
only
be
exercised
at
expiration
of
the
option.
The Fund
effectively
terminates
its
right
or
obligation
under
an
option
by
entering
into
a
closing
transaction.
Closing
transactions
permit the
Fund
to
realize
the
profit
or
limit
the
loss
on
an
option
position
prior
to
its
exercise
or
expiration.
If the
Fund
is
unable
to
affect
a
closing
transaction
for
an
option
it
purchased,
it
would
have
to
exercise
the
option
to
realize
any
profit.
The
inability
to
enter
into
a
closing
purchase
transaction
for
a
covered
call
option
written
by the
Fund
could
cause
material
losses
because the
Fund
would
be
unable
to
sell
the
investment
used
as
a
cover
for
the
written
option
until
the
option
expires
or
is
exercised.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
673,756,699
$
–
$
–
$
673,756,699
Total
Assets
$
673,756,699
$
–
$
–
$
673,756,699
Liabilities:
Written
Options
$
(4,005,708)
$
–
$
–
$
(4,005,708)
Total
Liabilities
$
(4,005,708)
$
–
$
–
$
(4,005,708)
Total
$
669,750,991
$
–
$
–
$
669,750,991
40
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Equity
and
Options
Total
Return
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 March
31,
2026,
the
Fund
had
no
open
futures
contracts.  
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Liabilities:
Fair
Value
Written
Options
Equity
risk
Written
options,
at
value
$
(4,005,708)
Total
$
(4,005,708)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Allspring
Discovery
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
1
Common
Stocks
99
.0
%
Shares
Value
($)
BRAZIL
1
.0
%
Broadline
Retail
1
.0
%
MercadoLibre,
Inc.
*
2,389
4,130,629
CANADA
3
.6
%
Biotechnology
0
.5
%
Xenon
Pharmaceuticals,
Inc.
*
32,761
1,905,052
Commercial
Services
&
Supplies
1
.6
%
RB
Global,
Inc.
65,702
6,297,537
Electronic
Equipment,
Instruments
&
Components
1
.5
%
Celestica,
Inc.
*
21,511
6,059,218
14,261,807
DENMARK
1
.5
%
Biotechnology
1
.5
%
Ascendis
Pharma
A/S,
ADR
*
25,264
5,778,635
ISRAEL
1
.8
%
Pharmaceuticals
1
.8
%
Teva
Pharmaceutical
Industries
Ltd.,
ADR
*
243,170
7,324,280
THAILAND
1
.7
%
Electronic
Equipment,
Instruments
&
Components
1
.7
%
Fabrinet
*
12,709
6,627,998
UNITED
KINGDOM
0
.1
%
Capital
Markets
0
.1
%
Marex
Group
plc
10,714
477,630
UNITED
STATES
89
.3
%
Aerospace
&
Defense
8
.7
%
ATI,
Inc.
*
33,671
4,897,784
Carpenter
Technology
Corp.
(a)
24,871
9,802,905
Curtiss-Wright
Corp.
12,789
8,710,844
Kratos
Defense
&
Security
Solutions,
Inc.
*
38,817
2,736,987
Mercury
Systems,
Inc.
*(a)
80,824
5,892,878
York
Space
Systems,
Inc.
*(a)
122,295
2,711,280
34,752,678
Biotechnology
6
.9
%
Bridgebio
Pharma,
Inc.
*(a)
46,185
3,429,698
Insmed,
Inc.
*
50,573
8,269,697
Natera,
Inc.
*
26,936
5,386,931
Neurocrine
Biosciences,
Inc.
*
31,180
4,107,653
Twist
Bioscience
Corp.
*(a)
66,483
3,159,272
Vericel
Corp.
*
94,345
3,035,079
27,388,330
Building
Products
2
.3
%
Modine
Manufacturing
Co.
*(a)
41,541
9,002,350
Capital
Markets
1
.6
%
Miami
International
Holdings,
Inc.
*
159,547
6,209,569
Commercial
Services
&
Supplies
2
.0
%
Casella
Waste
Systems,
Inc.,
Class
A
*(a)
100,692
7,988,903
Communications
Equipment
2
.1
%
Viavi
Solutions,
Inc.
*(a)
251,503
8,370,020
Construction
&
Engineering
7
.2
%
Argan,
Inc.
11,985
6,527,630
Comfort
Systems
USA,
Inc.
9,693
13,366,550
Construction
Partners,
Inc.,
Class
A
*(a)
78,349
8,706,141
28,600,321
Common
Stocks
Shares
Value
($)
UNITED
STATES
Diversified
Consumer
Services
2
.2
%
Liberty
Live
Holdings,
Inc.,
Class
C
*(a)
93,909
8,837,776
Electrical
Equipment
2
.8
%
Bloom
Energy
Corp.,
Class
A
*
63,290
8,575,162
Power
Solutions
International,
Inc.
*(a)
41,533
2,528,529
11,103,691
Electronic
Equipment,
Instruments
&
Components
2
.9
%
Novanta,
Inc.
*
52,117
6,155,539
Teledyne
Technologies,
Inc.
*
8,764
5,302,308
11,457,847
Entertainment
1
.9
%
TKO
Group
Holdings,
Inc.,
Class
A
36,598
7,379,987
Financial
Services
1
.6
%
Affirm
Holdings,
Inc.,
Class
A
*
134,909
6,181,530
Ground
Transportation
2
.3
%
Saia,
Inc.
*
12,862
4,518,163
XPO,
Inc.
*
24,532
4,772,701
9,290,864
Health
Care
Equipment
&
Supplies
3
.5
%
Glaukos
Corp.
*
54,504
5,867,901
IRhythm
Holdings,
Inc.
*
66,353
7,830,981
13,698,882
Health
Care
Providers
&
Services
7
.3
%
Alignment
Healthcare,
Inc.
*
153,082
2,697,305
BrightSpring
Health
Services,
Inc.
*(a)
98,287
4,188,009
Encompass
Health
Corp.
45,778
4,428,106
Guardant
Health,
Inc.
*
78,343
7,236,542
RadNet,
Inc.
*
96,375
5,386,399
Tenet
Healthcare
Corp.
*
25,873
4,882,494
28,818,855
Hotels,
Restaurants
&
Leisure
6
.3
%
Cava
Group,
Inc.
*(a)
66,663
5,393,037
Dutch
Bros,
Inc.,
Class
A
*(a)
116,061
5,879,650
Hyatt
Hotels
Corp.,
Class
A
(a)
46,364
6,666,680
Viking
Holdings
Ltd.
*
93,406
6,863,472
24,802,839
Household
Durables
1
.9
%
SharkNinja,
Inc.
*(a)
37,262
3,946,046
Taylor
Morrison
Home
Corp.,
Class
A
*
60,395
3,517,405
7,463,451
Independent
Power
and
Renewable
Electricity
Producers
1
.4
%
Talen
Energy
Corp.
*
16,914
5,399,456
IT
Services
3
.2
%
DigitalOcean
Holdings,
Inc.
*(a)
35,370
3,034,039
MongoDB,
Inc.,
Class
A
*
18,528
4,535,099
Twilio,
Inc.,
Class
A
*
41,636
5,238,641
12,807,779
Life
Sciences
Tools
&
Services
1
.2
%
Bio-Techne
Corp.
(a)
11,042
577,055
Repligen
Corp.
*
34,086
4,016,012
4,593,067
Machinery
2
.3
%
RBC
Bearings,
Inc.
*
16,644
9,039,689
Pharmaceuticals
1
.1
%
Elanco
Animal
Health,
Inc.
*(a)
179,344
4,291,702
2
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Allspring
Discovery
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
Professional
Services
1
.5
%
UL
Solutions,
Inc.,
Class
A
(a)
69,686
5,972,787
Real
Estate
Management
&
Development
2
.0
%
Jones
Lang
LaSalle,
Inc.
*
26,323
8,010,615
Semiconductors
&
Semiconductor
Equipment
4
.6
%
Credo
Technology
Group
Holding
Ltd.
*
50,140
4,706,642
Entegris,
Inc.
(a)
50,816
5,957,668
Impinj,
Inc.
*(a)
25,506
2,619,466
Monolithic
Power
Systems,
Inc.
4,424
4,836,980
18,120,756
Software
2
.4
%
Guidewire
Software,
Inc.
*
48,725
7,287,311
Tyler
Technologies,
Inc.
*
7,015
2,401,796
9,689,107
Specialty
Retail
2
.5
%
Burlington
Stores,
Inc.
*(a)
20,651
6,719,422
Chewy,
Inc.,
Class
A
*
116,448
3,144,096
9,863,518
Trading
Companies
&
Distributors
3
.6
%
Applied
Industrial
Technologies,
Inc.
21,965
5,827,755
SiteOne
Landscape
Supply,
Inc.
*(a)
33,804
4,499,650
Xometry,
Inc.,
Class
A
*(a)
96,729
3,950,412
14,277,817
353,414,186
Total
Common
Stocks
(cost
$315,476,052)
392,015,165
Repurchase
Agreements
5
.2
%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$14,001,423,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$14,280,000.(b)
14,000,000
14,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$6,628,448,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$6,761,017.(b)
6,627,776
6,627,776
Total
Repurchase
Agreements
(cost
$20,627,776)
20,627,776
Total
Investments
(cost
$336,103,828)
—
104.2%
412,642,941
Liabilities
in
excess
of
other
assets
—
(4.2)%
(
16,493,064
)
NET
ASSETS
—
100.0%
$396,149,877
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$76,981,870,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$20,627,776
and
by
$54,034,016
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$74,661,792.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$20,627,776.
ADR
American
Depositary
Receipt
NVIT
Allspring
Discovery
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
3
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
4
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Allspring
Discovery
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
392,015,165
$
–
$
–
$
392,015,165
Repurchase
Agreements
–
20,627,776
–
20,627,776
Total
$
392,015,165
$
20,627,776
$
–
$
412,642,941
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
BlackRock
Equity
Dividend
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
5
Common
Stocks
92
.8
%
Shares
Value
($)
Aerospace
&
Defense
3
.7
%
Airbus
SE
10,643
1,999,025
Boeing
Co.
(The)*
41,261
8,212,177
L3Harris
Technologies,
Inc.
13,658
4,714,059
Lockheed
Martin
Corp.
8,055
4,868,361
RTX
Corp.
8,099
1,562,297
21,355,919
Air
Freight
&
Logistics
1
.7
%
FedEx
Corp.
28,263
10,066,715
Automobiles
0
.5
%
General
Motors
Co.
38,177
2,844,187
Banks
9
.4
%
Bank
of
America
Corp.
97,613
4,758,634
Citigroup,
Inc.
144,351
16,370,847
Citizens
Financial
Group,
Inc.
49,332
2,958,440
First
Citizens
BancShares,
Inc.,
Class
A(a)
4,662
8,786,285
JPMorgan
Chase
&
Co.
21,066
6,196,774
Wells
Fargo
&
Co.
198,195
15,778,304
54,849,284
Beverages
1
.4
%
Keurig
Dr
Pepper,
Inc.
204,979
5,397,097
PepsiCo,
Inc.
18,189
2,824,570
8,221,667
Broadline
Retail
2
.3
%
Amazon.com,
Inc.*
65,089
13,556,086
Building
Products
0
.6
%
Fortune
Brands
Innovations,
Inc.
85,607
3,336,105
Capital
Markets
4
.5
%
Carlyle
Group,
Inc.
(The)
57,223
2,769,021
Charles
Schwab
Corp.
(The)
89,919
8,450,588
Intercontinental
Exchange,
Inc.
95,102
14,957,642
26,177,251
Chemicals
2
.8
%
Air
Products
&
Chemicals,
Inc.
20,279
5,890,847
International
Flavors
&
Fragrances,
Inc.
55,456
4,023,333
PPG
Industries,
Inc.
59,481
6,357,329
16,271,509
Commercial
Services
&
Supplies
1
.4
%
Rentokil
Initial
plc
1,363,256
8,476,224
Communications
Equipment
0
.5
%
Cisco
Systems,
Inc.
39,308
3,049,908
Consumer
Finance
0
.5
%
Capital
One
Financial
Corp.
17,295
3,155,127
Consumer
Staples
Distribution
&
Retail
1
.8
%
Dollar
General
Corp.
88,167
10,468,068
Containers
&
Packaging
1
.0
%
Crown
Holdings,
Inc.
57,817
5,796,154
Diversified
Telecommunication
Services
1
.7
%
Comcast
Corp.,
Class
A
194,488
5,583,750
Verizon
Communications,
Inc.
81,613
4,096,973
9,680,723
Common
Stocks
Shares
Value
($)
Electric
Utilities
1
.7
%
American
Electric
Power
Co.,
Inc.
24,480
3,208,839
Evergy,
Inc.
83,185
6,814,515
10,023,354
Electronic
Equipment,
Instruments
&
Components
1
.1
%
CDW
Corp.
54,992
6,655,132
Entertainment
1
.5
%
Walt
Disney
Co.
(The)
89,078
8,585,338
Financial
Services
1
.6
%
Fidelity
National
Information
Services,
Inc.
194,419
9,120,195
Ground
Transportation
0
.7
%
CSX
Corp.
55,940
2,296,337
Union
Pacific
Corp.
8,162
1,980,264
4,276,601
Health
Care
Equipment
&
Supplies
4
.9
%
Baxter
International,
Inc.(a)
616,680
10,360,224
Becton
Dickinson
&
Co.
53,341
8,386,806
Medtronic
plc
116,508
10,095,418
28,842,448
Health
Care
Providers
&
Services
5
.0
%
Cardinal
Health,
Inc.
49,890
10,542,256
CVS
Health
Corp.
166,944
11,989,918
Elevance
Health,
Inc.
22,095
6,468,311
29,000,485
Health
Care
REITs
0
.5
%
Healthcare
Realty
Trust,
Inc.,
Class
A(a)
165,577
2,813,153
Household
Products
0
.9
%
Henkel
AG
&
Co.
KGaA
(Preference)
67,638
5,196,806
Industrial
Conglomerates
0
.7
%
Honeywell
International,
Inc.
19,536
4,415,722
Industrial
REITs
1
.1
%
Rexford
Industrial
Realty,
Inc.
125,745
4,115,634
STAG
Industrial,
Inc.(a)
66,164
2,385,874
6,501,508
Insurance
2
.3
%
American
International
Group,
Inc.
50,136
3,772,734
Arthur
J
Gallagher
&
Co.
23,267
5,039,167
Fidelity
National
Financial,
Inc.
95,352
4,422,426
13,234,327
Interactive
Media
&
Services
4
.0
%
Alphabet,
Inc.,
Class
C
40,556
11,633,894
Meta
Platforms,
Inc.,
Class
A
20,367
11,652,572
23,286,466
Leisure
Products
1
.2
%
Hasbro,
Inc.
76,050
7,118,280
Machinery
0
.9
%
CNH
Industrial
NV
207,167
2,278,837
Fortive
Corp.
57,860
3,198,501
5,477,338
Media
0
.2
%
WPP
plc
349,229
1,082,220
6
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
BlackRock
Equity
Dividend
Fund
Common
Stocks
Shares
Value
($)
Metals
&
Mining
0
.9
%
Barrick
Mining
Corp.
56,985
2,324,418
Freeport-McMoRan,
Inc.
45,700
2,686,246
5,010,664
Multi-Utilities
2
.8
%
Dominion
Energy,
Inc.
130,243
8,051,622
DTE
Energy
Co.
57,286
8,376,359
16,427,981
Oil,
Gas
&
Consumable
Fuels
5
.3
%
BP
plc
1,752,057
13,810,736
Chevron
Corp.
34,166
7,068,945
EQT
Corp.
97,524
6,206,427
Marathon
Petroleum
Corp.
15,540
3,794,557
30,880,665
Pharmaceuticals
3
.1
%
AstraZeneca
plc
11,938
2,331,707
Johnson
&
Johnson
12,190
2,979,724
Merck
&
Co.,
Inc.
85,650
10,302,838
Sanofi
SA
27,578
2,660,057
18,274,326
Professional
Services
0
.8
%
SS&C
Technologies
Holdings,
Inc.
66,068
4,464,215
Residential
REITs
0
.6
%
AvalonBay
Communities,
Inc.
20,758
3,390,819
Semiconductors
&
Semiconductor
Equipment
2
.7
%
Intel
Corp.*
36,791
1,623,587
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR-TW
13,962
4,718,458
Texas
Instruments,
Inc.
47,547
9,230,774
15,572,819
Software
2
.6
%
Microsoft
Corp.
41,844
15,489,393
Specialized
REITs
0
.7
%
Crown
Castle,
Inc.
50,318
4,091,357
Specialty
Retail
1
.6
%
Home
Depot,
Inc.
(The)
27,917
9,181,622
Technology
Hardware,
Storage
&
Peripherals
5
.4
%
Hewlett
Packard
Enterprise
Co.
287,782
6,852,089
Samsung
Electronics
Co.
Ltd.,
GDR-KR
Reg.
S
5,427
15,832,493
Western
Digital
Corp.
33,369
9,025,981
31,710,563
Tobacco
2
.2
%
British
American
Tobacco
plc,
ADR-UK
218,571
12,779,846
Trading
Companies
&
Distributors
2
.0
%
WESCO
International,
Inc.(a)
42,455
11,616,537
Total
Common
Stocks
(cost
$443,848,039)
541,825,107
Master
Limited
Partnership
0
.8
%
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
0
.8
%
Enterprise
Products
Partners
LP
126,888
4,801,442
Total
Master
Limited
Partnership
(cost  $2,232,034)
4,801,442
Repurchase
Agreements
0
.4
%
Principal
Amount
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$460,748,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$469,963.(b)
460,701
460,701
MetLife,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,203,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$2,041,024.(b)
2,000,000
2,000,000
Total
Repurchase
Agreements
(cost
$2,460,701)
2,460,701
Total
Investments
(cost
$448,540,774)
—
94.0%
549,087,250
Other
assets
in
excess
of
liabilities
—
6.0%
34,849,780
NET
ASSETS
—
100.0%
$
583,937,030
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$6,110,393,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$2,460,701
and
by
$3,663,854
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
-
5.25%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2054,
a
total
value
of
$6,124,555.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$2,460,701.
NVIT
BlackRock
Equity
Dividend
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
7
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
8
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
BlackRock
Equity
Dividend
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
NVIT
BlackRock
Equity
Dividend
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
9
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
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
$
19,356,894
$
1,999,025
$
–
$
21,355,919
Air
Freight
&
Logistics
10,066,715
–
–
10,066,715
Automobiles
2,844,187
–
–
2,844,187
Banks
54,849,284
–
–
54,849,284
Beverages
8,221,667
–
–
8,221,667
Broadline
Retail
13,556,086
–
–
13,556,086
Building
Products
3,336,105
–
–
3,336,105
Capital
Markets
26,177,251
–
–
26,177,251
Chemicals
16,271,509
–
–
16,271,509
Commercial
Services
&
Supplies
–
8,476,224
–
8,476,224
Communications
Equipment
3,049,908
–
–
3,049,908
Consumer
Finance
3,155,127
–
–
3,155,127
Consumer
Staples
Distribution
&
Retail
10,468,068
–
–
10,468,068
Containers
&
Packaging
5,796,154
–
–
5,796,154
Diversified
Telecommunication
Services
9,680,723
–
–
9,680,723
Electric
Utilities
10,023,354
–
–
10,023,354
Electronic
Equipment,
Instruments
&
Components
6,655,132
–
–
6,655,132
Entertainment
8,585,338
–
–
8,585,338
Financial
Services
9,120,195
–
–
9,120,195
Ground
Transportation
4,276,601
–
–
4,276,601
Health
Care
Equipment
&
Supplies
28,842,448
–
–
28,842,448
Health
Care
Providers
&
Services
29,000,485
–
–
29,000,485
Health
Care
REITs
2,813,153
–
–
2,813,153
Household
Products
–
5,196,806
–
5,196,806
Industrial
Conglomerates
4,415,722
–
–
4,415,722
Industrial
REITs
6,501,508
–
–
6,501,508
Insurance
13,234,327
–
–
13,234,327
Interactive
Media
&
Services
23,286,466
–
–
23,286,466
Leisure
Products
7,118,280
–
–
7,118,280
Machinery
5,477,338
–
–
5,477,338
Media
–
1,082,220
–
1,082,220
Metals
&
Mining
5,010,664
–
–
5,010,664
Multi-Utilities
16,427,981
–
–
16,427,981
Oil,
Gas
&
Consumable
Fuels
17,069,929
13,810,736
–
30,880,665
Pharmaceuticals
13,282,561
4,991,765
–
18,274,326
Professional
Services
4,464,215
–
–
4,464,215
Residential
REITs
3,390,819
–
–
3,390,819
Semiconductors
&
Semiconductor
Equipment
15,572,819
–
–
15,572,819
Software
15,489,393
–
–
15,489,393
Specialized
REITs
4,091,357
–
–
4,091,357
Specialty
Retail
9,181,622
–
–
9,181,622
Technology
Hardware,
Storage
&
Peripherals
15,878,070
15,832,493
–
31,710,563
Tobacco
12,779,846
–
–
12,779,846
Trading
Companies
&
Distributors
11,616,537
–
–
11,616,537
Total
Common
Stocks
$
490,435,838
$
51,389,269
$
–
$
541,825,107
Master
Limited
Partnership
4,801,442
–
–
4,801,442
Repurchase
Agreements
–
2,460,701
–
2,460,701
Total
$
495,237,280
$
53,849,970
$
–
$
549,087,250
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
10
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GQG
US
Quality
Equity
Fund
Common
Stocks
98
.7
%
Shares
Value
($)
Beverages
4
.7
%
Coca-Cola
Co.
(The)
40,325
3,066,716
PepsiCo,
Inc.
10,085
1,566,100
4,632,816
Capital
Markets
2
.6
%
CME
Group,
Inc.
8,549
2,524,947
Consumer
Staples
Distribution
&
Retail
2
.6
%
Kroger
Co.
(The)
36,102
2,612,341
Diversified
Telecommunication
Services
11
.6
%
AT&T,
Inc.
205,050
5,944,399
Verizon
Communications,
Inc.
109,744
5,509,149
11,453,548
Electric
Utilities
12
.9
%
American
Electric
Power
Co.,
Inc.
29,568
3,875,774
Duke
Energy
Corp.
15,027
1,967,635
Exelon
Corp.
49,839
2,443,108
NextEra
Energy,
Inc.
28,264
2,625,160
Xcel
Energy,
Inc.
22,752
1,807,419
12,719,096
Financial
Services
2
.2
%
Berkshire
Hathaway,
Inc.,
Class
B*(a)
4,516
2,164,067
Gas
Utilities
1
.5
%
Atmos
Energy
Corp.
8,188
1,512,487
Health
Care
Providers
&
Services
3
.8
%
Cigna
Group
(The)
14,129
3,768,911
Insurance
14
.9
%
Allstate
Corp.
(The)
16,874
3,498,655
American
International
Group,
Inc.
25,983
1,955,221
Cincinnati
Financial
Corp.
14,376
2,262,064
Old
Republic
International
Corp.
34,450
1,374,555
Progressive
Corp.
(The)
20,888
4,140,837
RenaissanceRe
Holdings
Ltd.
4,866
1,446,321
14,677,653
Multi-Utilities
1
.9
%
CenterPoint
Energy,
Inc.(a)
43,950
1,896,882
Oil,
Gas
&
Consumable
Fuels
18
.7
%
BP
plc,
ADR
52,714
2,477,558
Chevron
Corp.
16,038
3,318,262
Devon
Energy
Corp.(a)
57,208
2,878,706
Enbridge,
Inc.
42,849
2,319,845
Exxon
Mobil
Corp.
19,786
3,356,893
Occidental
Petroleum
Corp.(a)
63,034
4,097,210
18,448,474
Pharmaceuticals
8
.2
%
Johnson
&
Johnson
19,079
4,663,671
Novartis
AG,
ADR
22,545
3,443,749
8,107,420
Tobacco
9
.9
%
Altria
Group,
Inc.
65,624
4,330,528
Common
Stocks
Shares
Value
($)
Tobacco
Philip
Morris
International,
Inc.
32,858
5,432,741
9,763,269
Water
Utilities
3
.2
%
American
Water
Works
Co.,
Inc.(a)
22,874
3,112,923
Total
Common
Stocks
(cost
$89,199,481)
97,394,834
Repurchase
Agreements
9
.8
%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$9,000,915,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$9,180,000.(b)
9,000,000
9,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$622,538,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$634,989.(b)
622,475
622,475
Total
Repurchase
Agreements
(cost
$9,622,475)
9,622,475
Total
Investments
(cost
$98,821,956)
—
108.5%
107,017,309
Liabilities
in
excess
of
other
assets
—
(8.5)%
(
8,353,839
)
NET
ASSETS
—
100.0%
$
98,663,470
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$10,723,063,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$9,622,475
and
by
$1,525,118
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
4/15/2026
-
8/15/2054,
a
total
value
of
$11,147,593.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$9,622,475.
ADR
American
Depositary
Receipt
NVIT
GQG
US
Quality
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
11
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
12
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
GQG
US
Quality
Equity
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
97,394,834
$
–
$
–
$
97,394,834
Repurchase
Agreements
–
9,622,475
–
9,622,475
Total
$
97,394,834
$
9,622,475
$
–
$
107,017,309
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Jacobs
Levy
Large
Cap
Core
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
13
Common
Stocks
99
.8
%
Shares
Value
($)
Aerospace
&
Defense
3
.5
%
Huntington
Ingalls
Industries,
Inc.
6,147
2,335,246
Lockheed
Martin
Corp.
6,752
4,080,841
Northrop
Grumman
Corp.
2,229
1,520,713
7,936,800
Automobile
Components
0
.2
%
Autoliv,
Inc.
3,836
403,394
Automobiles
1
.7
%
General
Motors
Co.
52,446
3,907,227
Banks
2
.9
%
Citigroup,
Inc.
35,829
4,063,367
Wells
Fargo
&
Co.
32,374
2,577,294
6,640,661
Biotechnology
2
.2
%
Incyte
Corp.*
17,761
1,671,666
Neurocrine
Biosciences,
Inc.*
5,688
749,337
Regeneron
Pharmaceuticals,
Inc.
3,380
2,611,523
5,032,526
Broadline
Retail
2
.5
%
Amazon.com,
Inc.*
16,628
3,463,114
Coupang,
Inc.*
35,912
678,018
eBay,
Inc.
17,167
1,562,540
5,703,672
Building
Products
1
.3
%
A
O
Smith
Corp.
15,474
1,020,356
Masco
Corp.
23,435
1,414,771
Trex
Co.,
Inc.*
13,744
500,556
2,935,683
Capital
Markets
5
.5
%
Bank
of
New
York
Mellon
Corp.
(The)
37,214
4,414,697
Evercore,
Inc.,
Class
A
2,915
870,156
Interactive
Brokers
Group,
Inc.,
Class
A
32,000
2,146,240
Jefferies
Financial
Group,
Inc.
20,142
831,260
Northern
Trust
Corp.
21,068
2,940,461
Stifel
Financial
Corp.
18,029
1,332,704
12,535,518
Chemicals
0
.4
%
Albemarle
Corp.
5,464
980,952
Commercial
Services
&
Supplies
1
.4
%
Rollins,
Inc.
18,724
1,000,049
Waste
Management,
Inc.
9,004
2,069,029
3,069,078
Construction
&
Engineering
1
.4
%
Argan,
Inc.
2,072
1,128,515
Comfort
Systems
USA,
Inc.
209
288,209
EMCOR
Group,
Inc.
2,484
1,833,962
3,250,686
Consumer
Finance
0
.3
%
Ally
Financial,
Inc.
17,856
700,491
Consumer
Staples
Distribution
&
Retail
3
.0
%
Costco
Wholesale
Corp.
2,372
2,363,532
Maplebear,
Inc.*
26,812
1,004,377
Sprouts
Farmers
Market,
Inc.*(a)
6,390
492,861
Common
Stocks
Shares
Value
($)
Consumer
Staples
Distribution
&
Retail
Target
Corp.
24,423
2,960,068
6,820,838
Electrical
Equipment
0
.1
%
Powell
Industries,
Inc.(a)
432
233,747
Electronic
Equipment,
Instruments
&
Components
1
.2
%
Jabil,
Inc.
5,106
1,356,307
TD
SYNNEX
Corp.
7,809
1,317,456
2,673,763
Entertainment
1
.0
%
Netflix,
Inc.*
19,082
1,834,734
Roku,
Inc.,
Class
A*
4,047
382,927
2,217,661
Financial
Services
0
.2
%
Chime
Financial,
Inc.,
Class
A*(a)
12,551
235,080
Mastercard,
Inc.,
Class
A
603
301,295
536,375
Food
Products
2
.2
%
Archer-Daniels-Midland
Co.(a)
25,794
1,874,966
Lamb
Weston
Holdings,
Inc.(a)
12,431
525,334
Smithfield
Foods,
Inc.
26,270
734,772
Tyson
Foods,
Inc.,
Class
A
27,832
1,783,196
4,918,268
Ground
Transportation
1
.0
%
JB
Hunt
Transport
Services,
Inc.
2,229
472,325
Landstar
System,
Inc.
9,276
1,487,036
Ryder
System,
Inc.
1,876
384,036
2,343,397
Health
Care
Equipment
&
Supplies
2
.7
%
Align
Technology,
Inc.*
8,158
1,398,526
Edwards
Lifesciences
Corp.*
42,651
3,415,492
GE
HealthCare
Technologies,
Inc.
17,942
1,277,112
6,091,130
Health
Care
Providers
&
Services
2
.0
%
Centene
Corp.*
24,335
796,728
McKesson
Corp.
4,449
3,849,987
4,646,715
Health
Care
REITs
0
.4
%
Alexandria
Real
Estate
Equities,
Inc.
21,541
999,933
Hotels,
Restaurants
&
Leisure
3
.0
%
Booking
Holdings,
Inc.
1,029
4,332,419
Domino's
Pizza,
Inc.(a)
2,760
990,261
DraftKings,
Inc.,
Class
A*
19,418
419,817
Las
Vegas
Sands
Corp.
20,714
1,116,070
6,858,567
Household
Durables
0
.6
%
NVR,
Inc.*
192
1,265,247
Household
Products
0
.9
%
Clorox
Co.
(The)
12,056
1,249,363
Colgate-Palmolive
Co.
8,403
716,188
1,965,551
14
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Jacobs
Levy
Large
Cap
Core
Fund
Common
Stocks
Shares
Value
($)
Independent
Power
and
Renewable
Electricity
Producers
0
.1
%
Vistra
Corp.
1,124
168,971
Insurance
3
.3
%
Everest
Group
Ltd.
3,418
1,117,173
MetLife,
Inc.
17,429
1,232,579
Prudential
Financial,
Inc.
14,906
1,456,167
Reinsurance
Group
of
America,
Inc.
3,202
653,720
Travelers
Cos.,
Inc.
(The)
10,176
2,968,136
7,427,775
Interactive
Media
&
Services
9
.4
%
Alphabet,
Inc.,
Class
C
54,550
15,648,213
Match
Group,
Inc.
33,603
1,031,948
Meta
Platforms,
Inc.,
Class
A
7,319
4,187,419
Pinterest,
Inc.,
Class
A*(a)
13,499
247,572
Snap,
Inc.,
Class
A*
66,198
304,511
21,419,663
IT
Services
1
.4
%
VeriSign,
Inc.
12,992
3,226,693
Life
Sciences
Tools
&
Services
0
.8
%
West
Pharmaceutical
Services,
Inc.
6,803
1,705,104
Machinery
1
.3
%
Graco,
Inc.
8,082
684,141
Otis
Worldwide
Corp.
28,698
2,212,042
2,896,183
Media
0
.3
%
Trade
Desk,
Inc.
(The),
Class
A*
24,921
565,458
Multi-Utilities
0
.7
%
Public
Service
Enterprise
Group,
Inc.
20,166
1,632,438
Oil,
Gas
&
Consumable
Fuels
4
.0
%
Chevron
Corp.
20,648
4,272,071
Phillips
66
13,483
2,456,333
Valero
Energy
Corp.(a)
9,689
2,393,958
9,122,362
Passenger
Airlines
0
.4
%
Southwest
Airlines
Co.
26,083
979,938
Personal
Care
Products
0
.3
%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
8,401
602,940
Professional
Services
0
.4
%
FTI
Consulting,
Inc.*(a)
4,763
841,956
Residential
REITs
0
.4
%
Camden
Property
Trust
8,599
839,778
Semiconductors
&
Semiconductor
Equipment
13
.3
%
Broadcom,
Inc.
5,171
1,600,476
Cirrus
Logic,
Inc.*(a)
1,661
240,214
Lam
Research
Corp.
11,116
2,375,045
Micron
Technology,
Inc.
12,400
4,189,216
NVIDIA
Corp.
104,561
18,235,438
QUALCOMM,
Inc.
28,099
3,618,589
30,258,978
Software
11
.4
%
Adobe,
Inc.*
11,401
2,771,355
Common
Stocks
Shares
Value
($)
Software
Atlassian
Corp.,
Class
A*
7,418
506,279
Crowdstrike
Holdings,
Inc.,
Class
A*
3,060
1,194,655
Docusign,
Inc.,
Class
A*
7,071
335,236
Dropbox,
Inc.,
Class
A*(a)
60,424
1,372,833
Fortinet,
Inc.*
29,718
2,428,555
Manhattan
Associates,
Inc.*
7,459
992,942
Microsoft
Corp.
18,367
6,798,912
Nutanix,
Inc.,
Class
A*
9,442
358,890
Pegasystems,
Inc.(a)
9,548
406,363
Salesforce,
Inc.
4,795
895,083
SentinelOne,
Inc.,
Class
A*(a)
13,763
177,267
ServiceNow,
Inc.*
35,749
3,737,558
Synopsys,
Inc.*
6,130
2,430,422
Workday,
Inc.,
Class
A*
9,741
1,265,551
Zoom
Communications,
Inc.,
Class
A*
164
13,184
Zscaler,
Inc.*
1,192
167,226
25,852,311
Specialty
Retail
3
.7
%
AutoZone,
Inc.*
520
1,756,446
Best
Buy
Co.,
Inc.
21,412
1,374,650
Carvana
Co.,
Class
A*(a)
2,055
646,051
Five
Below,
Inc.*
1,504
343,634
Lowe's
Cos.,
Inc.
12,751
3,012,806
Wayfair,
Inc.,
Class
A*(a)
1,681
126,428
Williams-Sonoma,
Inc.
6,321
1,152,508
8,412,523
Technology
Hardware,
Storage
&
Peripherals
6
.2
%
Apple,
Inc.
55,960
14,202,088
Textiles,
Apparel
&
Luxury
Goods
0
.4
%
Deckers
Outdoor
Corp.*
10,122
1,013,111
Trading
Companies
&
Distributors
0
.4
%
Watsco,
Inc.(a)
2,660
967,681
Total
Common
Stocks
(cost
$175,727,441)
226,803,831
Repurchase
Agreements
2
.5
%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,000,508,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$5,100,000.(b)
5,000,000
5,000,000
NVIT
Jacobs
Levy
Large
Cap
Core
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
15
Repurchase
Agreements
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$756,605,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$771,737.(b)
756,528
756,528
Total
Repurchase
Agreements
(cost
$5,756,528)
5,756,528
Total
Investments
(cost
$181,483,969)
—
102.3%
232,560,359
Liabilities
in
excess
of
other
assets
—
(2.3)%
(
5,237,804
)
NET
ASSETS
—
100.0%
$
227,322,555
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$9,140,649,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$5,756,528
and
by
$3,407,418
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
5.25%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$9,163,946.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$5,756,528.
REIT
Real
Estate
Investment
Trust
16
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Jacobs
Levy
Large
Cap
Core
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
NVIT
Jacobs
Levy
Large
Cap
Core
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
17
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
226,803,831
$
–
$
–
$
226,803,831
Repurchase
Agreements
–
5,756,528
–
5,756,528
Total
$
226,803,831
$
5,756,528
$
–
$
232,560,359
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
18
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Victory
Mid
Cap
Value
Fund
Common
Stocks
96.9%
Shares
Value
($)
Aerospace
&
Defense
2.4%
L3Harris
Technologies,
Inc.
16,375
5,651,831
StandardAero,
Inc.*(a)
203,500
5,256,405
10,908,236
Automobile
Components
1.1%
BorgWarner,
Inc.
90,750
4,924,095
Banks
1.8%
Truist
Financial
Corp.
173,500
7,975,795
Building
Products
1.4%
Carrier
Global
Corp.(a)
108,575
6,113,858
Capital
Markets
2.0%
LPL
Financial
Holdings,
Inc.
6,625
1,992,999
Raymond
James
Financial,
Inc.
47,525
6,881,144
8,874,143
Chemicals
4.1%
CF
Industries
Holdings,
Inc.
31,625
4,106,190
DuPont
de
Nemours,
Inc.
132,500
6,068,500
RPM
International,
Inc.
81,200
8,071,280
18,245,970
Commercial
Services
&
Supplies
1.1%
Republic
Services,
Inc.,
Class
A
22,250
4,873,195
Communications
Equipment
0.9%
F5,
Inc.*
13,550
3,920,422
Construction
Materials
1.0%
Amrize
Ltd.
CHF*
82,575
4,625,852
Consumer
Staples
Distribution
&
Retail
4.7%
BJ's
Wholesale
Club
Holdings,
Inc.*
49,300
4,852,106
Casey's
General
Stores,
Inc.
7,250
5,276,985
US
Foods
Holding
Corp.*(a)
118,700
10,945,327
21,074,418
Containers
&
Packaging
3.4%
AptarGroup,
Inc.
52,000
6,553,040
Packaging
Corp.
of
America
41,025
8,706,325
15,259,365
Electric
Utilities
2.3%
Alliant
Energy
Corp.(a)
143,200
10,276,032
Electrical
Equipment
2.9%
Hubbell,
Inc.,
Class
B
14,900
7,312,026
Regal
Rexnord
Corp.
31,325
5,865,920
13,177,946
Electronic
Equipment,
Instruments
&
Components
3.2%
CDW
Corp.
27,900
3,376,458
Keysight
Technologies,
Inc.*
26,400
7,454,568
Zebra
Technologies
Corp.,
Class
A*
17,025
3,559,587
14,390,613
Energy
Equipment
&
Services
2.2%
Baker
Hughes
Co.,
Class
A
73,325
4,476,491
SLB
Ltd.
103,300
5,308,587
9,785,078
Food
Products
1.7%
Archer-Daniels-Midland
Co.
102,200
7,428,918
Common
Stocks
Shares
Value
($)
Ground
Transportation
4.3%
CSX
Corp.
209,800
8,612,290
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
121,800
7,013,244
Landstar
System,
Inc.
23,100
3,703,161
19,328,695
Health
Care
Providers
&
Services
5.5%
Labcorp
Holdings,
Inc.
42,300
11,286,063
Molina
Healthcare,
Inc.*(a)
44,200
5,891,860
Quest
Diagnostics,
Inc.
38,000
7,447,240
24,625,163
Hotels,
Restaurants
&
Leisure
3.4%
Expedia
Group,
Inc.
18,750
4,329,187
Hilton
Worldwide
Holdings,
Inc.
16,550
5,032,524
Texas
Roadhouse,
Inc.,
Class
A
34,700
5,730,358
15,092,069
Household
Durables
1.3%
TopBuild
Corp.*(a)
16,925
5,945,753
Insurance
5.6%
American
Financial
Group,
Inc.
41,600
5,312,736
Hartford
Insurance
Group,
Inc.
(The)
56,600
7,654,018
Old
Republic
International
Corp.(a)
137,500
5,486,250
Willis
Towers
Watson
plc
22,500
6,540,750
24,993,754
IT
Services
1.3%
Akamai
Technologies,
Inc.*(a)
52,200
5,995,170
Life
Sciences
Tools
&
Services
2.3%
IQVIA
Holdings,
Inc.*
26,425
4,506,520
Revvity,
Inc.(a)
65,600
5,747,216
10,253,736
Machinery
7.0%
AGCO
Corp.
40,000
4,634,800
IDEX
Corp.
32,000
6,065,600
Lincoln
Electric
Holdings,
Inc.
(a)
30,600
7,621,848
Toro
Co.
(The)
64,675
6,043,232
Xylem,
Inc.
56,450
6,745,775
31,111,255
Metals
&
Mining
2.0%
Franco-Nevada
Corp.
10,300
2,544,615
Steel
Dynamics,
Inc.
35,850
6,453,000
8,997,615
Multi-Utilities
1.8%
CMS
Energy
Corp.
106,800
8,285,544
Oil,
Gas
&
Consumable
Fuels
5.0%
Chord
Energy
Corp.
40,100
5,701,418
Coterra
Energy,
Inc.
67,900
2,386,006
Devon
Energy
Corp.
160,900
8,096,488
Expand
Energy
Corp.
57,700
6,334,306
22,518,218
Personal
Care
Products
1.1%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
66,525
4,774,499
NVIT
Victory
Mid
Cap
Value
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
19
Common
Stocks
Shares
Value
($)
Professional
Services
2.6%
CACI
International,
Inc.,
Class
A*
10,050
5,465,893
FTI
Consulting,
Inc.*(a)
34,075
6,023,438
11,489,331
Residential
REITs
2.7%
Camden
Property
Trust
55,100
5,381,066
Equity
LifeStyle
Properties,
Inc.(a)
105,075
6,558,782
11,939,848
Retail
REITs
1.6%
NNN
REIT,
Inc.
173,200
7,279,596
Semiconductors
&
Semiconductor
Equipment
2.5%
Microchip
Technology,
Inc.(a)
119,100
7,695,051
MKS,
Inc.
14,275
3,280,538
10,975,589
Software
1.6%
Check
Point
Software
Technologies
Ltd.*
18,600
2,657,010
Trimble,
Inc.*
69,500
4,533,485
7,190,495
Specialized
REITs
1.8%
Lamar
Advertising
Co.,
Class
A(a)
62,675
7,938,415
Specialty
Retail
5.7%
AutoZone,
Inc.*
1,925
6,502,227
Lowe's
Cos.,
Inc.
34,725
8,204,823
Penske
Automotive
Group,
Inc.(a)
35,900
5,367,768
Williams-Sonoma,
Inc.
29,225
5,328,594
25,403,412
Water
Utilities
1.6%
American
Water
Works
Co.,
Inc.
51,300
6,981,417
Total
Common
Stocks
(cost
$390,242,887)
432,973,510
Repurchase
Agreements
6.1%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$11,001,118,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$11,220,000.(b)
11,000,000
11,000,000
Repurchase
Agreements
Principal
Amount
($)
Value
($)
BNP
Paribas
Securities
Corp.,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$3,000,304,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
4.88%,
maturing
4/30/2026
-
11/15/2052;
total
market
value
$3,060,000.(b)
3,000,000
3,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,484,080,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$1,513,762.(b)
1,483,930
1,483,930
MetLife,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,203,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$2,041,024.(b)
2,000,000
2,000,000
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$10,001,011,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$10,200,001.(b)
10,000,000
10,000,000
Total
Repurchase
Agreements
(cost
$27,483,930)
27,483,930
Total
Investments
(cost
$417,726,817)
—
103.0%
460,457,440
Liabilities
in
excess
of
other
assets
—
(3.0)%
(13,495,518)
NET
ASSETS
—
100.0%
$
446,961,922
20
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Victory
Mid
Cap
Value
Fund
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$46,142,441,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$27,483,930
and
by
$19,071,039
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
-
5.25%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2054,
a
total
value
of
$46,554,969.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$27,483,930.
REIT
Real
Estate
Investment
Trust
NVIT
Victory
Mid
Cap
Value
Fund
-
March
31,
2026
(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.
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.
22
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Victory
Mid
Cap
Value
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
forward
foreign
currency
contracts.
(a)
Forward
Foreign
Currency
Contracts          
The
Fund
entered
into
forward
foreign
currency
contracts
in
connection
with
planned
purchases
or
sales
of
securities
denominated
in
a
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
to
express
a
view
on
a
foreign
currency
vs.
the
U.S.
dollar
or
other
foreign
currency,
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
and/or
to
seek
to
protect
against
anticipated
changes
in
future
foreign
currency
exchange
rate,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
A
forward
foreign
currency
contract
involves
an
obligation
to
purchase
or
sell
a
specific
currency
at
a
future
date,
which
may
be
any
fixed
number
of
days
from
the
date
of
the
contract
agreed
upon
by
the
parties,
at
a
price
set
at
the
time
of
the
contract.
Forward
foreign
currency
contracts
are
generally
valued
at
the
mean
of
the
last
quoted
bid
and
ask
prices,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
market
value
of
a
forward
foreign
currency
contract
fluctuates
with
changes
in
foreign
currency
exchange
rates.
All
commitments
are
marked-to-market
daily
at
the
applicable
exchange
rates
and
any
resulting
unrealized
appreciation
or
depreciation
is
recorded.
Realized
gains
or
losses
are
recorded
at
the
time
the
forward
foreign
currency
contract
matures
or
at
the
time
of
delivery
of
the
currency.
Forward
foreign
currency
contracts
entail
the
risk
of
unanticipated
movements
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar,
and
the
risk
that
the
counterparties
to
the
contracts
may
be
unable
to
meet
their
obligations
under
the
contract.
As
of
March
31,
2026,
the
Fund
had
no
open
forward
foreign
currency
contracts.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
432,973,510
$
–
$
–
$
432,973,510
Repurchase
Agreements
–
27,483,930
–
27,483,930
Total
$
432,973,510
$
27,483,930
$
–
$
460,457,440
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
23
Common
Stocks
97.3%
Shares
Value
($)
Aerospace
&
Defense
1.2%
Lockheed
Martin
Corp.
8,845
5,345,829
Automobiles
1.6%
Tesla,
Inc.*
19,657
7,307,490
Banks
2.6%
NU
Holdings
Ltd.,
Class
A*
328,699
4,723,405
Popular,
Inc.
51,936
6,968,253
11,691,658
Biotechnology
2.8%
Alnylam
Pharmaceuticals,
Inc.*
1,932
639,241
Apellis
Pharmaceuticals,
Inc.*
42,349
1,703,700
Halozyme
Therapeutics,
Inc.*
46,833
3,026,817
Incyte
Corp.*
50,840
4,785,061
Neurocrine
Biosciences,
Inc.*
1,000
131,740
Ultragenyx
Pharmaceutical,
Inc.*
113,788
2,383,858
12,670,417
Broadline
Retail
3.9%
Amazon.com,
Inc.*
55,305
11,518,372
Coupang,
Inc.*
207,851
3,924,227
Etsy,
Inc.*
48,719
2,434,976
17,877,575
Capital
Markets
4.0%
Bank
of
New
York
Mellon
Corp.
(The)
48,568
5,761,622
Interactive
Brokers
Group,
Inc.,
Class
A
108,556
7,280,851
Jefferies
Financial
Group,
Inc.
69,382
2,863,395
Piper
Sandler
Cos.
28,432
2,176,469
18,082,337
Communications
Equipment
1.8%
Arista
Networks,
Inc.*
68,488
8,408,957
Construction
&
Engineering
4.0%
Argan,
Inc.
7,167
3,903,506
Comfort
Systems
USA,
Inc.
5,627
7,759,577
EMCOR
Group,
Inc.
9,122
6,734,864
18,397,947
Construction
Materials
1.2%
James
Hardie
Industries
plc,
ADR*(a)
298,002
5,644,158
Consumer
Finance
1.3%
Ally
Financial,
Inc.
147,379
5,781,678
Electrical
Equipment
0.9%
Powell
Industries,
Inc.(a)
6,789
3,673,392
Vicor
Corp.*
1,776
285,936
3,959,328
Electronic
Equipment,
Instruments
&
Components
0.9%
Jabil,
Inc.
15,876
4,217,142
Entertainment
4.3%
Netflix,
Inc.*
56,697
5,451,417
ROBLOX
Corp.,
Class
A*
44,045
2,491,185
Roku,
Inc.,
Class
A*
39,829
3,768,620
Spotify
Technology
SA*
16,377
7,941,371
19,652,593
Food
Products
0.2%
Marzetti
Co.
(The)
8,191
1,133,061
Common
Stocks
Shares
Value
($)
Ground
Transportation
0.7%
Lyft,
Inc.,
Class
A*
167,441
2,226,965
U-Haul
Holding
Co.*(a)
17,229
823,202
3,050,167
Health
Care
Equipment
&
Supplies
0.2%
Lantheus
Holdings,
Inc.*(a)
15,081
1,143,894
Health
Care
Providers
&
Services
0.8%
Molina
Healthcare,
Inc.*(a)
26,263
3,500,858
Hotels,
Restaurants
&
Leisure
4.3%
Booking
Holdings,
Inc.
2,244
9,447,958
Domino's
Pizza,
Inc.(a)
9,434
3,384,825
DraftKings,
Inc.,
Class
A*(a)
179,795
3,887,168
Las
Vegas
Sands
Corp.
57,089
3,075,955
19,795,906
Household
Durables
0.2%
Cavco
Industries,
Inc.*
1,533
742,417
Household
Products
0.6%
WD-40
Co.
12,584
2,566,381
Independent
Power
and
Renewable
Electricity
Producers
1.4%
Vistra
Corp.
41,832
6,288,605
Industrial
Conglomerates
0.5%
3M
Co.
15,389
2,234,944
Insurance
1.5%
Everest
Group
Ltd.
16,136
5,274,052
Oscar
Health,
Inc.,
Class
A*
149,986
1,720,339
6,994,391
Interactive
Media
&
Services
8.0%
Alphabet,
Inc.,
Class
C
85,450
24,512,187
Cargurus,
Inc.,
Class
A*
25,667
873,961
Meta
Platforms,
Inc.,
Class
A
19,206
10,988,329
Reddit,
Inc.,
Class
A*
2,862
385,368
36,759,845
IT
Services
0.8%
DigitalOcean
Holdings,
Inc.*
42,023
3,604,733
Leisure
Products
0.5%
Polaris,
Inc.(a)
37,974
2,069,583
Machinery
1.0%
Allison
Transmission
Holdings,
Inc.
30,845
3,610,716
Cummins,
Inc.
838
450,861
Franklin
Electric
Co.,
Inc.
3,748
345,453
4,407,030
Media
0.4%
Trade
Desk,
Inc.
(The),
Class
A*
91,017
2,065,176
Oil,
Gas
&
Consumable
Fuels
0.7%
Phillips
66
18,653
3,398,203
Passenger
Airlines
0.4%
Alaska
Air
Group,
Inc.*(a)
36,747
1,351,555
Southwest
Airlines
Co.
12,720
477,890
1,829,445
Personal
Care
Products
0.4%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
28,360
2,035,397
24
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
Common
Stocks
Shares
Value
($)
Pharmaceuticals
0.7%
Eli
Lilly
&
Co.
3,302
3,037,080
Semiconductors
&
Semiconductor
Equipment
13.8%
Broadcom,
Inc.
42,269
13,082,678
KLA
Corp.
4,689
6,904,131
Kulicke
&
Soffa
Industries,
Inc.
51,331
3,373,473
Lam
Research
Corp.
53,412
11,412,008
Monolithic
Power
Systems,
Inc.
356
389,233
NVIDIA
Corp.
119,881
20,907,247
Onto
Innovation,
Inc.*
8,520
1,747,196
QUALCOMM,
Inc.
41,508
5,345,400
63,161,366
Software
15.6%
Adobe,
Inc.*
26,651
6,478,325
Appfolio,
Inc.,
Class
A*
5,983
944,237
Atlassian
Corp.,
Class
A*
31,512
2,150,694
Clear
Secure,
Inc.,
Class
A
65,806
3,185,668
Commvault
Systems,
Inc.*
5,790
450,983
Docusign,
Inc.,
Class
A*
58,646
2,780,407
Dropbox,
Inc.,
Class
A*(a)
205,437
4,667,529
Fortinet,
Inc.*
89,396
7,305,441
InterDigital,
Inc.
6,492
1,960,584
Manhattan
Associates,
Inc.*(a)
11,004
1,464,852
Microsoft
Corp.
65,610
24,286,854
Nutanix,
Inc.,
Class
A*
29,705
1,129,087
Palantir
Technologies,
Inc.,
Class
A*
11,092
1,622,538
RingCentral,
Inc.,
Class
A(a)
60,116
2,235,714
SentinelOne,
Inc.,
Class
A*
219,564
2,827,984
ServiceNow,
Inc.*
16,792
1,755,604
Tenable
Holdings,
Inc.*
161,321
2,728,745
Varonis
Systems,
Inc.,
Class
B*
111,548
2,394,936
Zscaler,
Inc.*
8,166
1,145,608
71,515,790
Specialty
Retail
2.2%
Carvana
Co.,
Class
A*(a)
5,549
1,744,495
RH*(a)
11,316
1,582,203
Wayfair,
Inc.,
Class
A*(a)
16,731
1,258,338
Williams-Sonoma,
Inc.
29,612
5,399,156
9,984,192
Technology
Hardware,
Storage
&
Peripherals
10.5%
Apple,
Inc.
189,616
48,122,645
Textiles,
Apparel
&
Luxury
Goods
1.4%
Deckers
Outdoor
Corp.*
63,696
6,375,333
Total
Common
Stocks
(cost
$370,850,420)
444,853,551
Repurchase
Agreements
3.1%
Principal
Amount
($)
Value
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$7,000,712,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$7,140,000.(b)
7,000,000
7,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,102,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$1,020,000.
(b)
1,000,000
1,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$6,261,375,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$6,386,602.(b)
6,260,740
6,260,740
Total
Repurchase
Agreements
(cost
$14,260,740)
14,260,740
Total
Investments
(cost
$385,111,160)
—
100.4%
459,114,291
Liabilities
in
excess
of
other
assets
—
(0.4)%
(1,622,279)
NET
ASSETS
—
100.0%
$
457,492,012
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
25
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$28,102,877,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$14,260,740
and
by
$13,366,201
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$27,626,941.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$14,260,740.
ADR
American
Depositary
Receipt
26
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
OTC
Total
return
swap
contracts
outstanding
as
of
March
31,
2026
:
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
10X
Genomics,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
80,122
113,772
113,772
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
3/31/2027
155,333
21,747
21,747
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
4,147
4,147
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
7,296
107,835
107,835
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
2/26/2027
6,889
95,964
95,964
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
12/31/2026
10,700
21,400
21,400
Applied
Optoelectronics,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
4,657
2,794
2,794
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
2/26/2027
9,722
298,174
298,174
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
3/31/2027
16,301
22,332
22,332
Booking
Holdings,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
97
10,021
10,021
Brown
&
Brown,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
9,183
459
459
Caris
Life
Sciences,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
34,643
35,682
35,682
Commvault
Systems,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
6,865
18,604
18,604
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
3/31/2027
95,917
59,469
59,469
Dana,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
51,945
95,059
95,059
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
3/31/2027
8,814
65,752
65,752
Docusign,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
38,145
5,722
5,722
Domino's
Pizza,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
1,403
11,000
11,000
DraftKings,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/30/2026
49,212
33,956
33,956
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
27
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
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
3/31/2027
357
13,284
13,284
Equitable
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
4/30/2027
3,414
4,984
4,984
Everest
Group
Ltd.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
730
4,030
4,030
Floor
&
Decor
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
12/31/2026
69,623
100,953
100,953
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
3,433
3,433
Houlihan
Lokey,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
500
1,585
1,585
Jefferies
Financial
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
2/26/2027
27,150
55,115
55,115
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
52,713
52,713
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
4/30/2027
10,062
27,771
27,771
Las
Vegas
Sands
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
54,399
122,942
122,942
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
11/30/2026
4,201
38,943
38,943
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
4/30/2027
84,144
54,694
54,694
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
11/30/2026
17,757
47,234
47,234
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
2/26/2027
16,164
195,908
195,908
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
1,277
1,277
Monolithic
Power
Systems,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
5,682
528,483
528,483
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
3,535
53,803
53,803
Natera,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
23,727
312,010
312,010
Netflix,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
7,026
22,343
22,343
28
-
Statement
of
Investments
-
March
31,
2026
(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
($)
Neurocrine
Biosciences,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
34,788
105,060
105,060
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
158,311
158,311
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
853
853
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
4/30/2027
252,750
2,334,985
2,334,985
Oscar
Health,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
58,382
36,197
36,197
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
7,112
7,681
7,681
Piper
Sandler
Cos.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
39,472
94,338
94,338
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
50,621
50,621
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
30,750
30,750
Reddit,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
12,080
127,082
127,082
RH
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
5,075
39,585
39,585
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
57,902
57,902
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
3/31/2027
35,099
163,210
163,210
Roku,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
5,423
34,653
34,653
SharkNinja,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
11,321
93,738
93,738
Southwest
Airlines
Co.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
60,669
88,577
88,577
StoneX
Group,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
14,976
40,435
40,435
Texas
Roadhouse,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
10,636
37,971
37,971
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
4/30/2027
116,255
79,053
79,053
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
29
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Tutor
Perini
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
17,418
76,988
76,988
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
17,888
17,888
Varonis
Systems,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
106,274
31,882
31,882
Viking
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
4/30/2027
61,916
311,437
311,437
WD-40
Co.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
2,612
940
940
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
12/31/2026
10,373
31,430
31,430
–
–
Total
unrealized
appreciation
6,716,961
6,716,961
–
–
Advanced
Energy
Industries,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
6,216
(152,416)
(152,416)
Advanced
Micro
Devices,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
12,905
(95,368)
(95,368)
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
3/31/2027
10,179
(61,888)
(61,888)
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
12/31/2026
18,570
(36,769)
(36,769)
Applied
Digital
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
14,063
(44,931)
(44,931)
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
16,680
(84,234)
(84,234)
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
(3,090)
(3,090)
Avis
Budget
Group,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
4.02%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
17,313
(178,151)
(178,151)
Axon
Enterprise,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/28/2027
5,369
(50,362)
(50,362)
Bentley
Systems,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.39%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/28/2027
12,426
(2,283)
(2,283)
Bullish
Increases
in
total
return
of
reference
entity
OBFR
-
1.77%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
5,655
(13,911)
(13,911)
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
3/31/2027
34,893
(14,306)
(14,306)
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
(21,242)
(21,242)
30
-
Statement
of
Investments
-
March
31,
2026
(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
($)
Carpenter
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
11/30/2026
6,112
(144,488)
(144,488)
Casella
Waste
Systems,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
31,422
(30,165)
(30,165)
Celsius
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
44,824
(74,856)
(74,856)
Centrus
Energy
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
8,939
(45,321)
(45,321)
CG
oncology,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
37,487
(139,452)
(139,452)
Chefs'
Warehouse,
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
1/29/2027
37,103
(21,520)
(21,520)
Cipher
Digital,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
20,913
(17,881)
(17,881)
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
(2,685)
(2,685)
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
1/29/2027
24,700
(127,452)
(127,452)
Dianthus
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
4/30/2027
6,810
(30,441)
(30,441)
Disc
Medicine,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
22,124
(69,912)
(69,912)
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
2/26/2027
20,103
(36,185)
(36,185)
Duolingo,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
7,478
(33,277)
(33,277)
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
12/31/2026
50,649
(135,233)
(135,233)
D-Wave
Quantum,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
13,791
(19,997)
(19,997)
Enphase
Energy,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
59,044
(128,125)
(128,125)
Figure
Technology
Solutions,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
3.02%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
3,845
(12,458)
(12,458)
Firefly
Aerospace,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
1.27%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
17,473
(84,744)
(84,744)
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
5/28/2027
9,741
(76,758)
(76,758)
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
31
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Gitlab,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
5,253
(4,413)
(4,413)
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
1/29/2027
23,531
(34,355)
(34,355)
IES
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
4/30/2027
3,492
(121,347)
(121,347)
Impinj,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
17,256
(114,407)
(114,407)
IonQ,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
6,884
(15,420)
(15,420)
Iridium
Communications,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
83,775
(90,477)
(90,477)
Ivanhoe
Electric,
Inc.
/
US
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
125,109
(131,364)
(131,364)
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
11/30/2026
21,091
(109,251)
(109,251)
Joby
Aviation,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
190,138
(60,844)
(60,844)
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
11/30/2026
34,665
(91,516)
(91,516)
Knowles
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
38,278
(42,106)
(42,106)
Kymera
Therapeutics,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.52%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
18,155
(69,171)
(69,171)
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
2/26/2027
24,096
(179,274)
(179,274)
LPL
Financial
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
7,086
(6,732)
(6,732)
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
3/31/2027
4,313
(206,895)
(206,895)
MACOM
Technology
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
11/30/2026
13,458
(169,302)
(169,302)
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
2/26/2027
17,273
(52,683)
(52,683)
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
(167,127)
(167,127)
Modine
Manufacturing
Co.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
9,636
(140,011)
(140,011)
32
-
Statement
of
Investments
-
March
31,
2026
(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
($)
nCino,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
130,025
(72,814)
(72,814)
Norwegian
Cruise
Line
Holdings
Ltd.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/28/2027
126,249
(128,864)
(128,864)
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
3/31/2027
16,384
(136,151)
(136,151)
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
4/30/2027
10,337
(8,270)
(8,270)
Palo
Alto
Networks,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
14,838
(88,583)
(88,583)
Planet
Labs
PBC
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
72,798
(4,368)
(4,368)
Plexus
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
3,718
(35,581)
(35,581)
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
20,387
(112,740)
(112,740)
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
2/26/2027
43,554
(6,533)
(6,533)
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
11/30/2026
26,490
(46,093)
(46,093)
Revolution
Medicines,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
23,769
(107,911)
(107,911)
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
7,854
(53,721)
(53,721)
Royal
Caribbean
Cruises
Ltd.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
10,203
(156,208)
(156,208)
Sanmina
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/30/2026
19,669
(110,343)
(110,343)
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
4/30/2027
5,800
(35,264)
(35,264)
ServiceNow,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
69,716
(29,281)
(29,281)
ServisFirst
Bancshares,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
13,399
(9,111)
(9,111)
Shift4
Payments,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
9.89%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
21,556
(2,371)
(2,371)
Solaris
Energy
Infrastructure,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
36,168
(137,077)
(137,077)
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
33
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
SPX
Technologies,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/29/2027
8,728
(80,559)
(80,559)
Super
Micro
Computer,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
50,117
(85,700)
(85,700)
Tenable
Holdings,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
24,390
(3,537)
(3,537)
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
1/29/2027
5,999
(46,732)
(46,732)
TG
Therapeutics,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2027
41,716
(71,334)
(71,334)
Turning
Point
Brands,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
22,805
(14,823)
(14,823)
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
2/26/2027
170,484
(167,074)
(167,074)
Urban
Outfitters,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
20,227
(48,949)
(48,949)
USA
Rare
Earth,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.64%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
12,300
(11,132)
(11,132)
UWM
Holdings
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.77%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
562,022
(140,506)
(140,506)
Vera
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
4/30/2027
6,078
(12,946)
(12,946)
Veracyte,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2026
34,485
(61,038)
(61,038)
Wendy's
Co.
(The)
Increases
in
total
return
of
reference
entity
OBFR
-
1.27%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
337,307
(102,918)
(102,918)
WillScot
Holdings
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/26/2027
137,742
(118,458)
(118,458)
WisdomTree,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.77%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2027
48,578
(31,090)
(31,090)
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
4/30/2027
28,931
(32,981)
(32,981)
–
–
Total
unrealized
depreciation
(6,107,657)
(6,107,657)
–
–
Net
unrealized
appreciation
609,304
609,304
Financing
Costs
of
Swap
Contracts
(4,601)
(4,601)
Total
Unrealized
Appreciation
(Depreciation)
including
Financing
Costs
of
Swap
Contracts
604,703
604,703
OBFR
Overnight
Bank
Funding
Rate
34
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Index
Reference
Rate
Overnight
Bank
Funding
Rate
(OBFR)
3.64%
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
35
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.
36
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using swap
contracts.
(a)
Swap
Contracts             
Total
Return
Swap
Contracts
— The
Fund
entered
into
total
return
swap
contracts
to
take
long
and
short
positions
in
equities
or to
obtain
exposure
to
a
foreign
market
and/or
foreign
index
without
owning
such
securities
or
investing
directly
in
that
foreign
market
and/or
foreign
index,
as
applicable,
to
meet the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Total
return
swap
contracts
are
agreements
in
which
the
Fund
and
the
counterparty
each
agree
to
pay
the
other
party
the
difference
between
the
relative
investment
performance
that
would
have
been
achieved
if
the
notional
amount
of
the
total
return
swap
contract
had
been
invested
in
the
particular
foreign
market
and/or
foreign
indices
and
the
return
for
payments
equal
to
the
fixed
or
floating
rate
of
interest.
The
counterparty
to
a
total
return
swap
contract
is
a
financial
institution. The
Fund
has
segregated
liquid
assets
to
cover
its
obligations
under
the
total
return
swap
contract.
Total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that the
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between the
Fund
and
the
counterparty.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Total
return
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
an
independent
pricing
service.
An
independent
pricing
service
can
utilize
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as,
but
not
limited
to,
discounted
cash
flows,
trades,
and
values
of
the
underlying
reference
instruments,
such
as
the
foreign
market
and/or
foreign
index.
Total
return
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
444,853,551
$
–
$
–
$
444,853,551
Repurchase
Agreements
–
14,260,740
–
14,260,740
Total
Return
Swaps†
–
6,716,961
–
6,716,961
Total
Assets
$
444,853,551
$
20,977,701
$
–
$
465,831,252
Liabilities:
Total
Return
Swaps†
$
–
$
(6,112,258)
$
–
$
(6,112,258)
Total
Liabilities
$
–
$
(6,112,258)
$
–
$
(6,112,258)
Total
$
444,853,551
$
14,865,443
$
–
$
459,718,994
†
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
and
equity
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
Assets:
Fair
Value
Swap
Contracts†
Equity
risk
Swap
contracts,
at
value
$
6,716,961
Total
$
6,716,961
NVIT
Jacobs
Levy
Large
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
37
Liabilities:
Swap
Contracts†
Equity
risk
Swap
contracts,
at
value
$
(6,112,258)
Total
$
(6,112,258)
†
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.
38
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Invesco
Small
Cap
Growth
Fund
Common
Stocks
95
.2
%
Shares
Value
($)
Aerospace
&
Defense
11
.8
%
ATI,
Inc.*
27,151
3,949,385
Carpenter
Technology
Corp.(a)
13,694
5,397,490
Curtiss-Wright
Corp.
9,048
6,162,774
Embraer
SA,
ADR-BR
62,130
3,686,794
Karman
Holdings,
Inc.*(a)
52,139
4,173,727
Kratos
Defense
&
Security
Solutions,
Inc.*
24,390
1,719,739
Mercury
Systems,
Inc.*
46,209
3,369,098
VSE
Corp.
15,333
2,827,405
31,286,412
Automobile
Components
2
.1
%
Dana,
Inc.
62,321
2,097,102
Garrett
Motion,
Inc.
97,993
1,780,533
Patrick
Industries,
Inc.(a)
15,293
1,698,593
5,576,228
Banks
1
.0
%
Ameris
Bancorp(a)
34,136
2,662,267
Biotechnology
7
.2
%
Arrowhead
Pharmaceuticals,
Inc.*(a)
11,954
749,516
Bridgebio
Pharma,
Inc.*(a)
45,978
3,414,326
Caris
Life
Sciences,
Inc.*(a)
34,618
618,970
Cogent
Biosciences,
Inc.*
30,538
1,175,408
Halozyme
Therapeutics,
Inc.*
51,684
3,340,337
Madrigal
Pharmaceuticals,
Inc.*
4,889
2,559,245
Mirum
Pharmaceuticals,
Inc.*
7,171
662,457
Nuvalent,
Inc.,
Class
A*(a)
10,136
1,038,433
Protagonist
Therapeutics,
Inc.*
28,980
3,054,492
Rhythm
Pharmaceuticals,
Inc.*
9,795
851,871
Twist
Bioscience
Corp.*(a)
33,821
1,607,174
19,072,229
Building
Products
1
.7
%
Modine
Manufacturing
Co.*(a)
21,437
4,645,612
Capital
Markets
3
.7
%
Evercore,
Inc.,
Class
A
11,753
3,508,388
Marex
Group
plc
51,081
2,277,191
Piper
Sandler
Cos.
37,514
2,871,697
WisdomTree,
Inc.(a)
77,903
1,134,267
9,791,543
Chemicals
0
.6
%
Element
Solutions,
Inc.
43,854
1,497,176
Communications
Equipment
1
.0
%
Viavi
Solutions,
Inc.*(a)
84,111
2,799,214
Construction
&
Engineering
7
.0
%
Argan,
Inc.
6,170
3,360,491
Construction
Partners,
Inc.,
Class
A*(a)
30,470
3,385,827
Everus
Construction
Group,
Inc.*
22,300
2,632,738
Primoris
Services
Corp.
25,410
3,634,646
Sterling
Infrastructure,
Inc.*(a)
13,542
5,515,250
18,528,952
Consumer
Finance
1
.1
%
Enova
International,
Inc.*
21,801
2,961,230
Electrical
Equipment
2
.6
%
Bloom
Energy
Corp.,
Class
A*
14,204
1,924,500
Common
Stocks
Shares
Value
($)
Electrical
Equipment
Forgent
Power
Solutions,
Inc.,
Class
A*
87,943
2,574,091
Powell
Industries,
Inc.(a)
4,460
2,413,217
6,911,808
Electronic
Equipment,
Instruments
&
Components
8
.8
%
Advanced
Energy
Industries,
Inc.(a)
21,954
7,084,775
Cognex
Corp.(a)
27,101
1,327,678
Fabrinet*
11,957
6,235,815
Sanmina
Corp.*
20,108
2,606,801
TTM
Technologies,
Inc.*
61,458
5,987,238
23,242,307
Energy
Equipment
&
Services
3
.4
%
Archrock,
Inc.
81,222
2,826,525
TechnipFMC
plc
88,890
6,144,966
8,971,491
Ground
Transportation
1
.2
%
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
56,425
3,248,951
Health
Care
Equipment
&
Supplies
1
.7
%
Glaukos
Corp.*
13,548
1,458,578
IRhythm
Holdings,
Inc.*
8,152
962,099
LeMaitre
Vascular,
Inc.
7,611
830,893
TransMedics
Group,
Inc.*(a)
11,491
1,142,320
4,393,890
Health
Care
Providers
&
Services
7
.4
%
Alignment
Healthcare,
Inc.*
119,124
2,098,965
Billiontoone,
Inc.,
Class
A*(a)
7,810
616,522
BrightSpring
Health
Services,
Inc.*(a)
135,535
5,775,146
Encompass
Health
Corp.
29,020
2,807,105
GeneDx
Holdings
Corp.,
Class
A*
16,137
1,036,318
Guardant
Health,
Inc.*
52,754
4,872,887
HealthEquity,
Inc.*
7,744
647,166
RadNet,
Inc.*
32,107
1,794,460
19,648,569
Health
Care
Technology
0
.4
%
HeartFlow,
Inc.*(a)
45,914
1,117,088
Hotels,
Restaurants
&
Leisure
1
.2
%
Dutch
Bros,
Inc.,
Class
A*(a)
28,352
1,436,312
Red
Rock
Resorts,
Inc.,
Class
A(a)
34,582
1,845,296
3,281,608
Independent
Power
and
Renewable
Electricity
Producers
0
.5
%
Talen
Energy
Corp.*
4,180
1,334,381
Insurance
0
.4
%
Palomar
Holdings,
Inc.*
8,432
1,007,624
Life
Sciences
Tools
&
Services
0
.7
%
Repligen
Corp.*
15,873
1,870,157
Machinery
4
.6
%
Atmus
Filtration
Technologies,
Inc.
22,748
1,291,404
Crane
Co.
7,414
1,267,794
ESCO
Technologies,
Inc.
18,081
5,087,451
NVIT
Invesco
Small
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
39
Common
Stocks
Shares
Value
($)
Machinery
SPX
Technologies,
Inc.*(a)
22,375
4,473,657
12,120,306
Metals
&
Mining
3
.3
%
Century
Aluminum
Co.*
47,601
2,793,703
ERO
Copper
Corp.*
76,362
2,036,574
MP
Materials
Corp.*(a)
31,145
1,503,058
Orla
Mining
Ltd.
143,591
2,316,123
8,649,458
Oil,
Gas
&
Consumable
Fuels
1
.6
%
Chord
Energy
Corp.
19,636
2,791,847
Golar
LNG
Ltd.(a)
24,885
1,346,527
4,138,374
Pharmaceuticals
2
.5
%
Axsome
Therapeutics,
Inc.*
19,728
3,334,427
Ligand
Pharmaceuticals,
Inc.*(a)
17,205
3,434,978
6,769,405
Semiconductors
&
Semiconductor
Equipment
12
.9
%
Allegro
MicroSystems,
Inc.*(a)
34,194
1,078,137
Lattice
Semiconductor
Corp.*
48,763
4,523,256
MACOM
Technology
Solutions
Holdings,
Inc.*
29,394
6,527,526
MKS,
Inc.
15,738
3,616,750
Nova
Ltd.*(a)
11,000
4,777,080
Onto
Innovation,
Inc.*
14,271
2,926,554
Rambus,
Inc.*
10,078
867,010
SiTime
Corp.*
8,938
3,086,738
Tower
Semiconductor
Ltd.*
39,153
6,870,568
34,273,619
Software
1
.5
%
JFrog
Ltd.*(a)
43,247
2,029,581
Terawulf,
Inc.*(a)
131,260
1,894,082
3,923,663
Specialty
Retail
2
.6
%
Boot
Barn
Holdings,
Inc.*
19,940
2,918,419
Five
Below,
Inc.*
17,815
4,070,371
6,988,790
Textiles,
Apparel
&
Luxury
Goods
0
.7
%
Gildan
Activewear,
Inc.,
Class
A
35,826
1,993,717
Total
Common
Stocks
(cost
$186,750,561)
252,706,069
Repurchase
Agreements
4
.5
%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$4,000,407,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$4,080,000.(b)
4,000,000
4,000,000
Repurchase
Agreements
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$851,501,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$868,531.(b)
851,414
851,414
Citi
Global
Market,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$7,000,712,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.25%
-
4.38%,
maturing
11/30/2030
-
5/15/2035;
total
market
value
$7,140,003.(b)
7,000,000
7,000,000
Total
Repurchase
Agreements
(cost
$11,851,414)
11,851,414
Total
Investments
(cost
$198,601,975)
—
99.7%
264,557,483
Other
assets
in
excess
of
liabilities
—
0.3%
922,967
NET
ASSETS
—
100.0%
$
265,480,450
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$52,209,584,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$11,851,414
and
by
$38,830,123
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$50,681,537.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$11,851,414.
ADR
American
Depositary
Receipt
BR
Brazil
40
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Invesco
Small
Cap
Growth
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
NVIT
Invesco
Small
Cap
Growth
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
41
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
252,706,069
$
–
$
–
$
252,706,069
Repurchase
Agreements
–
11,851,414
–
11,851,414
Total
$
252,706,069
$
11,851,414
$
–
$
264,557,483
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
42
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Value
Fund
(formerly,
NVIT
Multi-Manager
Small
Cap
Value
Fund)
Common
Stocks
99
.0
%
Shares
Value
($)
Aerospace
&
Defense
0
.1
%
Astronics
Corp.*
2,635
175,834
Air
Freight
&
Logistics
0
.2
%
Hub
Group,
Inc.,
Class
A(a)
6,513
234,729
Radiant
Logistics,
Inc.*
15,301
107,872
342,601
Automobile
Components
3
.3
%
Cooper-Standard
Holdings,
Inc.*
24,694
688,222
Dana,
Inc.
103,662
3,488,226
Gentherm,
Inc.*
1,116
31,002
Holley,
Inc.*
8,894
27,305
Lear
Corp.
9,807
1,187,431
Stoneridge,
Inc.*
26,324
127,145
Strattec
Security
Corp.*(a)
9,173
718,613
6,267,944
Banks
15
.3
%
1st
Source
Corp.
1,010
69,902
Amerant
Bancorp,
Inc.,
Class
A
12,593
277,550
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
22,847
1,199,011
Bank7
Corp.
1,563
62,332
BankUnited,
Inc.
76,007
3,432,476
BayCom
Corp.(a)
2,119
62,987
BCB
Bancorp,
Inc.(a)
8,907
79,985
BOK
Financial
Corp.(a)
2,995
383,540
Business
First
Bancshares,
Inc.
8,104
219,132
Byline
Bancorp,
Inc.
9,255
292,180
Capital
City
Bank
Group,
Inc.
5,799
252,025
Central
Pacific
Financial
Corp.
17,044
544,726
Civista
Bancshares,
Inc.(a)
4,305
98,111
Community
Trust
Bancorp,
Inc.
10,778
654,440
Enterprise
Financial
Services
Corp.
1,188
64,283
FB
Financial
Corp.
13,563
704,462
First
Bancorp
145,302
3,103,651
First
Bank
3,256
52,096
First
Business
Financial
Services,
Inc.
735
39,639
First
Financial
Corp.
8,764
553,885
First
Internet
Bancorp
12,261
249,879
FS
Bancorp,
Inc.
1,571
60,625
Great
Southern
Bancorp,
Inc.
621
39,204
Hanmi
Financial
Corp.
31,695
835,480
HBT
Financial,
Inc.
4,749
126,893
Hilltop
Holdings,
Inc.
58,341
2,089,775
Home
Bancorp,
Inc.
1,511
91,536
HomeTrust
Bancshares,
Inc.
6,844
291,897
Independent
Bank
Corp.
14,139
470,829
Investar
Holding
Corp.(a)
1,328
36,215
Kearny
Financial
Corp.
49,587
374,382
Live
Oak
Bancshares,
Inc.
8,012
264,957
Mercantile
Bank
Corp.
2,999
151,449
Midland
States
Bancorp,
Inc.
26,741
596,592
MVB
Financial
Corp.
1,423
35,333
National
Bank
Holdings
Corp.,
Class
A(a)
15,009
587,752
Northeast
Community
Bancorp,
Inc.
6,400
152,320
Common
Stocks
Shares
Value
($)
Banks
Northpointe
Bancshares,
Inc.
(a)
15,504
267,599
Northrim
Bancorp,
Inc.(a)
7,804
178,555
OFG
Bancorp
48,174
1,949,120
OP
Bancorp(a)
3,952
52,562
Origin
Bancorp,
Inc.
2,985
123,758
PCB
Bancorp
2,650
59,598
Peapack-Gladstone
Financial
Corp.(a)
8,353
294,109
Primis
Financial
Corp.
6,863
91,141
Prosperity
Bancshares,
Inc.
9,518
639,419
RBB
Bancorp
8,183
174,871
Red
River
Bancshares,
Inc.(a)
526
47,571
Republic
Bancorp,
Inc.,
Class
A
2,204
155,492
Sierra
Bancorp
4,175
141,616
SmartFinancial,
Inc.
2,244
87,695
South
Plains
Financial,
Inc.
4,721
197,810
Southern
First
Bancshares,
Inc.*
627
34,171
Texas
Capital
Bancshares,
Inc.*
26,489
2,513,276
Third
Coast
Bancshares,
Inc.*(a)
10,520
397,972
Tompkins
Financial
Corp.
3,676
289,816
TriCo
Bancshares
6,205
294,986
Unity
Bancorp,
Inc.
4,556
236,137
Valley
National
Bancorp
110,167
1,352,851
WaFd,
Inc.(a)
4,786
150,280
Westamerica
Bancorp
8,384
437,226
Zions
Bancorp
NA
5,043
290,578
29,059,740
Biotechnology
4
.0
%
Alector,
Inc.*
152,582
328,051
Allogene
Therapeutics,
Inc.*
149,300
364,292
Anika
Therapeutics,
Inc.*
21,577
312,867
Arcturus
Therapeutics
Holdings,
Inc.*(a)
10,920
84,302
Caribou
Biosciences,
Inc.*
39,626
75,289
Cartesian
Therapeutics,
Inc.*(a)
13,330
81,980
Design
Therapeutics,
Inc.*
14,424
153,471
Editas
Medicine,
Inc.*(a)
91,431
225,835
Entrada
Therapeutics,
Inc.*(a)
43,566
549,803
Foghorn
Therapeutics,
Inc.*
13,453
64,305
Inhibrx
Biosciences,
Inc.*(a)
1,448
97,349
Ironwood
Pharmaceuticals,
Inc.,
Class
A*
61,732
216,679
Keros
Therapeutics,
Inc.*(a)
34,541
381,333
Kura
Oncology,
Inc.*
76,572
622,530
MacroGenics,
Inc.*
54,831
158,462
Myriad
Genetics,
Inc.*
96,851
435,830
Nurix
Therapeutics,
Inc.*
16,166
250,573
PMV
Pharmaceuticals,
Inc.*
45,804
56,797
Prothena
Corp.
plc*
51,886
504,332
TScan
Therapeutics,
Inc.*
28,700
28,987
Tyra
Biosciences,
Inc.*(a)
22,743
871,057
Vanda
Pharmaceuticals,
Inc.*(a)
103,551
715,537
Vir
Biotechnology,
Inc.*
112,684
1,009,649
7,589,310
NVIT
Small
Cap
Value
Fund
(formerly,
NVIT
Multi-Manager
Small
Cap
Value
Fund)
-
March
31,
2026
(Unaudited)
-
Statement
of
Invest-
ments
-
43
Common
Stocks
Shares
Value
($)
Broadline
Retail
0
.1
%
1stdibs.com,
Inc.*(a)
14,347
78,908
Dillard's,
Inc.,
Class
A(a)
289
165,340
244,248
Building
Products
0
.3
%
Insteel
Industries,
Inc.
10,771
362,013
JELD-WEN
Holding,
Inc.*(a)
171,827
213,066
575,079
Capital
Markets
0
.3
%
MarketAxess
Holdings,
Inc.(a)
293
48,339
Open
Lending
Corp.*(a)
32,037
40,046
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
4,610
61,958
StoneX
Group,
Inc.*
4,901
395,266
545,609
Chemicals
1
.1
%
AdvanSix,
Inc.
5,278
128,783
Arq,
Inc.*(a)
36,211
92,700
Aspen
Aerogels,
Inc.*(a)
73,239
250,477
Celanese
Corp.,
Class
A(a)
5,243
344,832
Core
Molding
Technologies,
Inc.*
6,640
148,736
Koppers
Holdings,
Inc.
982
37,984
Kronos
Worldwide,
Inc.(a)
30,266
198,848
Mativ
Holdings,
Inc.
27,658
240,625
Orion
SA
31,253
203,144
Scotts
Miracle-Gro
Co.
(The)
(a)
6,582
400,251
Stepan
Co.
566
28,289
2,074,669
Commercial
Services
&
Supplies
0
.2
%
Ennis,
Inc.(a)
16,015
343,041
Communications
Equipment
0
.9
%
Aviat
Networks,
Inc.*
13,881
313,850
Inseego
Corp.*(a)
7,809
86,836
NETGEAR,
Inc.*
55,968
1,222,341
Ribbon
Communications,
Inc.*(a)
60,033
127,270
1,750,297
Construction
&
Engineering
2
.5
%
Matrix
Service
Co.*
40,182
461,289
Orion
Group
Holdings,
Inc.*
47,342
516,028
Primoris
Services
Corp.
3,323
475,322
Tutor
Perini
Corp.
41,629
3,213,343
4,665,982
Consumer
Finance
4
.0
%
Bread
Financial
Holdings,
Inc.
48,688
3,646,244
LendingTree,
Inc.*(a)
12,326
528,539
PRA
Group,
Inc.*
53,687
939,523
PROG
Holdings,
Inc.
55,485
1,591,865
Regional
Management
Corp.
6,697
215,978
World
Acceptance
Corp.*(a)
5,059
683,167
7,605,316
Consumer
Staples
Distribution
&
Retail
2
.1
%
Andersons,
Inc.
(The)
49,634
3,562,728
Maplebear,
Inc.*
11,445
428,730
3,991,458
Containers
&
Packaging
0
.4
%
AptarGroup,
Inc.
262
33,017
Common
Stocks
Shares
Value
($)
Containers
&
Packaging
Ardagh
Metal
Packaging
SA
159,481
645,898
678,915
Distributors
0
.8
%
Gold.com,
Inc.(a)
38,728
1,552,218
Diversified
Consumer
Services
0
.0
%
†
Chegg,
Inc.*
18,343
13,598
Diversified
REITs
0
.1
%
Alpine
Income
Property
Trust,
Inc.
12,565
226,170
Diversified
Telecommunication
Services
0
.4
%
ATN
International,
Inc.
1,359
36,992
Bandwidth,
Inc.,
Class
A*
4,758
84,788
IDT
Corp.,
Class
B
11,840
581,344
703,124
Electric
Utilities
0
.1
%
Genie
Energy
Ltd.,
Class
B
13,311
188,217
Electrical
Equipment
0
.9
%
Atkore,
Inc.
28,044
1,652,072
Electronic
Equipment,
Instruments
&
Components
1
.0
%
Methode
Electronics,
Inc.
5,700
31,464
PC
Connection,
Inc.
10,770
629,614
ScanSource,
Inc.*
26,252
952,948
SmartRent,
Inc.,
Class
A*(a)
200,434
300,651
1,914,677
Energy
Equipment
&
Services
2
.1
%
DMC
Global,
Inc.*
23,053
120,106
Forum
Energy
Technologies,
Inc.*
21,064
1,235,614
National
Energy
Services
Reunited
Corp.*
93,707
2,011,889
Oil
States
International,
Inc.*
8,389
97,648
Ranger
Energy
Services,
Inc.,
Class
A
30,605
524,570
3,989,827
Entertainment
2
.4
%
Playtika
Holding
Corp.(a)
120,073
333,803
Roku,
Inc.,
Class
A*
8,659
819,315
Skillz,
Inc.,
Class
A*(a)
13,782
35,695
Sphere
Entertainment
Co.*(a)
29,065
3,412,231
4,601,044
Financial
Services
1
.9
%
Compass
Diversified
Holdings
149,985
1,178,882
Finance
of
America
Cos.,
Inc.,
Class
A*(a)
7,714
128,052
Jackson
Financial,
Inc.,
Class
A
329
34,782
Marqeta,
Inc.,
Class
A*(a)
154,774
631,478
Pagseguro
Digital
Ltd.,
Class
A
125,289
1,255,396
Paysafe
Ltd.*(a)
55,206
375,953
3,604,543
Food
Products
1
.3
%
Dole
plc
50,566
722,588
Hain
Celestial
Group,
Inc.
(The)*(a)
205,949
143,711
Mission
Produce,
Inc.*(a)
9,652
132,812
Pilgrim's
Pride
Corp.
13,019
491,597
44
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Value
Fund
(formerly,
NVIT
Multi-Manager
Small
Cap
Value
Fund)
Common
Stocks
Shares
Value
($)
Food
Products
Smithfield
Foods,
Inc.
34,993
978,754
2,469,462
Gas
Utilities
0
.4
%
Southwest
Gas
Holdings,
Inc.
8,467
735,782
Ground
Transportation
4
.0
%
ArcBest
Corp.
31,878
3,135,520
Covenant
Logistics
Group,
Inc.,
Class
A
23,197
629,799
Landstar
System,
Inc.
5,420
868,880
Lyft,
Inc.,
Class
A*(a)
58,999
784,687
U-Haul
Holding
Co.*(a)
3,930
187,775
Werner
Enterprises,
Inc.(a)
69,114
2,032,643
7,639,304
Health
Care
Equipment
&
Supplies
2
.2
%
Accuray,
Inc.*
3,877
1,505
Align
Technology,
Inc.*
2,428
416,232
Dentsply
Sirona,
Inc.(a)
3,036
35,218
Inogen,
Inc.*
39,730
245,531
Omnicell,
Inc.*(a)
59,861
1,998,160
OraSure
Technologies,
Inc.*(a)
117,970
353,910
Orthofix
Medical,
Inc.*(a)
38,007
435,940
RxSight,
Inc.*
14,600
89,936
Varex
Imaging
Corp.*
63,219
670,754
4,247,186
Health
Care
Providers
&
Services
0
.6
%
agilon
health,
Inc.*
1,008
7,973
Aveanna
Healthcare
Holdings,
Inc.*
8,429
54,283
Cross
Country
Healthcare,
Inc.*(a)
49,534
465,620
DocGo,
Inc.*(a)
73,908
46,495
Fulgent
Genetics,
Inc.*
37,021
588,634
1,163,005
Health
Care
REITs
0
.2
%
Community
Healthcare
Trust,
Inc.
22,899
363,865
Health
Care
Technology
0
.2
%
Definitive
Healthcare
Corp.,
Class
A*
54,234
66,708
HealthStream,
Inc.
12,553
259,972
326,680
Hotel
&
Resort
REITs
1
.8
%
Braemar
Hotels
&
Resorts,
Inc.(a)
45,064
106,351
Chatham
Lodging
Trust
33,590
264,353
Sunstone
Hotel
Investors,
Inc.
131,479
1,184,626
Xenia
Hotels
&
Resorts,
Inc.
124,184
1,841,649
3,396,979
Hotels,
Restaurants
&
Leisure
0
.0
%
†
Bloomin'
Brands,
Inc.
6,400
34,560
Household
Durables
2
.6
%
Cricut,
Inc.,
Class
A(a)
96,441
360,690
Ethan
Allen
Interiors,
Inc.(a)
35,742
795,617
Flexsteel
Industries,
Inc.
4,314
193,871
GoPro,
Inc.,
Class
A*(a)
171,186
131,813
KB
Home
13,360
691,380
La-Z-Boy,
Inc.
15,092
485,057
Sonos,
Inc.*
73,160
980,344
Common
Stocks
Shares
Value
($)
Household
Durables
Taylor
Morrison
Home
Corp.,
Class
A*
23,151
1,348,314
4,987,086
Independent
Power
and
Renewable
Electricity
Producers
0
.0
%
†
Infinity
Bio-energy
Ltd.
Reg.
S*^∞
155,500
0
Insurance
7
.2
%
American
Coastal
Insurance
Corp.
9,238
103,927
American
Integrity
Insurance
Group,
Inc.
17,947
346,018
CNO
Financial
Group,
Inc.
55,089
2,261,954
Donegal
Group,
Inc.,
Class
A
17,301
297,231
Employers
Holdings,
Inc.(a)
31,598
1,299,942
Fidelis
Insurance
Holdings
Ltd.
88,970
1,700,217
Genworth
Financial,
Inc.,
Class
A*
4,336
35,208
Globe
Life,
Inc.
264
36,741
Hamilton
Insurance
Group
Ltd.,
Class
B
15,620
465,945
Heritage
Insurance
Holdings,
Inc.*
42,577
1,117,646
Hippo
Holdings,
Inc.*(a)
8,576
223,490
Horace
Mann
Educators
Corp.
2,203
94,024
James
River
Group
Holdings,
Inc.
38,379
241,788
Kemper
Corp.
8,686
265,444
Mercury
General
Corp.
15,808
1,393,475
Octave
Specialty
Group,
Inc.*
57,000
265,050
Reinsurance
Group
of
America,
Inc.
8,166
1,667,171
Selective
Insurance
Group,
Inc.
448
33,775
Selectquote,
Inc.*
67,338
42,389
SiriusPoint
Ltd.*
32,316
696,087
Slide
Insurance
Holdings,
Inc.*(a)
6,275
112,950
United
Fire
Group,
Inc.
12,248
453,911
Universal
Insurance
Holdings,
Inc.
17,257
589,499
13,743,882
Interactive
Media
&
Services
0
.5
%
Match
Group,
Inc.
12,369
379,852
MediaAlpha,
Inc.,
Class
A*
10,300
95,790
Nextdoor
Holdings,
Inc.*(a)
340,194
476,272
Snap,
Inc.,
Class
A*
20,217
92,998
1,044,912
IT
Services
0
.2
%
Grid
Dynamics
Holdings,
Inc.*
49,003
279,317
Unisys
Corp.*
81,974
169,686
449,003
Leisure
Products
1
.8
%
Callaway
Golf
Co.*(a)
180,830
2,509,920
Funko,
Inc.,
Class
A*(a)
83,290
262,364
Johnson
Outdoors,
Inc.,
Class
A(a)
9,233
429,427
MasterCraft
Boat
Holdings,
Inc.*
1,635
33,534
NVIT
Small
Cap
Value
Fund
(formerly,
NVIT
Multi-Manager
Small
Cap
Value
Fund)
-
March
31,
2026
(Unaudited)
-
Statement
of
Invest-
ments
-
45
Common
Stocks
Shares
Value
($)
Leisure
Products
Polaris,
Inc.(a)
2,954
160,993
3,396,238
Life
Sciences
Tools
&
Services
1
.9
%
10X
Genomics,
Inc.,
Class
A*(a)
149,948
3,183,396
Codexis,
Inc.*(a)
18,093
29,492
Ginkgo
Bioworks
Holdings,
Inc.*(a)
25,017
153,354
Maravai
LifeSciences
Holdings,
Inc.,
Class
A*(a)
41,598
117,722
MaxCyte,
Inc.*(a)
102,285
71,855
3,555,819
Machinery
1
.5
%
Columbus
McKinnon
Corp.(a)
14,070
204,437
Graco,
Inc.
5,171
437,725
Hyster-Yale,
Inc.(a)
19,166
623,087
L
B
Foster
Co.,
Class
A*
1,217
33,955
Manitowoc
Co.,
Inc.
(The)*
42,908
499,878
Miller
Industries,
Inc.
5,691
259,225
Wabash
National
Corp.(a)
81,902
705,995
2,764,302
Media
0
.9
%
Nexxen
International
Ltd.*(a)
20,328
132,539
PubMatic,
Inc.,
Class
A*
81,151
663,815
Scholastic
Corp.(a)
23,439
915,527
1,711,881
Metals
&
Mining
2
.5
%
Caledonia
Mining
Corp.
plc(a)
24,902
562,536
Commercial
Metals
Co.
45,020
2,765,579
Ferroglobe
plc
164,552
677,954
Reliance,
Inc.
951
289,028
Ryerson
Holding
Corp.
4,596
103,318
SunCoke
Energy,
Inc.
19,658
127,974
Worthington
Steel,
Inc.
7,350
223,072
4,749,461
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0
.1
%
Angel
Oak
Mortgage
REIT,
Inc.
9,562
78,600
Claros
Mortgage
Trust,
Inc.*
4,600
10,948
Nexpoint
Real
Estate
Finance,
Inc.(a)
6,649
89,562
TPG
Mortgage
Investment
Trust,
Inc.
14,829
108,400
287,510
Multi-Utilities
0
.8
%
Avista
Corp.
39,321
1,578,345
Office
REITs
0
.5
%
Easterly
Government
Properties,
Inc.,
Class
A
46,744
1,001,724
Orion
Properties,
Inc.
21,606
46,453
1,048,177
Oil,
Gas
&
Consumable
Fuels
5
.5
%
Amplify
Energy
Corp.*
12,800
79,872
DHT
Holdings,
Inc.
150,705
2,753,380
Excelerate
Energy,
Inc.,
Class
A(a)
32,750
1,094,505
Granite
Ridge
Resources,
Inc.
(a)
79,851
468,726
Green
Plains,
Inc.*(a)
113,905
1,873,737
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Par
Pacific
Holdings,
Inc.*
4,675
292,842
Summit
Midstream
Corp.*
2,813
85,065
Teekay
Tankers
Ltd.,
Class
A
27,859
2,042,622
World
Kinect
Corp.(a)
73,426
1,693,938
10,384,687
Paper
&
Forest
Products
0
.3
%
Clearwater
Paper
Corp.*(a)
25,321
364,116
Magnera
Corp.*
27,800
264,378
628,494
Passenger
Airlines
1
.8
%
Allegiant
Travel
Co.*(a)
24,986
2,024,865
JetBlue
Airways
Corp.*(a)
308,693
1,364,423
3,389,288
Personal
Care
Products
0
.7
%
Beauty
Health
Co.
(The)*(a)
3,842
3,419
Herbalife
Ltd.*
42,788
629,839
Nature's
Sunshine
Products,
Inc.*
17,858
428,414
USANA
Health
Sciences,
Inc.*
19,661
343,478
1,405,150
Pharmaceuticals
1
.5
%
Arvinas,
Inc.*
103,051
1,092,341
BioAge
Labs,
Inc.*(a)
33,276
581,997
Biote
Corp.,
Class
A*(a)
851
1,149
Pacira
BioSciences,
Inc.*(a)
40,217
908,904
Pliant
Therapeutics,
Inc.*
50,300
63,378
Septerna,
Inc.*(a)
3,857
92,684
SIGA
Technologies,
Inc.(a)
22,606
120,942
2,861,395
Professional
Services
1
.3
%
Conduent,
Inc.*
190,890
244,339
Franklin
Covey
Co.*(a)
18,160
286,746
ICF
International,
Inc.
5,875
383,579
Kelly
Services,
Inc.,
Class
A
36,296
321,219
Kforce,
Inc.
25,461
744,480
Mistras
Group,
Inc.*(a)
15,655
231,381
Resources
Connection,
Inc.(a)
55,494
206,993
2,418,737
Real
Estate
Management
&
Development
0
.4
%
Forestar
Group,
Inc.*(a)
26,384
644,825
RE/MAX
Holdings,
Inc.,
Class
A*
18,111
104,319
Zillow
Group,
Inc.,
Class
A*(a)
838
34,685
783,829
Residential
REITs
0
.4
%
American
Homes
4
Rent,
Class
A
13,220
369,102
NexPoint
Residential
Trust,
Inc.
14,286
357,150
726,252
Retail
REITs
1
.5
%
InvenTrust
Properties
Corp.
53,975
1,644,079
SITE
Centers
Corp.
95,563
516,040
Whitestone
REIT
37,100
599,165
2,759,284
Semiconductors
&
Semiconductor
Equipment
1
.0
%
ACM
Research,
Inc.,
Class
A*
29,986
1,179,949
46
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Value
Fund
(formerly,
NVIT
Multi-Manager
Small
Cap
Value
Fund)
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
Alpha
&
Omega
Semiconductor
Ltd.*
9,715
215,284
Amkor
Technology,
Inc.
10
450
Cirrus
Logic,
Inc.*(a)
3,541
512,100
inTEST
Corp.*
1,200
16,380
1,924,163
Software
2
.1
%
8x8,
Inc.*(a)
59,537
98,831
Arteris,
Inc.*
41,081
675,372
Core
Scientific,
Inc.*
26,194
391,862
CS
Disco,
Inc.*
24,823
94,824
Docusign,
Inc.,
Class
A*
3,699
175,370
Domo,
Inc.,
Class
B*(a)
24,283
74,306
eGain
Corp.*
29,133
229,859
Expensify,
Inc.,
Class
A*
29,284
25,474
N-able,
Inc.*
83,742
391,075
Nutanix,
Inc.,
Class
A*
5,022
190,886
OneSpan,
Inc.
64,669
680,965
Pegasystems,
Inc.(a)
6,052
257,573
Rimini
Street,
Inc.*
39,052
128,091
Telos
Corp.*
39,507
165,534
Xperi,
Inc.*(a)
62,706
351,154
3,931,176
Specialty
Retail
3
.9
%
Arko
Corp.
85,881
477,498
Citi
Trends,
Inc.*
12,658
548,345
Designer
Brands,
Inc.,
Class
A(a)
50,951
289,911
Genesco,
Inc.*
16,145
468,044
Haverty
Furniture
Cos.,
Inc.
9,425
199,622
Lands'
End,
Inc.*(a)
14,903
167,510
Shoe
Carnival,
Inc.(a)
9,611
149,835
Sleep
Number
Corp.*(a)
44,525
79,922
Sonic
Automotive,
Inc.,
Class
A(a)
28,224
1,935,320
Stitch
Fix,
Inc.,
Class
A*
205,516
680,258
Wayfair,
Inc.,
Class
A*
1,220
91,756
Winmark
Corp.(a)
3,626
1,550,296
Zumiez,
Inc.*
38,168
845,803
7,484,120
Textiles,
Apparel
&
Luxury
Goods
0
.5
%
Columbia
Sportswear
Co.
2,176
119,266
Movado
Group,
Inc.
29,524
720,976
Superior
Group
of
Cos.,
Inc.
7,360
74,778
915,020
Trading
Companies
&
Distributors
1
.3
%
Alta
Equipment
Group,
Inc.
13,300
71,421
BlueLinx
Holdings,
Inc.*
12,614
683,427
Boise
Cascade
Co.
11,334
859,684
Hudson
Technologies,
Inc.*
39,376
231,531
NPK
International,
Inc.*
40,919
592,916
2,438,979
Water
Utilities
1
.0
%
American
States
Water
Co.
12,080
913,490
California
Water
Service
Group(a)
14,009
635,168
H2O
America(a)
4,763
279,445
1,828,103
Common
Stocks
Shares
Value
($)
Wireless
Telecommunication
Services
0
.1
%
Spok
Holdings,
Inc.
15,752
171,697
Total
Common
Stocks
(cost
$175,952,457)
188,099,346
Rights
0
.0
%
†
Number
of
Rights
Biotechnology
0
.0
%
†
Aduro
Biotech,
Inc.
CVR*^∞(a)
2,406
0
Total
Rights
(cost
$6,109)
0
Repurchase
Agreements
5
.1
%
Principal
Amount
($)
BNP
Paribas
Securities
Corp.,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,000,507,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
4.88%,
maturing
4/30/2026
-
11/15/2052;
total
market
value
$5,100,001.(b)
5,000,000
5,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,204,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$2,040,000.
(b)
2,000,000
2,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,758,783,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$1,793,959.(b)
1,758,605
1,758,605
NVIT
Small
Cap
Value
Fund
(formerly,
NVIT
Multi-Manager
Small
Cap
Value
Fund)
-
March
31,
2026
(Unaudited)
-
Statement
of
Invest-
ments
-
47
Repurchase
Agreements
Principal
Amount
($)
Value
($)
MetLife,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,102,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$1,020,512.(b)
1,000,000
1,000,000
Total
Repurchase
Agreements
(cost
$9,758,605)
9,758,605
Total
Investments
(cost
$185,717,171)
—
104.1%
197,857,951
Liabilities
in
excess
of
other
assets
—
(4.1)%
(
7,777,686
)
NET
ASSETS
—
100.0%
$
190,080,265
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$29,237,228,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$9,758,605
and
by
$19,370,660
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$29,129,265.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$9,758,605.
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
48
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Value
Fund
(formerly,
NVIT
Multi-Manager
Small
Cap
Value
Fund)
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
NVIT
Small
Cap
Value
Fund
(formerly,
NVIT
Multi-Manager
Small
Cap
Value
Fund)
-
March
31,
2026
(Unaudited)
-
Statement
of
Invest-
ments
-
49
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
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
$
175,834
$
–
$
–
$
175,834
Air
Freight
&
Logistics
342,601
–
–
342,601
Automobile
Components
6,267,944
–
–
6,267,944
Banks
29,059,739
–
–
29,059,739
Biotechnology
7,589,310
–
–
7,589,310
Broadline
Retail
244,248
–
–
244,248
Building
Products
575,079
–
–
575,079
Capital
Markets
545,609
–
–
545,609
Chemicals
2,074,669
–
–
2,074,669
Commercial
Services
&
Supplies
343,041
–
–
343,041
Communications
Equipment
1,750,297
–
–
1,750,297
Construction
&
Engineering
4,665,982
–
–
4,665,982
Consumer
Finance
7,605,316
–
–
7,605,316
Consumer
Staples
Distribution
&
Retail
3,991,458
–
–
3,991,458
Containers
&
Packaging
678,915
–
–
678,915
Distributors
1,552,218
–
–
1,552,218
Diversified
Consumer
Services
13,598
–
–
13,598
Diversified
REITs
226,170
–
–
226,170
Diversified
Telecommunication
Services
703,124
–
–
703,124
Electric
Utilities
188,218
–
–
188,218
Electrical
Equipment
1,652,072
–
–
1,652,072
Electronic
Equipment,
Instruments
&
Components
1,914,677
–
–
1,914,677
Energy
Equipment
&
Services
3,989,827
–
–
3,989,827
Entertainment
4,601,044
–
–
4,601,044
Financial
Services
3,604,543
–
–
3,604,543
Food
Products
2,469,463
–
–
2,469,463
Gas
Utilities
735,782
–
–
735,782
Ground
Transportation
7,639,303
–
–
7,639,303
Health
Care
Equipment
&
Supplies
4,247,186
–
–
4,247,186
Health
Care
Providers
&
Services
1,163,005
–
–
1,163,005
Health
Care
REITs
363,865
–
–
363,865
Health
Care
Technology
326,680
–
–
326,680
Hotel
&
Resort
REITs
3,396,979
–
–
3,396,979
Hotels,
Restaurants
&
Leisure
34,560
–
–
34,560
Household
Durables
4,987,086
–
–
4,987,086
Independent
Power
and
Renewable
Electricity
Producers
–
–
–
–
Insurance
13,743,882
–
–
13,743,882
Interactive
Media
&
Services
1,044,912
–
–
1,044,912
IT
Services
449,003
–
–
449,003
Leisure
Products
3,396,238
–
–
3,396,238
Life
Sciences
Tools
&
Services
3,555,819
–
–
3,555,819
Machinery
2,764,302
–
–
2,764,302
Media
1,711,881
–
–
1,711,881
Metals
&
Mining
4,749,461
–
–
4,749,461
Mortgage
Real
Estate
Investment
Trusts
(REITs)
287,510
–
–
287,510
Multi-Utilities
1,578,345
–
–
1,578,345
Office
REITs
1,048,177
–
–
1,048,177
Oil,
Gas
&
Consumable
Fuels
10,384,686
–
–
10,384,686
Paper
&
Forest
Products
628,494
–
–
628,494
Passenger
Airlines
3,389,289
–
–
3,389,289
Personal
Care
Products
1,405,150
–
–
1,405,150
Pharmaceuticals
2,861,395
–
–
2,861,395
Professional
Services
2,418,737
–
–
2,418,737
Real
Estate
Management
&
Development
783,829
–
–
783,829
Residential
REITs
726,252
–
–
726,252
Retail
REITs
2,759,284
–
–
2,759,284
50
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Value
Fund
(formerly,
NVIT
Multi-Manager
Small
Cap
Value
Fund)
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
Level
1
Level
2
Level
3
Total
Assets:
Semiconductors
&
Semiconductor
Equipment
$
1,924,163
$
–
$
–
$
1,924,163
Software
3,931,176
–
–
3,931,176
Specialty
Retail
7,484,120
–
–
7,484,120
Textiles,
Apparel
&
Luxury
Goods
915,020
–
–
915,020
Trading
Companies
&
Distributors
2,438,979
–
–
2,438,979
Water
Utilities
1,828,103
–
–
1,828,103
Wireless
Telecommunication
Services
171,697
–
–
171,697
Total
Common
Stocks
$
188,099,346
$
–
$
–
$
188,099,346
Repurchase
Agreements
–
9,758,605
–
9,758,605
Rights
–
–
–
–
Total
$
188,099,346
$
9,758,605
$
–
$
197,857,951
As
of
March
31,
2026,
the
Fund
held
one
common
stock
investment
and
one
rights
investment
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Multi-Manager
Small
Company
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
51
Common
Stocks
97
.7
%
Shares
Value
($)
AUSTRALIA
0
.0
%
†
Capital
Markets
0
.0
%
†
Aet
&
D
Holdings
No.
1
*^∞
106,305
0
BERMUDA
0
.5
%
Banks
0
.4
%
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
26,514
1,391,455
Insurance
0
.1
%
Hamilton
Insurance
Group
Ltd.,
Class
B
14,580
434,921
1,826,376
BRAZIL
1
.3
%
Aerospace
&
Defense
0
.6
%
Embraer
SA,
ADR
37,745
2,239,788
Financial
Services
0
.4
%
Pagseguro
Digital
Ltd.,
Class
A
138,005
1,382,810
Metals
&
Mining
0
.3
%
ERO
Copper
Corp.
*
44,285
1,181,081
4,803,679
CAMEROON
0
.2
%
Oil,
Gas
&
Consumable
Fuels
0
.2
%
Golar
LNG
Ltd.
(a)
14,222
769,552
CANADA
0
.8
%
Metals
&
Mining
0
.4
%
Orla
Mining
Ltd.
83,916
1,353,565
Oil,
Gas
&
Consumable
Fuels
0
.1
%
Teekay
Tankers
Ltd.,
Class
A
5,966
437,427
Textiles,
Apparel
&
Luxury
Goods
0
.3
%
Gildan
Activewear,
Inc.,
Class
A
20,755
1,155,016
2,946,008
GERMANY
0
.1
%
Chemicals
0
.1
%
Orion
SA
33,103
215,170
IRELAND
0
.2
%
Biotechnology
0
.2
%
Prothena
Corp.
plc
*
58,890
572,411
ISRAEL
1
.9
%
Semiconductors
&
Semiconductor
Equipment
1
.9
%
Nova
Ltd.
*(a)
6,460
2,805,449
Tower
Semiconductor
Ltd.
*
22,969
4,030,600
6,836,049
JAPAN
0
.2
%
Semiconductors
&
Semiconductor
Equipment
0
.2
%
Allegro
MicroSystems,
Inc.
*(a)
19,827
625,145
PUERTO
RICO
1
.7
%
Banks
1
.7
%
First
Bancorp
(a)
170,917
3,650,787
OFG
Bancorp
61,143
2,473,846
6,124,633
SOUTH
AFRICA
0
.1
%
Metals
&
Mining
0
.1
%
Caledonia
Mining
Corp.
plc
(a)
15,720
355,115
SWITZERLAND
0
.3
%
Automobile
Components
0
.3
%
Garrett
Motion,
Inc.
56,815
1,032,329
Common
Stocks
Shares
Value
($)
THAILAND
1
.1
%
Electronic
Equipment,
Instruments
&
Components
1
.1
%
Fabrinet
*(a)
7,255
3,783,628
UNITED
KINGDOM
1
.9
%
Capital
Markets
0
.4
%
Marex
Group
plc
28,368
1,264,645
Energy
Equipment
&
Services
1
.0
%
TechnipFMC
plc
54,104
3,740,210
Independent
Power
and
Renewable
Electricity
Producers
0
.0
%
†
Infinity
Bio-energy
Ltd.
Reg.
S
*^∞
94,500
0
Insurance
0
.5
%
Fidelis
Insurance
Holdings
Ltd.
102,363
1,956,157
6,961,012
UNITED
STATES
87
.4
%
Aerospace
&
Defense
4
.5
%
ATI,
Inc.
*
15,575
2,265,540
Carpenter
Technology
Corp.
7,877
3,104,720
Curtiss-Wright
Corp.
5,652
3,849,690
Karman
Holdings,
Inc.
*(a)
30,399
2,433,440
Kratos
Defense
&
Security
Solutions,
Inc.
*(a)
13,979
985,659
Mercury
Systems,
Inc.
*(a)
26,484
1,930,948
VSE
Corp.
8,875
1,636,550
16,206,547
Air
Freight
&
Logistics
0
.1
%
Hub
Group,
Inc.,
Class
A
(a)
9,234
332,793
Radiant
Logistics,
Inc.
*
18,440
130,002
462,795
Automobile
Components
2
.6
%
Cooper-Standard
Holdings,
Inc.
*
24,703
688,473
Dana,
Inc.
163,169
5,490,636
Lear
Corp.
9,086
1,100,133
Patrick
Industries,
Inc.
(a)
8,860
984,080
Stoneridge,
Inc.
*
27,990
135,192
Strattec
Security
Corp.
*(a)
9,768
765,225
9,163,739
Banks
7
.6
%
1st
Source
Corp.
1,300
89,973
Ameris
Bancorp
19,778
1,542,486
Bank7
Corp.
2,940
117,247
BankUnited,
Inc.
83,197
3,757,176
BayCom
Corp.
2,023
60,134
BCB
Bancorp,
Inc.
(a)
7,431
66,730
BOK
Financial
Corp.
3,380
432,843
Business
First
Bancshares,
Inc.
7,174
193,985
Byline
Bancorp,
Inc.
13,352
421,523
Capital
City
Bank
Group,
Inc.
6,687
290,617
Central
Pacific
Financial
Corp.
23,426
748,695
Civista
Bancshares,
Inc.
4,023
91,684
Community
Trust
Bancorp,
Inc.
12,640
767,501
Enterprise
Financial
Services
Corp.
8,706
471,082
FB
Financial
Corp.
12,983
674,337
First
Bank
1,200
19,200
First
Business
Financial
Services,
Inc.
2,511
135,418
First
Financial
Corp.
8,506
537,579
First
Internet
Bancorp
12,771
260,273
FS
Bancorp,
Inc.
1,550
59,815
52
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Multi-Manager
Small
Company
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
Banks
Great
Southern
Bancorp,
Inc.
1,834
115,780
Hanmi
Financial
Corp.
37,728
994,510
HBT
Financial,
Inc.
6,368
170,153
Hilltop
Holdings,
Inc.
70,737
2,533,799
Home
Bancorp,
Inc.
1,500
90,870
HomeTrust
Bancshares,
Inc.
8,347
356,000
Independent
Bank
Corp.
16,000
532,800
Kearny
Financial
Corp.
54,510
411,551
Live
Oak
Bancshares,
Inc.
5,899
195,080
Mercantile
Bank
Corp.
3,127
157,914
Midland
States
Bancorp,
Inc.
27,947
623,498
MVB
Financial
Corp.
603
14,972
National
Bank
Holdings
Corp.,
Class
A
(a)
3,719
145,636
Northeast
Community
Bancorp,
Inc.
1,660
39,508
Northpointe
Bancshares,
Inc.
12,450
214,887
Northrim
Bancorp,
Inc.
16,380
374,774
OP
Bancorp
980
13,034
Origin
Bancorp,
Inc.
(a)
3,880
160,865
PCB
Bancorp
1,703
38,300
Peapack-Gladstone
Financial
Corp.
13,318
468,927
Primis
Financial
Corp.
6,991
92,840
Prosperity
Bancshares,
Inc.
11,140
748,385
RBB
Bancorp
10,692
228,488
Red
River
Bancshares,
Inc.
(a)
200
18,088
Republic
Bancorp,
Inc.,
Class
A
3,040
214,472
Sierra
Bancorp
(a)
3,626
122,994
South
Plains
Financial,
Inc.
5,592
234,305
Southern
First
Bancshares,
Inc.
*
405
22,073
Texas
Capital
Bancshares,
Inc.
*
38,173
3,621,853
Third
Coast
Bancshares,
Inc.
*
13,332
504,350
Tompkins
Financial
Corp.
(a)
5,267
415,250
TriCo
Bancshares
10,263
487,903
Unity
Bancorp,
Inc.
6,548
339,383
Valley
National
Bancorp
97,301
1,194,856
WaFd,
Inc.
(a)
960
30,144
Westamerica
Bancorp
10,585
552,008
Zions
Bancorp
NA
5,345
307,979
27,526,527
Biotechnology
5
.2
%
Alector,
Inc.
*
149,514
321,455
Allogene
Therapeutics,
Inc.
*
168,750
411,750
Anika
Therapeutics,
Inc.
*
22,292
323,234
Arcturus
Therapeutics
Holdings,
Inc.
*
12,628
97,488
Arrowhead
Pharmaceuticals,
Inc.
*(a)
6,852
429,620
Bridgebio
Pharma,
Inc.
*(a)
27,786
2,063,387
Caribou
Biosciences,
Inc.
*
51,874
98,561
Caris
Life
Sciences,
Inc.
*(a)
19,989
357,403
Cartesian
Therapeutics,
Inc.
*
8,237
50,658
Cogent
Biosciences,
Inc.
*
17,446
671,497
Design
Therapeutics,
Inc.
*
5,300
56,392
Editas
Medicine,
Inc.
*
98,285
242,764
Entrada
Therapeutics,
Inc.
*
46,752
590,010
Foghorn
Therapeutics,
Inc.
*
18,298
87,464
Halozyme
Therapeutics,
Inc.
*(a)
29,622
1,914,469
Inhibrx
Biosciences,
Inc.
*
1,580
106,223
Common
Stocks
Shares
Value
($)
UNITED
STATES
Biotechnology
Ironwood
Pharmaceuticals,
Inc.,
Class
A
*
65,247
229,017
Keros
Therapeutics,
Inc.
*
58,566
646,569
Kodiak
Sciences,
Inc.
*
2,643
100,751
Kura
Oncology,
Inc.
*
145,981
1,186,826
MacroGenics,
Inc.
*
59,471
171,871
Madrigal
Pharmaceuticals,
Inc.
*
2,844
1,488,749
Mirum
Pharmaceuticals,
Inc.
*
4,111
379,774
Myriad
Genetics,
Inc.
*
161,193
725,369
Nurix
Therapeutics,
Inc.
*(a)
15,800
244,900
Nuvalent,
Inc.,
Class
A
*(a)
5,859
600,255
PMV
Pharmaceuticals,
Inc.
*
24,191
29,997
Protagonist
Therapeutics,
Inc.
*
16,561
1,745,529
Rhythm
Pharmaceuticals,
Inc.
*
5,614
488,250
TScan
Therapeutics,
Inc.
*
33,500
33,835
Twist
Bioscience
Corp.
*(a)
19,387
921,270
Tyra
Biosciences,
Inc.
*
13,785
527,966
Vanda
Pharmaceuticals,
Inc.
*
98,004
677,208
Vir
Biotechnology,
Inc.
*
122,603
1,098,523
19,119,034
Broadline
Retail
0
.1
%
1stdibs.com,
Inc.
*
18,425
101,338
Dillard's,
Inc.,
Class
A
352
201,382
302,720
Building
Products
0
.9
%
Insteel
Industries,
Inc.
14,209
477,564
JELD-WEN
Holding,
Inc.
*(a)
183,171
227,132
Modine
Manufacturing
Co.
*
11,964
2,592,719
3,297,415
Capital
Markets
1
.3
%
Evercore,
Inc.,
Class
A
6,733
2,009,868
Open
Lending
Corp.
*
31,553
39,441
Piper
Sandler
Cos.
21,748
1,664,809
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
700
9,408
StoneX
Group,
Inc.
*
4,278
345,021
WisdomTree,
Inc.
(a)
45,218
658,374
4,726,921
Chemicals
0
.7
%
Arq,
Inc.
*
32,028
81,992
Aspen
Aerogels,
Inc.
*(a)
74,300
254,106
Celanese
Corp.,
Class
A
5,781
380,216
Core
Molding
Technologies,
Inc.
*
7,241
162,198
Element
Solutions,
Inc.
25,442
868,590
Koppers
Holdings,
Inc.
(a)
1,051
40,653
Kronos
Worldwide,
Inc.
(a)
32,831
215,700
Mativ
Holdings,
Inc.
23,302
202,727
Scotts
Miracle-Gro
Co.
(The)
(a)
6,023
366,259
2,572,441
Commercial
Services
&
Supplies
0
.0
%
†
Ennis,
Inc.
(a)
7,724
165,448
Communications
Equipment
1
.0
%
Aviat
Networks,
Inc.
*
9,310
210,499
Inseego
Corp.
*(a)
2,000
22,240
NETGEAR,
Inc.
*
63,704
1,391,295
Ribbon
Communications,
Inc.
*
82,425
174,741
Viavi
Solutions,
Inc.
*(a)
49,133
1,635,147
3,433,922
Construction
&
Engineering
4
.3
%
Argan,
Inc.
3,526
1,920,436
NVIT
Multi-Manager
Small
Company
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
53
Common
Stocks
Shares
Value
($)
UNITED
STATES
Construction
&
Engineering
Construction
Partners,
Inc.,
Class
A
*(a)
18,287
2,032,051
Everus
Construction
Group,
Inc.
*
12,714
1,501,015
Matrix
Service
Co.
*
41,736
479,129
Orion
Group
Holdings,
Inc.
*
14,711
160,350
Primoris
Services
Corp.
19,845
2,838,629
Sterling
Infrastructure,
Inc.
*(a)
7,761
3,160,822
Tutor
Perini
Corp.
41,230
3,182,544
15,274,976
Consumer
Finance
2
.7
%
Bread
Financial
Holdings,
Inc.
(a)
49,307
3,692,602
Enova
International,
Inc.
*
12,604
1,712,001
LendingTree,
Inc.
*
13,522
579,823
PRA
Group,
Inc.
*
59,030
1,033,025
PROG
Holdings,
Inc.
59,793
1,715,461
Regional
Management
Corp.
9,673
311,954
World
Acceptance
Corp.
*(a)
5,716
771,889
9,816,755
Consumer
Staples
Distribution
&
Retail
1
.2
%
Andersons,
Inc.
(The)
53,023
3,805,991
Maplebear,
Inc.
*
11,677
437,420
4,243,411
Containers
&
Packaging
0
.2
%
Ardagh
Metal
Packaging
SA
180,983
732,981
Distributors
0
.4
%
Gold.com,
Inc.
40,177
1,610,294
Diversified
Consumer
Services
0
.0
%
†
Chegg,
Inc.
*
62,173
46,089
Diversified
REITs
0
.1
%
Alpine
Income
Property
Trust,
Inc.
12,802
230,436
Diversified
Telecommunication
Services
0
.2
%
ATN
International,
Inc.
3,231
87,948
Bandwidth,
Inc.,
Class
A
*
3,112
55,456
IDT
Corp.,
Class
B
12,928
634,764
778,168
Electric
Utilities
0
.1
%
Genie
Energy
Ltd.,
Class
B
20,225
285,982
Electrical
Equipment
1
.6
%
Atkore,
Inc.
30,790
1,813,838
Bloom
Energy
Corp.,
Class
A
*
8,495
1,150,988
Forgent
Power
Solutions,
Inc.,
Class
A
*
50,092
1,466,193
Powell
Industries,
Inc.
(a)
2,496
1,350,536
5,781,555
Electronic
Equipment,
Instruments
&
Components
3
.4
%
Advanced
Energy
Industries,
Inc.
(a)
13,202
4,260,417
Cognex
Corp.
15,533
760,962
PC
Connection,
Inc.
12,706
742,793
Sanmina
Corp.
*
11,466
1,486,452
ScanSource,
Inc.
*
28,024
1,017,271
SmartRent,
Inc.,
Class
A
*
214,275
321,413
TTM
Technologies,
Inc.
*
36,198
3,526,409
12,115,717
Energy
Equipment
&
Services
1
.6
%
Archrock,
Inc.
(a)
48,281
1,680,179
DMC
Global,
Inc.
*
27,705
144,343
Forum
Energy
Technologies,
Inc.
*
20,718
1,215,318
Common
Stocks
Shares
Value
($)
UNITED
STATES
Energy
Equipment
&
Services
National
Energy
Services
Reunited
Corp.
*
97,940
2,102,771
Oil
States
International,
Inc.
*
2,094
24,374
Ranger
Energy
Services,
Inc.,
Class
A
34,225
586,617
5,753,602
Entertainment
1
.4
%
Playtika
Holding
Corp.
129,489
359,979
Roku,
Inc.,
Class
A
*
10,345
978,844
Skillz,
Inc.,
Class
A
*
2,600
6,734
Sphere
Entertainment
Co.
*
31,054
3,645,740
4,991,297
Financial
Services
0
.5
%
Compass
Diversified
Holdings
74,076
582,237
Finance
of
America
Cos.,
Inc.,
Class
A
*(a)
6,900
114,540
Jackson
Financial,
Inc.,
Class
A
71
7,506
Marqeta,
Inc.,
Class
A
*
166,793
680,515
Paysafe
Ltd.
*
65,176
443,849
1,828,647
Food
Products
0
.8
%
Dole
plc
58,830
840,681
Hain
Celestial
Group,
Inc.
(The)
*(a)
243,371
169,824
Mission
Produce,
Inc.
*(a)
6,350
87,376
Pilgrim's
Pride
Corp.
16,784
633,764
Smithfield
Foods,
Inc.
38,388
1,073,712
2,805,357
Gas
Utilities
0
.7
%
Southwest
Gas
Holdings,
Inc.
27,533
2,392,618
Ground
Transportation
2
.6
%
ArcBest
Corp.
(a)
32,932
3,239,192
Covenant
Logistics
Group,
Inc.,
Class
A
30,031
815,342
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
32,830
1,890,351
Landstar
System,
Inc.
6,711
1,075,840
Lyft,
Inc.,
Class
A
*
3,856
51,285
U-Haul
Holding
Co.
*(a)
4,310
205,932
Werner
Enterprises,
Inc.
65,200
1,917,532
9,195,474
Health
Care
Equipment
&
Supplies
2
.0
%
Align
Technology,
Inc.
*
2,620
449,147
Dentsply
Sirona,
Inc.
9,948
115,397
Glaukos
Corp.
*
7,767
836,195
Inogen,
Inc.
*
47,221
291,826
IRhythm
Holdings,
Inc.
*
4,673
551,507
LeMaitre
Vascular,
Inc.
4,363
476,309
Omnicell,
Inc.
*
63,756
2,128,175
OraSure
Technologies,
Inc.
*
138,591
415,773
Orthofix
Medical,
Inc.
*
40,568
465,315
RxSight,
Inc.
*
12,707
78,275
TransMedics
Group,
Inc.
*(a)
6,435
639,703
Varex
Imaging
Corp.
*
56,242
596,728
7,044,350
Health
Care
Providers
&
Services
3
.6
%
agilon
health,
Inc.
*
1,148
9,081
Alignment
Healthcare,
Inc.
*
68,338
1,204,116
Aveanna
Healthcare
Holdings,
Inc.
*
6,359
40,952
Billiontoone,
Inc.,
Class
A
*(a)
4,554
359,493
54
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Multi-Manager
Small
Company
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
Health
Care
Providers
&
Services
BrightSpring
Health
Services,
Inc.
*(a)
82,046
3,495,980
Cross
Country
Healthcare,
Inc.
*(a)
53,099
499,131
Encompass
Health
Corp.
17,524
1,695,097
Fulgent
Genetics,
Inc.
*
38,863
617,922
GeneDx
Holdings
Corp.,
Class
A
*
9,543
612,851
Guardant
Health,
Inc.
*
30,731
2,838,622
HealthEquity,
Inc.
*
4,657
389,185
RadNet,
Inc.
*
19,014
1,062,692
12,825,122
Health
Care
REITs
0
.1
%
Community
Healthcare
Trust,
Inc.
28,946
459,952
Health
Care
Technology
0
.3
%
Definitive
Healthcare
Corp.,
Class
A
*
25,529
31,401
HealthStream,
Inc.
15,566
322,372
HeartFlow,
Inc.
*(a)
26,320
640,365
994,138
Hotel
&
Resort
REITs
1
.0
%
Braemar
Hotels
&
Resorts,
Inc.
(a)
56,129
132,464
Chatham
Lodging
Trust
32,407
255,043
Sunstone
Hotel
Investors,
Inc.
128,510
1,157,875
Xenia
Hotels
&
Resorts,
Inc.
149,042
2,210,293
3,755,675
Hotels,
Restaurants
&
Leisure
0
.6
%
Bloomin'
Brands,
Inc.
23,600
127,440
Dutch
Bros,
Inc.,
Class
A
*(a)
17,072
864,868
Red
Rock
Resorts,
Inc.,
Class
A
(a)
20,062
1,070,508
2,062,816
Household
Durables
1
.3
%
Cricut,
Inc.,
Class
A
102,589
383,683
Ethan
Allen
Interiors,
Inc.
40,186
894,540
Flexsteel
Industries,
Inc.
4,604
206,904
GoPro,
Inc.,
Class
A
*
199,221
153,400
KB
Home
20,051
1,037,639
La-Z-Boy,
Inc.
17,720
569,521
Sonos,
Inc.
*(a)
81,594
1,093,360
Taylor
Morrison
Home
Corp.,
Class
A
*
4,943
287,880
4,626,927
Independent
Power
and
Renewable
Electricity
Producers
0
.2
%
Talen
Energy
Corp.
*
2,427
774,771
Insurance
3
.6
%
American
Coastal
Insurance
Corp.
3,468
39,015
American
Integrity
Insurance
Group,
Inc.
23,328
449,764
CNO
Financial
Group,
Inc.
58,328
2,394,948
Donegal
Group,
Inc.,
Class
A
18,794
322,881
Employers
Holdings,
Inc.
34,578
1,422,539
Genworth
Financial,
Inc.,
Class
A
*
25,215
204,746
Heritage
Insurance
Holdings,
Inc.
*
49,665
1,303,706
Hippo
Holdings,
Inc.
*
9,452
246,319
James
River
Group
Holdings,
Inc.
46,324
291,841
Mercury
General
Corp.
14,802
1,304,796
Octave
Specialty
Group,
Inc.
*
49,566
230,482
Palomar
Holdings,
Inc.
*
5,085
607,658
Reinsurance
Group
of
America,
Inc.
10,733
2,191,249
Common
Stocks
Shares
Value
($)
UNITED
STATES
Insurance
Selectquote,
Inc.
*(a)
44,683
28,128
SiriusPoint
Ltd.
*
8,950
192,783
Slide
Insurance
Holdings,
Inc.
*(a)
2,689
48,402
United
Fire
Group,
Inc.
15,979
592,182
Universal
Insurance
Holdings,
Inc.
29,401
1,004,338
12,875,777
Interactive
Media
&
Services
0
.3
%
Match
Group,
Inc.
13,208
405,618
MediaAlpha,
Inc.,
Class
A
*
11,900
110,670
Nextdoor
Holdings,
Inc.
*
360,582
504,815
Snap,
Inc.,
Class
A
*
22,137
101,830
1,122,933
IT
Services
0
.1
%
Grid
Dynamics
Holdings,
Inc.
*(a)
43,023
245,232
Unisys
Corp.
*
103,363
213,961
459,193
Leisure
Products
1
.0
%
Callaway
Golf
Co.
*
198,074
2,749,267
Funko,
Inc.,
Class
A
*
88,133
277,619
Johnson
Outdoors,
Inc.,
Class
A
9,289
432,031
MasterCraft
Boat
Holdings,
Inc.
*
129
2,646
3,461,563
Life
Sciences
Tools
&
Services
1
.6
%
10X
Genomics,
Inc.,
Class
A
*
163,069
3,461,956
Codexis,
Inc.
*
8,530
13,904
Fortrea
Holdings,
Inc.
*
60,434
569,288
Ginkgo
Bioworks
Holdings,
Inc.
*
26,600
163,058
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
*(a)
105,934
299,793
MaxCyte,
Inc.
*
78,628
55,236
Repligen
Corp.
*
9,348
1,101,381
5,664,616
Machinery
2
.7
%
Atmus
Filtration
Technologies,
Inc.
13,033
739,883
Columbus
McKinnon
Corp.
(a)
12,508
181,741
Crane
Co.
4,351
744,021
ESCO
Technologies,
Inc.
10,486
2,950,447
Graco,
Inc.
5,800
490,970
Hyster-Yale,
Inc.
(a)
16,294
529,718
Manitowoc
Co.,
Inc.
(The)
*
48,631
566,551
Miller
Industries,
Inc.
3,140
143,027
SPX
Technologies,
Inc.
*(a)
13,693
2,737,778
Wabash
National
Corp.
(a)
88,285
761,017
9,845,153
Media
0
.3
%
PubMatic,
Inc.,
Class
A
*
87,596
716,535
Scholastic
Corp.
(a)
5,793
226,275
942,810
Metals
&
Mining
2
.3
%
Century
Aluminum
Co.
*
27,283
1,601,239
Commercial
Metals
Co.
57,704
3,544,756
Ferroglobe
plc
184,755
761,191
MP
Materials
Corp.
*(a)
17,440
841,654
Reliance,
Inc.
1,387
421,537
Ryerson
Holding
Corp.
36,372
817,643
SunCoke
Energy,
Inc.
42,298
275,360
Worthington
Steel,
Inc.
(a)
3,996
121,279
8,384,659
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0
.1
%
Angel
Oak
Mortgage
REIT,
Inc.
10,560
86,803
Claros
Mortgage
Trust,
Inc.
*
4,900
11,662
NVIT
Multi-Manager
Small
Company
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
55
Common
Stocks
Shares
Value
($)
UNITED
STATES
Mortgage
Real
Estate
Investment
Trusts
(REITs)
Nexpoint
Real
Estate
Finance,
Inc.
(a)
7,971
107,369
TPG
Mortgage
Investment
Trust,
Inc.
27,611
201,837
407,671
Multi-Utilities
0
.7
%
Avista
Corp.
61,079
2,451,711
Office
REITs
0
.3
%
Easterly
Government
Properties,
Inc.,
Class
A
53,939
1,155,913
Oil,
Gas
&
Consumable
Fuels
3
.0
%
Amplify
Energy
Corp.
*(a)
19,515
121,774
Chord
Energy
Corp.
11,250
1,599,525
DHT
Holdings,
Inc.
143,368
2,619,334
Excelerate
Energy,
Inc.,
Class
A
40,151
1,341,846
Granite
Ridge
Resources,
Inc.
(a)
87,800
515,386
Green
Plains,
Inc.
*
124,114
2,041,675
Par
Pacific
Holdings,
Inc.
*
8,153
510,704
Summit
Midstream
Corp.
*
1,455
43,999
World
Kinect
Corp.
79,210
1,827,375
10,621,618
Paper
&
Forest
Products
0
.2
%
Clearwater
Paper
Corp.
*(a)
30,287
435,527
Magnera
Corp.
*
28,609
272,072
707,599
Passenger
Airlines
1
.2
%
Allegiant
Travel
Co.
*
33,975
2,753,334
JetBlue
Airways
Corp.
*(a)
385,712
1,704,847
4,458,181
Personal
Care
Products
0
.3
%
Beauty
Health
Co.
(The)
*
3,915
3,484
Herbalife
Ltd.
*(a)
15,112
222,449
Nature's
Sunshine
Products,
Inc.
*
20,552
493,043
USANA
Health
Sciences,
Inc.
*
21,996
384,270
1,103,246
Pharmaceuticals
1
.9
%
Arvinas,
Inc.
*
86,570
917,642
Axsome
Therapeutics,
Inc.
*
11,636
1,966,717
BioAge
Labs,
Inc.
*
35,625
623,081
Ligand
Pharmaceuticals,
Inc.
*(a)
9,860
1,968,549
Pacira
BioSciences,
Inc.
*
44,640
1,008,864
Septerna,
Inc.
*
1,838
44,167
SIGA
Technologies,
Inc.
26,793
143,343
6,672,363
Professional
Services
0
.7
%
Conduent,
Inc.
*
226,504
289,925
Franklin
Covey
Co.
*(a)
18,160
286,746
ICF
International,
Inc.
3,390
221,333
Kelly
Services,
Inc.,
Class
A
46,818
414,339
Kforce,
Inc.
25,698
751,410
Mistras
Group,
Inc.
*
18,669
275,928
Resources
Connection,
Inc.
(a)
62,403
232,763
2,472,444
Real
Estate
Management
&
Development
0
.3
%
Forestar
Group,
Inc.
*(a)
28,620
699,473
RE/MAX
Holdings,
Inc.,
Class
A
*
16,318
93,992
Zillow
Group,
Inc.,
Class
A
*(a)
3,255
134,724
928,189
Residential
REITs
0
.2
%
American
Homes
4
Rent,
Class
A
11,748
328,004
Common
Stocks
Shares
Value
($)
UNITED
STATES
Residential
REITs
NexPoint
Residential
Trust,
Inc.
14,358
358,950
686,954
Retail
REITs
1
.0
%
InvenTrust
Properties
Corp.
63,355
1,929,793
SITE
Centers
Corp.
(a)
158,799
857,515
Whitestone
REIT
44,529
719,143
3,506,451
Semiconductors
&
Semiconductor
Equipment
4
.1
%
ACM
Research,
Inc.,
Class
A
*
32,523
1,279,780
Alpha
&
Omega
Semiconductor
Ltd.
*
10,260
227,362
Cirrus
Logic,
Inc.
*(a)
3,469
501,687
inTEST
Corp.
*
1,300
17,745
Lattice
Semiconductor
Corp.
*
28,635
2,656,183
MACOM
Technology
Solutions
Holdings,
Inc.
*
17,548
3,896,883
MKS,
Inc.
9,168
2,106,898
Onto
Innovation,
Inc.
*
8,336
1,709,464
Rambus,
Inc.
*
5,887
506,459
SiTime
Corp.
*
5,221
1,803,072
14,705,533
Software
1
.8
%
8x8,
Inc.
*(a)
18,100
30,046
Arteris,
Inc.
*
44,400
729,936
Core
Scientific,
Inc.
*
17,510
261,950
CS
Disco,
Inc.
*
21,438
81,893
Docusign,
Inc.,
Class
A
*
4,050
192,011
Domo,
Inc.,
Class
B
*
77,437
236,957
eGain
Corp.
*
23,963
189,068
Expensify,
Inc.,
Class
A
*
10,500
9,134
JFrog
Ltd.
*(a)
25,658
1,204,130
N-able,
Inc.
*
90,167
421,080
Nutanix,
Inc.,
Class
A
*
5,216
198,260
OneSpan,
Inc.
70,699
744,460
Pegasystems,
Inc.
6,511
277,108
Rimini
Street,
Inc.
*
47,653
156,302
Telos
Corp.
*
30,518
127,870
Terawulf,
Inc.
*(a)
77,420
1,117,171
Xperi,
Inc.
*(a)
75,219
421,226
6,398,602
Specialty
Retail
3
.7
%
Arko
Corp.
86,800
482,608
Boot
Barn
Holdings,
Inc.
*
11,530
1,687,531
Citi
Trends,
Inc.
*
14,677
635,808
Designer
Brands,
Inc.,
Class
A
52,508
298,771
Five
Below,
Inc.
*
10,329
2,359,969
Genesco,
Inc.
*
18,920
548,491
Haverty
Furniture
Cos.,
Inc.
14,431
305,649
Lands'
End,
Inc.
*
16,444
184,831
Shoe
Carnival,
Inc.
6,924
107,945
Sleep
Number
Corp.
*
52,840
94,848
Sonic
Automotive,
Inc.,
Class
A
(a)
32,524
2,230,170
Stitch
Fix,
Inc.,
Class
A
*(a)
244,081
807,908
Wayfair,
Inc.,
Class
A
*
1,956
147,111
Winmark
Corp.
(a)
6,148
2,628,576
Zumiez,
Inc.
*(a)
42,022
931,208
13,451,424
Textiles,
Apparel
&
Luxury
Goods
0
.2
%
Movado
Group,
Inc.
30,660
748,717
Superior
Group
of
Cos.,
Inc.
6,808
69,169
817,886
56
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Multi-Manager
Small
Company
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
Trading
Companies
&
Distributors
0
.3
%
Alta
Equipment
Group,
Inc.
7,300
39,201
BlueLinx
Holdings,
Inc.
*(a)
9,064
491,088
Boise
Cascade
Co.
1,680
127,428
Hudson
Technologies,
Inc.
*
33,800
198,744
NPK
International,
Inc.
*
11,235
162,795
1,019,256
Water
Utilities
0
.6
%
American
States
Water
Co.
14,191
1,073,123
California
Water
Service
Group
16,420
744,483
H2O
America
(a)
2,940
172,490
1,990,096
Wireless
Telecommunication
Services
0
.0
%
†
Spok
Holdings,
Inc.
14,970
163,173
313,879,633
Total
Common
Stocks
(cost
$280,951,696)
350,730,740
Rights
0
.0
%
†
Number
of
Rights
UNITED
STATES
0
.0
%
†
Biotechnology
0
.0
%
†
Aduro
Biotech,
Inc.
CVR*^∞(a)
4,756
0
Total
Rights
(cost
$12,075)
0
Repurchase
Agreements
4
.3
%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$9,000,915,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$9,180,000.(b)
9,000,000
9,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,102,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$1,020,000.(b)
1,000,000
1,000,000
Repurchase
Agreements
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,459,848,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$5,569,045.(b)
5,459,295
5,459,295
Total
Repurchase
Agreements
(cost
$15,459,295)
15,459,295
Total
Investments
(cost
$296,423,066)
—
102.0%
366,190,035
Liabilities
in
excess
of
other
assets
—
(2.0)%
(
7,354,327
)
NET
ASSETS
—
100.0%
$358,835,708
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$44,991,277,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$15,459,295
and
by
$28,598,632
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$44,057,927.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$15,459,295.
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Rights
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
NVIT
Multi-Manager
Small
Company
Fund
-
March
31,
2026
(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
-
March
31,
2026
(Unaudited)
-
NVIT
Multi-Manager
Small
Company
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Aerospace
&
Defense
$
18,446,335
$
–
$
–
$
18,446,335
Air
Freight
&
Logistics
462,795
–
–
462,795
Automobile
Components
10,196,068
–
–
10,196,068
Banks
35,042,614
–
–
35,042,614
Biotechnology
19,691,445
–
–
19,691,445
Broadline
Retail
302,720
–
–
302,720
Building
Products
3,297,415
–
–
3,297,415
Capital
Markets
5,991,567
–
–
5,991,567
Chemicals
2,787,610
–
–
2,787,610
Commercial
Services
&
Supplies
165,448
–
–
165,448
Communications
Equipment
3,433,922
–
–
3,433,922
Construction
&
Engineering
15,274,976
–
–
15,274,976
Consumer
Finance
9,816,755
–
–
9,816,755
Consumer
Staples
Distribution
&
Retail
4,243,411
–
–
4,243,411
Containers
&
Packaging
732,981
–
–
732,981
Distributors
1,610,294
–
–
1,610,294
Diversified
Consumer
Services
46,089
–
–
46,089
Diversified
REITs
230,436
–
–
230,436
Diversified
Telecommunication
Services
778,168
–
–
778,168
Electric
Utilities
285,982
–
–
285,982
Electrical
Equipment
5,781,555
–
–
5,781,555
Electronic
Equipment,
Instruments
&
Components
15,899,345
–
–
15,899,345
Energy
Equipment
&
Services
9,493,812
–
–
9,493,812
Entertainment
4,991,297
–
–
4,991,297
Financial
Services
3,211,458
–
–
3,211,458
Food
Products
2,805,357
–
–
2,805,357
Gas
Utilities
2,392,618
–
–
2,392,618
Ground
Transportation
9,195,474
–
–
9,195,474
Health
Care
Equipment
&
Supplies
7,044,350
–
–
7,044,350
Health
Care
Providers
&
Services
12,825,122
–
–
12,825,122
Health
Care
REITs
459,952
–
–
459,952
Health
Care
Technology
994,138
–
–
994,138
Hotel
&
Resort
REITs
3,755,675
–
–
3,755,675
Hotels,
Restaurants
&
Leisure
2,062,816
–
–
2,062,816
Household
Durables
4,626,927
–
–
4,626,927
Independent
Power
and
Renewable
Electricity
Producers
774,771
–
–
774,771
Insurance
15,266,855
–
–
15,266,855
Interactive
Media
&
Services
1,122,933
–
–
1,122,933
IT
Services
459,193
–
–
459,193
Leisure
Products
3,461,563
–
–
3,461,563
Life
Sciences
Tools
&
Services
5,664,616
–
–
5,664,616
Machinery
9,845,153
–
–
9,845,153
Media
942,810
–
–
942,810
Metals
&
Mining
11,274,420
–
–
11,274,420
Mortgage
Real
Estate
Investment
Trusts
(REITs)
407,671
–
–
407,671
Multi-Utilities
2,451,711
–
–
2,451,711
Office
REITs
1,155,913
–
–
1,155,913
Oil,
Gas
&
Consumable
Fuels
11,828,597
–
–
11,828,597
Paper
&
Forest
Products
707,599
–
–
707,599
Passenger
Airlines
4,458,181
–
–
4,458,181
Personal
Care
Products
1,103,246
–
–
1,103,246
Pharmaceuticals
6,672,363
–
–
6,672,363
Professional
Services
2,472,444
–
–
2,472,444
Real
Estate
Management
&
Development
928,189
–
–
928,189
Residential
REITs
686,954
–
–
686,954
Retail
REITs
3,506,451
–
–
3,506,451
NVIT
Multi-Manager
Small
Company
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
59
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
Level
1
Level
2
Level
3
Total
Assets:
Semiconductors
&
Semiconductor
Equipment
$
22,166,727
$
–
$
–
$
22,166,727
Software
6,398,602
–
–
6,398,602
Specialty
Retail
13,451,424
–
–
13,451,424
Textiles,
Apparel
&
Luxury
Goods
1,972,902
–
–
1,972,902
Trading
Companies
&
Distributors
1,019,256
–
–
1,019,256
Water
Utilities
1,990,096
–
–
1,990,096
Wireless
Telecommunication
Services
163,173
–
–
163,173
Total
Common
Stocks
$
350,730,740
$
–
$
–
$
350,730,740
Repurchase
Agreements
–
15,459,295
–
15,459,295
Rights
–
–
–
–
Total
$
350,730,740
$
15,459,295
$
–
$
366,190,035
As
of
March
31,
2026,
the
Fund
held
two
common
stock
investments
and
one
rights
investment
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
60
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Real
Estate
Fund
Common
Stocks
94
.4
%
Shares
Value
($)
Diversified
REITs
8
.2
%
Essential
Properties
Realty
Trust,
Inc.
159,266
4,835,316
Global
Net
Lease,
Inc.
315,875
2,956,590
WP
Carey,
Inc.
133,720
9,087,611
16,879,517
Health
Care
Providers
&
Services
1
.6
%
Brookdale
Senior
Living,
Inc.*
241,663
3,305,950
Health
Care
REITs
20
.2
%
American
Healthcare
REIT,
Inc.
103,060
4,860,310
CareTrust
REIT,
Inc.
143,927
5,274,924
Ventas,
Inc.
53,938
4,411,050
Welltower,
Inc.
136,421
26,971,796
41,518,080
Hotel
&
Resort
REITs
1
.7
%
Pebblebrook
Hotel
Trust
157,234
1,985,865
Xenia
Hotels
&
Resorts,
Inc.
101,297
1,502,235
3,488,100
Hotels,
Restaurants
&
Leisure
2
.3
%
Hilton
Worldwide
Holdings,
Inc.
10,457
3,179,764
Marriott
International,
Inc.,
Class
A
4,499
1,471,488
4,651,252
Industrial
REITs
14
.2
%
EastGroup
Properties,
Inc.
20,395
3,774,911
LXP
Industrial
Trust
36,027
1,666,609
Prologis,
Inc.
179,363
23,708,201
29,149,721
Office
REITs
1
.2
%
COPT
Defense
Properties
78,614
2,405,588
Common
Stocks
Shares
Value
($)
Residential
REITs
10
.8
%
Centerspace
32,875
1,888,669
Essex
Property
Trust,
Inc.
23,864
5,775,088
Mid-America
Apartment
Communities,
Inc.
34,600
4,225,352
Sun
Communities,
Inc.
53,376
6,723,241
UDR,
Inc.
105,040
3,548,251
22,160,601
Retail
REITs
13
.6
%
Acadia
Realty
Trust
151,558
2,897,789
Macerich
Co.
(The)
169,598
3,205,402
Realty
Income
Corp.
33,750
2,064,825
Regency
Centers
Corp.
76,168
5,762,871
Simon
Property
Group,
Inc.
70,325
13,117,722
Tanger,
Inc.
28,281
960,989
28,009,598
Specialized
REITs
20
.6
%
Digital
Realty
Trust,
Inc.
34,701
6,253,467
Equinix,
Inc.
21,369
20,946,749
National
Storage
Affiliates
Trust
64,621
2,438,797
Outfront
Media,
Inc.
129,600
3,434,400
Public
Storage
33,788
9,152,493
42,225,906
Total
Investments
(cost
$145,270,450)
—
94.4%
193,794,313
Other
assets
in
excess
of
liabilities
—
5.6%
11,487,912
NET
ASSETS
—
100.0%
$
205,282,225
*
Denotes
a
non-income
producing
security.
REIT
Real
Estate
Investment
Trust
NVIT
Real
Estate
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
61
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
193,794,313
$
–
$
–
$
193,794,313
Total
$
193,794,313
$
–
$
–
$
193,794,313
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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
1
Asset-Backed
Securities
11.3%
Principal
Amount
($)
Value
($)
Airlines
0.7%
Blackbird
Capital
II
Aircraft
Lease
Ltd.,
Series
2021-
1A,
Class
B,
3.45%,
7/15/2046(a)
465,165
443,872
Sprite
Ltd.,
Series
2021-
1,
Class
A,
3.75%,
11/15/2046(a)
87,836
86,035
Thunderbolt
III
Aircraft
Lease
Ltd.,
Series
2019-1,
Class
A,
3.67%,
11/15/2039(a)
250,888
249,346
779,253
Automobiles
0.3%
Exeter
Automobile
Receivables
Trust,
Series
2025-1A,
Class
A3,
4.67%,
8/15/2028
170,030
170,201
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust,
Series
2025-
CA,
Class
C,
4.44%,
8/20/2030(a)
100,000
99,247
269,448
Equipment
Loans
&
Leases
0.1%
MetroNet
Infrastructure
Issuer
LLC,
Series
2026-1A,
Class
A2,
5.27%,
4/20/2056(a)
100,000
100,044
Home
Equity
2.5%
HSI
Asset
Securitization
Corp.
Trust,
Series
2007-
NC1,
Class
A3,
4.15%,
4/25/2037(b)
364,082
235,719
J.P.
Morgan
Mortgage
Acquisition
Trust,
Series
2006-RM1,
Class
A5,
4.27%,
8/25/2036(b)
1,494,499
653,715
Long
Beach
Mortgage
Loan
Trust,
Series
2006-6,
Class
2A4,
4.29%,
7/25/2036(b)
1,605,135
652,143
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A3,
4.21%,
5/25/2037(b)
551,473
538,703
Renaissance
Home
Equity
Loan
Trust,
Series
2007-
1,
Class
AF4,
5.76%,
4/25/2037(c)
2,781,357
687,679
2,767,959
Other
7.3%
Acrec
Fl
LLC,
Series
2025-
FL3,
Class
A,
4.99%,
8/18/2042(a)(b)
100,000
99,887
AMSR
Trust,
Series
2024-
SFR1,
Class
B,
4.29%,
7/17/2041(a)(c)
746,000
727,651
AREIT
Ltd.,
Series
2025-
CRE10,
Class
A,
5.07%,
12/17/2029(a)(b)
100,000
99,934
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Brsp
Ltd.,
Series
2026-
FL3,
Class
A,
5.13%,
8/19/2043(a)(b)
100,000
100,030
BXMT
Ltd.,
Series
2026-
FL6,
Class
A,
5.13%,
8/19/2043(a)(b)
100,000
99,950
CIFC
Funding
Ltd.,
Series
2025-7A,
Class
D1,
6.30%,
1/22/2039(a)(b)
500,000
492,901
DataBank
Issuer
II
LLC,
Series
2025-1A,
Class
A2,
5.18%,
9/27/2055(a)
100,000
97,001
FS
Rialto
Issuer
LLC,
Series
2026-FL11,
Class
A,
5.13%,
1/19/2044(a)(b)
100,000
100,008
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-5CS,
Class
C,
3.50%,
10/20/2048(a)
452,427
173,042
Home
Partners
of
America
Trust
Series
2021-1,
Class
D,
2.48%,
9/17/2041(a)
971,046
880,963
Series
2021-1,
Class
F,
3.33%,
9/17/2041(a)
570,631
515,487
Invesco
CLO
Ltd.,
Series
2021-3A,
Class
DR,
6.77%,
10/22/2034(a)(b)
500,000
484,295
KREF
Ltd.,
Series
2021-
FL2,
Class
A,
4.86%,
2/15/2039(a)(b)
24,691
24,690
LCM
XV
LP,
Series
15A,
Class
DR,
7.63%,
7/20/2030(a)(b)
91,048
91,088
LoanCore
Issuer
LLC,
Series
2025-CRE8,
Class
A,
5.06%,
8/17/2042(a)(b)
100,000
99,932
MF1
LLC
Series
2025-FL17,
Class
A,
5.00%,
2/18/2040(a)(b)
100,000
100,022
Series
2026-FL21,
Class
ASFX,
5.12%,
2/18/2041(a)
100,000
99,496
MF1
Ltd.,
Series
2022-
FL8,
Class
A,
5.03%,
2/19/2037(a)(b)
3,749
3,749
Octagon
Investment
Partners
51
Ltd.,
Series
2021-
1A,
Class
AR,
4.66%,
7/20/2034(a)(b)
500,000
498,660
PFP
Ltd.,
Series
2026-
13,
Class
A,
5.18%,
8/18/2043(a)(b)
100,000
100,082
Point
Au
Roche
Park
CLO
Ltd.,
Series
2021-1A,
Class
AR,
4.83%,
1/20/2039(a)(b)
500,000
498,123
Progress
Residential
Trust,
Series
2022-SFR3,
Class
A,
3.20%,
4/17/2039(a)
465,863
459,048
QTS
Issuer
ABS
I
LLC,
Series
2025-1A,
Class
B,
5.93%,
5/25/2055(a)
100,000
97,777
2
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
DoubleLine
Total
Return
Tactical
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Rockford
Tower
CLO
Ltd.,
Series
2017-3A,
Class
A,
5.12%,
10/20/2030(a)(b)
62
63
Scalelogix
Abs
Us
Issuer
LLC,
Series
2025-1A,
Class
B,
6.16%,
7/25/2055(a)
150,000
147,385
Stack
Infrastructure
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.00%,
5/25/2050(a)
100,000
98,529
STWD
Ltd.,
Series
2021-
FL2,
Class
A,
4.99%,
4/18/2038(a)(b)
10,367
10,364
Sunrun
Atlas
Issuer
LLC,
Series
2019-2,
Class
A,
3.61%,
2/1/2055(a)
396,978
382,965
TRTX
Issuer
Ltd.,
Series
2022-FL5,
Class
A,
5.33%,
2/15/2039(a)(b)
50,959
50,951
Vibrant
CLO
XR
Ltd.,
Series
2018-10RA,
Class
C1,
8.67%,
4/20/2036(a)(b)
500,000
501,704
Vivint
Solar
Financing
VII
LLC,
Series
2020-1A,
Class
A,
2.21%,
7/31/2051(a)
333,896
306,452
Voya
CLO
Ltd.,
Series
2023-
1A,
Class
A1R,
4.88%,
1/20/2039(a)(b)
500,000
498,916
7,941,145
Student
Loan
0.4%
SoFi
Professional
Loan
Program
Trust,
Series
2018-B,
Class
BFX,
3.83%,
8/25/2047(a)
461,057
446,944
Total
Asset-Backed
Securities
(cost
$14,193,556)
12,304,793
Collateralized
Mortgage
Obligations
27.7%
Alternative
Loan
Trust,
Series
2005-64CB,
Class
1A12,
4.59%,
12/25/2035(b)
677,670
567,693
Angel
Oak
Mortgage
Trust
Series
2025-6,
Class
M1A,
6.33%,
4/25/2070(a)(b)
900,000
909,105
Series
2025-13,
Class
M1,
5.74%,
10/25/2070(a)(b)
700,000
694,171
Bear
Stearns
ALT-A
Trust,
Series
2006-1,
Class
11A1,
4.27%,
2/25/2036(b)
3
3
BRAVO
Residential
Funding
Trust,
Series
2025-
NQM9,
Class
M1,
6.02%,
9/25/2065(a)(b)
1,000,000
998,792
Chase
Mortgage
Finance
Trust,
Series
2007-S5,
Class
1A10,
6.00%,
7/25/2037
1
0
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
CHL
Mortgage
Pass-Through
Trust,
Series
2006-20,
Class
1A36,
5.75%,
2/25/2037
1,016,355
411,304
CIM
Trust,
Series
2023-
R4,
Class
A1,
5.00%,
5/25/2062(a)(b)
673,272
668,997
FHLMC
REMICS
Series
5004,
Class
LS,
IO,
2.37%,
7/25/2050(b)
2,122,411
255,079
Series
5009,
Class
ZN,
3.50%,
7/25/2050
1,527,494
1,039,183
Series
5025,
Class
GB,
1.50%,
10/25/2050
1,626,000
1,066,369
Series
375,
Class
C1,
IO,
2.50%,
1/25/2051
2,155,195
337,285
Series
5129,
Class
TZ,
2.50%,
8/25/2051
2,024,404
972,613
Series
5131,
Class
IG,
IO,
3.50%,
8/25/2051
1,529,818
273,201
Series
5198,
Class
KZ,
2.00%,
2/25/2052
1,768,270
1,093,182
Series
5460,
Class
AN,
5.00%,
2/25/2054
594,000
595,534
Series
5524,
Class
FB,
4.86%,
4/25/2055(b)
919,874
917,991
FHLMC
STACR
REMIC
Trust,
Series
2024-DNA3,
Class
M2,
5.11%,
10/25/2044(a)
(b)
465,671
465,382
FMC
GMSR
Issuer
Trust,
Series
2020-GT1,
Class
A,
4.45%,
1/25/2028(a)(b)
1,000,000
988,105
FNMA
REMICS
Series
2025-35,
Class
KY,
3.50%,
4/25/2046
1,155,000
1,047,807
Series
2020-77,
Class
S,
IO,
0.49%,
11/25/2050(b)
5,032,624
215,871
Series
2023-36,
Class
,
IO,
2.50%,
10/25/2052
1,811,302
278,158
Series
2026-23,
Class
BA,
4.00%,
8/25/2053
1,263,000
1,227,699
Series
2024-73,
Class
AL,
5.00%,
1/25/2054
1,768,000
1,771,330
Series
2025-108,
Class
MC,
4.50%,
5/25/2055
1,719,353
1,694,900
Series
2025-102,
Class
EP,
4.50%,
12/25/2055
1,202,687
1,185,519
GCAT
Trust,
Series
2019-
NQM3,
Class
M1,
3.45%,
11/25/2059(a)(b)
700,000
655,775
GNMA
REMICS
Series
2019-84,
Class
SA,
IO,
2.81%,
7/20/2049(b)
3,303,994
34,070
Series
2020-79,
Class
IN,
IO,
2.50%,
6/20/2050
5,796,840
816,911
Series
2020-151,
Class
MI,
IO,
2.50%,
10/20/2050
2,368,241
344,508
Series
2021-57,
Class
IA,
IO,
2.50%,
12/20/2050
2,691,546
376,058
Series
2021-30,
Class
KI,
IO,
3.00%,
2/20/2051
2,244,249
366,835
NVIT
DoubleLine
Total
Return
Tactical
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
3
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
Series
2022-61,
Class
EI,
IO,
3.00%,
7/20/2051
3,133,341
503,417
Series
2025-208,
Class
MF,
4.67%,
12/20/2055(b)
851,569
853,355
IndyMac
IMSC
Mortgage
Loan
Trust,
Series
2007-
HOA1,
Class
A11,
4.15%,
7/25/2047(b)
560,531
377,069
J.P.
Morgan
Mortgage
Trust
Series
2026-NQM1,
Class
A3,
5.15%,
6/25/2066(a)(c)
588,675
582,772
Series
2026-VIS1,
Class
M1,
5.50%,
6/25/2066(a)(b)
500,000
491,701
New
Residential
Mortgage
Loan
Trust
Series
2021-NQ1R,
Class
M1,
2.27%,
7/25/2055(a)(b)
550,000
466,177
Series
2025-NQM5,
Class
A3,
5.46%,
8/25/2065(a)(c)
189,878
188,943
Series
2025-NQM5,
Class
M1,
6.09%,
8/25/2065(a)(b)
285,000
282,880
PRPM
Trust,
Series
2025-
NQM5,
Class
M1,
5.90%,
10/25/2070(a)(b)
500,000
496,928
RALI
Trust,
Series
2006-
QS17,
Class
A7,
6.00%,
12/25/2036
763,865
637,781
Verus
Securitization
Trust
Series
2021-6,
Class
B1,
4.05%,
10/25/2066(a)(b)
600,000
501,390
Series
2024-R1,
Class
M1,
5.90%,
9/25/2069(a)(b)
1,000,000
997,199
Series
2026-1,
Class
M1,
5.67%,
1/25/2071(a)(b)
500,000
494,014
Series
2026-2,
Class
M1,
5.38%,
2/25/2071(a)(b)
1,087,000
1,061,320
Total
Collateralized
Mortgage
Obligations
(cost
$30,634,898)
30,204,376
Commercial
Mortgage-Backed
Securities
8.6%
BANK
Series
2020-BN30,
Class
XB,
IO,
0.72%,
12/15/2053(b)
3,036,000
86,512
Series
2017-BNK6,
Class
XA,
IO,
0.74%,
7/15/2060(b)
3,337,296
21,144
Series
2018-BN10,
Class
XA,
IO,
0.68%,
2/15/2061(b)
2,626,394
26,442
Series
2018-BN13,
Class
B,
4.56%,
8/15/2061(b)
100,000
95,416
BANK5,
Series
2024-
5YR12,
Class
A3,
5.90%,
12/15/2057(b)
100,000
103,842
BBCMS
Mortgage
Trust
Series
2020-C6,
Class
XA,
IO,
1.02%,
2/15/2053(b)
1,849,905
57,929
Series
2021-C12,
Class
XA,
IO,
0.92%,
11/15/2054(b)
2,634,417
94,971
Series
2022-C18,
Class
XD,
IO,
2.17%,
12/15/2055(a)(b)
1,000,000
130,920
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
Series
2023-5C23,
Class
A3,
6.68%,
12/15/2056(b)
100,000
104,633
Series
2024-5C25,
Class
AS,
6.36%,
3/15/2057(b)
59,000
61,180
Series
2025-5C37,
Class
A3,
5.02%,
9/15/2058
49,000
49,576
Series
2025-5C38,
Class
A3,
5.15%,
11/15/2058
51,000
51,797
Series
2026-5C40,
Class
AS,
5.53%,
2/15/2059(b)
85,000
86,142
Series
2025-C32,
Class
XA,
IO,
1.13%,
2/15/2062(b)
998,231
80,059
Benchmark
Mortgage
Trust
Series
2020-B19,
Class
XA,
IO,
1.66%,
9/15/2053(b)
1,092,261
47,307
Series
2021-B27,
Class
XA,
IO,
1.23%,
7/15/2054(b)
1,935,188
85,702
Series
2025-V14,
Class
AM,
6.09%,
4/15/2057(b)
175,000
180,658
Series
2024-V8,
Class
A1,
5.51%,
7/15/2057
76,931
77,881
Series
2025-V19,
Class
A3,
5.25%,
1/15/2058
100,000
101,996
Series
2025-V16,
Class
A3,
5.44%,
8/15/2058(b)
100,000
102,649
Series
2025-V17,
Class
A3,
5.07%,
9/15/2058
48,000
48,607
Series
2025-V18,
Class
A3,
5.18%,
10/15/2058
100,000
101,829
Series
2026-V20,
Class
B,
5.69%,
2/15/2059(b)
100,000
101,380
Series
2026-V21,
Class
A3,
5.13%,
3/15/2059
59,000
59,787
BMO
Mortgage
Trust
Series
2024-5C7,
Class
AS,
5.89%,
11/15/2057(b)
50,000
50,818
Series
2025-5C12,
Class
AS,
5.56%,
10/15/2058
49,000
50,029
Series
2025-5C13,
Class
AS,
5.58%,
12/15/2058
150,000
151,313
BSTN
Commercial
Mortgage
Trust,
Series
2025-
HUB,
Class
A,
4.57%,
4/13/2041(a)(b)
100,000
99,872
BX
Commercial
Mortgage
Trust
Series
2024-MF,
Class
D,
6.36%,
2/15/2039(a)(b)
88,545
88,518
Series
2026-XL6,
Class
A,
4.87%,
3/15/2043(a)(b)
50,000
49,875
Series
2026-ALOHA,
Class
C,
5.40%,
4/15/2043(a)(b)
40,000
40,000
BXMT
Ltd.,
Series
2021-
FL4,
Class
A,
5.09%,
5/15/2038(a)(b)
51,970
51,775
CD
Mortgage
Trust,
Series
2017-CD6,
Class
XA,
IO,
0.87%,
11/13/2050(b)
4,093,558
39,495
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XA,
IO,
1.14%,
5/10/2058(b)
248,200
2
4
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
DoubleLine
Total
Return
Tactical
Fund
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
COMM
Mortgage
Trust,
Series
2016-COR1,
Class
B,
3.90%,
10/10/2049
100,000
93,056
CSAIL
Commercial
Mortgage
Trust
Series
2016-C6,
Class
XA,
IO,
1.66%,
1/15/2049(b)
199,968
2
Series
2017-CX10,
Class
XA,
IO,
0.84%,
11/15/2050(b)
4,927,837
53,833
CSMC,
Series
2021-
B33,
Class
A1,
3.05%,
10/10/2043(a)
81,726
77,441
CSMC
Trust,
Series
2017-
CALI,
Class
F,
3.61%,
11/10/2032(a)(b)
250,000
23,195
CSTL
Commercial
Mortgage
Trust,
Series
2026-
GATE3,
Class
C,
5.13%,
2/10/2043(a)(b)
40,000
39,164
ELP
Commercial
Mortgage
Trust,
Series
2025-
ELP,
Class
D,
5.07%,
11/13/2042(a)(b)
100,000
98,637
Extended
Stay
America
Trust,
Series
2026-ESH2,
Class
A,
4.87%,
2/15/2043(a)(b)
99,068
99,068
FNMA
ACES
REMICS
Series
2022-M4,
Class
A1X,
2.46%,
5/25/2030(b)
878,084
837,448
Series
2020-M7,
Class
X2,
IO,
1.24%,
3/25/2031(b)
5,086,877
177,829
Series
2022-M5,
Class
X,
IO,
0.59%,
1/1/2034(b)
13,031,000
350,332
FS
Trust,
Series
2026-
HULA,
Class
A,
5.13%,
3/15/2041(a)(b)
50,000
49,984
GGP,
Series
2026-TY,
Class
A,
4.67%,
3/5/2043(a)(b)
40,000
39,514
GNMA
REMICS
Series
2021-35,
Class
,
IO,
1.03%,
12/16/2062(b)
4,053,206
286,391
Series
2021-52,
Class
,
IO,
0.72%,
4/16/2063(b)
4,507,788
238,638
Series
2021-129,
Class
,
IO,
0.98%,
6/16/2063(b)
5,088,585
350,325
Series
2021-79,
Class
,
IO,
0.87%,
8/16/2063(b)
4,588,260
288,547
Series
2021-65,
Class
,
IO,
0.87%,
8/16/2063(b)
4,601,007
292,973
Series
2021-150,
Class
,
IO,
1.04%,
11/16/2063(b)
5,515,368
430,333
Series
2022-49,
Class
,
IO,
0.76%,
3/16/2064(b)
6,277,365
304,684
Series
2021-208,
Class
,
IO,
0.76%,
6/16/2064(b)
6,040,379
317,394
Series
2024-29,
Class
AI,
IO,
0.73%,
10/16/2065(b)
7,382,109
412,531
GS
Mortgage
Securities
Trust
Series
2016-GS4,
Class
XA,
IO,
0.50%,
11/10/2049(b)
4,619,863
2,625
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
Series
2017-GS8,
Class
XA,
IO,
0.93%,
11/10/2050(b)
4,548,091
42,759
Series
2018-GS9,
Class
C,
4.34%,
3/10/2051(b)
100,000
85,832
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2020-COR7,
Class
XA,
IO,
1.64%,
5/13/2053(b)
1,133,760
48,589
LBTY
Commercial
Mortgage
Trust,
Series
2026-
225L,
Class
B,
4.88%,
2/10/2043(a)(b)
50,000
49,249
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2017-C33,
Class
XA,
IO,
1.23%,
5/15/2050(b)
2,162,035
21,076
Morgan
Stanley
Capital
I
Trust,
Series
2019-L3,
Class
XA,
IO,
0.60%,
11/15/2052(b)
2,790,123
51,859
NYC
Commercial
Mortgage
Trust
Series
2026-7W34,
Class
A,
4.87%,
2/5/2041(a)(b)
100,000
99,610
Series
2026-1PARK,
Class
A,
4.93%,
2/15/2043(a)(b)
100,000
99,594
PENN
Commercial
Mortgage
Trust,
Series
2025-
P11,
Class
B,
5.93%,
8/10/2042(a)(b)
100,000
102,430
PLYM
Commercial
Mortgage
Trust,
Series
2026-
IND,
Class
A,
4.92%,
3/15/2043(a)(b)
50,000
49,750
SFO
Commercial
Mortgage
Trust,
Series
2021-
555,
Class
A,
4.94%,
5/15/2038(a)(b)
100,000
99,813
SG
Commercial
Mortgage
Securities
Trust,
Series
2016-C5,
Class
XA,
IO,
1.76%,
10/10/2048(b)
1,859,745
1,291
UBS
Commercial
Mortgage
Trust,
Series
2017-
C6,
Class
B,
4.15%,
12/15/2050(b)
100,000
91,868
Velocity
Commercial
Capital
Loan
Trust,
Series
2025-5,
Class
A,
5.32%,
12/25/2055(a)(b)
480,995
476,614
Wells
Fargo
Commercial
Mortgage
Trust
Series
2017-C42,
Class
B,
4.00%,
12/15/2050(b)
100,000
92,699
Series
2017-C42,
Class
C,
4.30%,
12/15/2050(b)
161,000
142,855
Series
2021-C59,
Class
XA,
IO,
1.48%,
4/15/2054(b)
1,619,321
86,254
Series
2024-5C1,
Class
A3,
5.93%,
7/15/2057
48,000
49,638
Series
2025-5C7,
Class
A3,
5.20%,
12/15/2058
52,000
52,830
NVIT
DoubleLine
Total
Return
Tactical
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
5
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
Series
2026-5C8,
Class
A3,
5.03%,
3/15/2059
100,000
100,982
Series
2026-5C8,
Class
C,
5.55%,
3/15/2059
100,000
97,795
Total
Commercial
Mortgage-Backed
Securities
(cost
$9,876,151)
9,387,387
Corporate
Bonds
12.4%
Aerospace
&
Defense
0.2%
Goat
Holdco
LLC
,
6.75%,
2/1/2032(a)
20,000
20,123
Honeywell
Aerospace,
Inc.
,
4.95%,
3/16/2036(a)
28,000
27,782
Lockheed
Martin
Corp.
,
5.00%,
8/15/2035
34,000
34,306
Northrop
Grumman
Corp.
,
4.03%,
10/15/2047
20,000
15,742
5.20%,
6/1/2054
58,000
53,442
Spirit
AeroSystems,
Inc.
,
4.60%,
6/15/2028
13,000
13,004
Textron,
Inc.
,
5.50%,
5/15/2035
31,000
31,537
TransDigm,
Inc.
,
6.38%,
5/31/2033(a)
30,000
29,840
6.25%,
1/31/2034(a)
5,000
5,055
6.75%,
1/31/2034(a)
5,000
5,066
235,897
Automobile
Components
0.1%
American
Axle
&
Manufacturing,
Inc.
,
6.38%,
10/15/2032(a)
15,000
14,846
7.75%,
10/15/2033(a)
10,000
9,735
Clarios
Global
LP
,
6.75%,
2/15/2030(a)
35,000
35,788
6.75%,
9/15/2032(a)
40,000
40,320
Dornoch
Debt
Merger
Sub,
Inc.
,
6.63%,
10/15/2029(a)
10,000
8,888
109,577
Automobiles
0.1%
Hyundai
Capital
America
,
5.30%,
1/8/2029(a)
54,000
54,739
Nissan
Motor
Acceptance
Co.
LLC
,
6.13%,
9/30/2030(a)
20,000
19,221
73,960
Banks
1.5%
Banco
Internacional
del
Peru
SAA
Interbank
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%),
6.40%,
4/30/2035(a)(d)
150,000
151,905
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Banco
Mercantil
del
Norte
SA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.07%),
8.38%,
5/20/2031(a)(d)(e)
200,000
205,500
Banco
Santander
Chile
,
4.55%,
11/20/2030(a)
150,000
148,032
Bank
of
America
Corp.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
6.63%,
5/1/2030(d)(e)
16,000
16,404
(SOFR
+
1.65%),
5.47%,
1/23/2035(d)
24,000
24,499
(SOFR
+
1.70%),
5.74%,
2/12/2036(d)
27,000
27,466
Bank
of
Nova
Scotia
(The)
,
(SOFR
+
1.05%),
4.81%,
2/2/2034(d)
21,000
20,702
Citigroup,
Inc.
,
Series
GG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
6.88%,
8/15/2030(d)(e)
17,000
17,120
(SOFR
+
1.46%),
4.95%,
5/7/2031(d)
30,000
30,194
(SOFR
+
1.17%),
4.50%,
9/11/2031(d)
20,000
19,773
(SOFR
+
2.66%),
6.17%,
5/25/2034(d)
15,000
15,527
Huntington
Bancshares,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%),
2.49%,
8/15/2036(d)
39,000
33,435
Industrial
Subordinated
Trust
2
0
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%),
6.55%,
4/15/2036(a)(d)
200,000
200,000
JPMorgan
Chase
&
Co.
,
(SOFR
+
1.01%),
5.14%,
1/24/2031(d)
26,000
26,476
(SOFR
+
1.44%),
5.10%,
4/22/2031(d)
32,000
32,581
(SOFR
+
0.93%),
4.26%,
10/22/2031(d)
16,000
15,750
(SOFR
+
1.46%),
5.29%,
7/22/2035(d)
59,000
59,730
(SOFR
+
1.64%),
5.58%,
7/23/2036(d)
21,000
21,267
PNC
Financial
Services
Group,
Inc.
(The)
,
(SOFR
+
1.42%),
5.37%,
7/21/2036(d)
21,000
21,092
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%),
5.42%,
1/25/2041(d)
13,000
12,735
6
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
DoubleLine
Total
Return
Tactical
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Royal
Bank
of
Canada
,
(SOFR
+
0.98%),
4.31%,
11/3/2031(d)
68,000
66,847
Toronto-Dominion
Bank
(The)
,
4.93%,
10/15/2035
34,000
33,451
Truist
Financial
Corp.
,
(SOFR
+
2.45%),
7.16%,
10/30/2029(d)
13,000
13,817
(SOFR
+
1.57%),
5.15%,
8/5/2032(d)
30,000
30,394
United
Overseas
Bank
Ltd.
,
Reg.
S,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.23%),
2.00%,
10/14/2031(d)
200,000
197,295
Wells
Fargo
&
Co.
,
(SOFR
+
1.50%),
5.15%,
4/23/2031(d)
71,000
72,213
(SOFR
+
1.34%),
4.89%,
9/15/2036(d)
72,000
70,049
1,584,254
Biotechnology
0.1%
AbbVie,
Inc.
,
5.50%,
3/15/2064
31,000
29,561
Amgen,
Inc.
,
5.75%,
3/2/2063
49,000
47,134
76,695
Broadline
Retail
0.1%
Getty
Images,
Inc.
,
10.50%,
11/15/2030(a)
20,000
17,936
Wayfair
LLC
,
7.25%,
10/31/2029(a)
25,000
25,520
6.75%,
11/15/2032(a)
10,000
10,076
53,532
Building
Products
0.3%
Advanced
Drainage
Systems,
Inc.
,
5.38%,
3/1/2034(a)
10,000
9,731
Builders
FirstSource,
Inc.
,
6.38%,
3/1/2034(a)
30,000
29,616
6.75%,
5/15/2035(a)
15,000
14,986
CRH
America
Finance,
Inc.
,
4.40%,
2/9/2031
35,000
34,492
EMRLD
Borrower
LP
,
6.63%,
12/15/2030(a)
30,000
30,512
Griffon
Corp.
,
5.75%,
3/1/2028
40,000
39,916
Miter
Brands
Acquisition
Holdco,
Inc.
,
6.75%,
4/1/2032(a)
30,000
28,733
Owens
Corning
,
5.70%,
6/15/2034
30,000
31,012
Quikrete
Holdings,
Inc.
,
6.75%,
3/1/2033(a)
25,000
25,391
Standard
Building
Solutions,
Inc.
,
6.50%,
8/15/2032(a)
65,000
65,033
Corporate
Bonds
Principal
Amount
($)
Value
($)
Building
Products
Standard
Building
Solutions,
Inc.,
5.88%,
3/15/2034(a)
10,000
9,642
319,064
Capital
Markets
0.3%
Bank
of
New
York
Mellon
Corp.
(The)
,
Series
M,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.03%),
5.63%,
3/20/2031(d)(e)
27,000
26,441
(SOFR
+
1.23%),
5.06%,
7/22/2032(d)
24,000
24,464
Charles
Schwab
Corp.
(The)
,
(SOFR
+
0.94%),
4.34%,
11/14/2031(d)
34,000
33,622
Goldman
Sachs
Group,
Inc.
(The)
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%),
6.85%,
2/10/2030(d)(e)
15,000
15,290
(SOFR
+
1.06%),
4.37%,
10/21/2031(d)
36,000
35,299
(SOFR
+
0.96%),
4.52%,
1/21/2032(d)
5,000
4,924
(SOFR
+
1.55%),
5.33%,
7/23/2035(d)
33,000
33,112
Morgan
Stanley
,
(SOFR
+
0.80%),
4.24%,
1/9/2030(d)
16,000
15,838
Series
I,
(SOFR
+
1.07%),
4.36%,
10/22/2031(d)
36,000
35,280
(SOFR
+
1.18%),
5.07%,
1/30/2037(d)
19,000
18,615
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.43%),
5.95%,
1/19/2038(d)
15,000
15,366
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.80%),
5.94%,
2/7/2039(d)
33,000
33,734
291,985
Chemicals
0.0%
†
Celanese
US
Holdings
LLC
,
6.50%,
4/15/2030
10,000
10,205
6.75%,
4/15/2033
10,000
10,260
Olin
Corp.
,
6.63%,
4/1/2033(a)
5,000
4,891
Solstice
Advanced
Materials,
Inc.
,
5.63%,
9/30/2033(a)
5,000
4,930
WR
Grace
Holdings
LLC
,
5.63%,
8/15/2029(a)
20,000
18,394
48,680
NVIT
DoubleLine
Total
Return
Tactical
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
7
Corporate
Bonds
Principal
Amount
($)
Value
($)
Commercial
Services
&
Supplies
0.3%
Allied
Universal
Holdco
LLC
,
7.88%,
2/15/2031(a)
60,000
61,873
Element
Fleet
Management
Corp.
,
5.04%,
3/25/2030(a)
31,000
31,285
Garda
World
Security
Corp.
,
6.50%,
1/15/2031(a)
15,000
15,208
8.25%,
8/1/2032(a)
45,000
44,529
8.38%,
11/15/2032(a)
30,000
30,020
GFL
Environmental
Holdings
US,
Inc.
,
5.50%,
2/1/2034(a)
40,000
39,232
Madison
IAQ
LLC
,
5.88%,
6/30/2029(a)
50,000
49,033
Rollins,
Inc.
,
5.25%,
2/24/2035
33,000
32,977
Veralto
Corp.
,
5.35%,
9/18/2028
10,000
10,219
5.45%,
9/18/2033
15,000
15,318
Veritiv
Operating
Co.
,
10.50%,
11/30/2030(a)
15,000
15,589
Waste
Connections,
Inc.
,
5.25%,
9/1/2035
27,000
27,549
372,832
Communications
Equipment
0.0%
†
Motorola
Solutions,
Inc.
,
5.20%,
8/15/2032
26,000
26,371
Construction
&
Engineering
0.1%
Bioceanico
Sovereign
Certificate
Ltd.
,
Reg.
S,
0.00%,
6/5/2034(f)
103,364
84,028
MasTec,
Inc.
,
5.90%,
6/15/2029
30,000
30,999
WSP
Global,
Inc.
,
5.04%,
9/18/2031(a)
42,000
41,636
156,663
Consumer
Finance
0.4%
American
Express
Co.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.15%),
5.41%,
2/8/2041(d)
42,000
41,675
Avolon
Holdings
Funding
Ltd.
,
5.75%,
3/1/2029(a)
54,000
55,221
4.70%,
1/30/2031(a)
9,000
8,819
Azorra
Finance
Ltd.
,
7.75%,
4/15/2030(a)
15,000
15,450
7.25%,
1/15/2031(a)
25,000
25,242
Gabx
Leasing
LLC
,
4.63%,
4/15/2031(a)
19,000
18,730
General
Motors
Financial
Co.,
Inc.
,
4.60%,
1/8/2031
33,000
32,524
GGAM
Finance
Ltd.
,
6.88%,
4/15/2029(a)
60,000
61,335
Global
Aircraft
Leasing
Co.
Ltd.
,
8.75%,
9/1/2027(a)
90,000
91,309
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
Macquarie
Airfinance
Holdings
Ltd.
,
5.20%,
3/27/2028(a)
15,000
15,054
5.15%,
3/17/2030(a)
15,000
14,923
OneMain
Finance
Corp.
,
6.13%,
5/15/2030
20,000
19,557
7.50%,
5/15/2031
20,000
20,107
6.50%,
3/15/2033
25,000
23,898
443,844
Consumer
Staples
Distribution
&
Retail
0.1%
Kroger
Co.
(The)
,
5.65%,
9/15/2064
31,000
28,743
Performance
Food
Group,
Inc.
,
5.63%,
3/1/2034(a)
15,000
14,468
United
Natural
Foods,
Inc.
,
6.75%,
10/15/2028(a)
46,000
46,036
US
Foods,
Inc.
,
5.75%,
4/15/2033(a)
40,000
39,822
129,069
Containers
&
Packaging
0.1%
CCL
Industries,
Inc.
,
3.05%,
6/1/2030(a)
36,000
33,594
Clydesdale
Acquisition
Holdings,
Inc.
,
6.75%,
4/15/2032(a)
30,000
28,384
Sonoco
Products
Co.
,
4.60%,
9/1/2029
8,000
7,977
5.00%,
9/1/2034
8,000
7,825
77,780
Distributors
0.1%
Dealer
Tire
LLC
,
8.00%,
2/1/2028(a)
60,000
58,347
Diversified
Consumer
Services
0.1%
Graham
Holdings
Co.
,
5.63%,
12/1/2033(a)
55,000
53,879
Mavis
Tire
Express
Services
Topco
Corp.
,
6.50%,
5/15/2029(a)
15,000
14,883
Wand
NewCo
3,
Inc.
,
7.63%,
1/30/2032(a)
40,000
40,900
109,662
Diversified
REITs
0.1%
GLP
Capital
LP
,
5.63%,
3/1/2036
27,000
26,260
VICI
Properties
LP
,
4.63%,
12/1/2029(a)
66,000
64,887
91,147
Diversified
Telecommunication
Services
0.3%
Altice
France
SA
,
6.88%,
7/15/2032(a)
9,897
9,378
AT&T,
Inc.
,
6.05%,
8/15/2056
68,000
66,965
8
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
DoubleLine
Total
Return
Tactical
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Telecommunication
Services
Bell
Canada
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%),
7.00%,
9/15/2055(d)
33,000
33,776
CCO
Holdings
LLC
,
5.13%,
5/1/2027(a)
6,000
5,993
4.75%,
3/1/2030(a)
30,000
28,466
4.75%,
2/1/2032(a)
25,000
22,604
4.25%,
1/15/2034(a)
10,000
8,555
7.38%,
2/1/2036(a)
5,000
4,980
Cipher
Compute
LLC
,
7.13%,
11/15/2030(a)
15,000
15,540
Flash
Compute
LLC
,
7.25%,
12/31/2030(a)
20,000
20,136
Level
3
Financing,
Inc.
,
6.88%,
6/30/2033(a)
30,000
30,550
TELUS
Corp.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.71%),
7.00%,
10/15/2055(d)
33,000
33,688
Uniti
Group
LP
,
8.63%,
6/15/2032(a)
15,000
15,277
Uniti
Services
LLC
,
7.50%,
10/15/2033(a)
10,000
10,396
Verizon
Communications,
Inc.
,
5.75%,
11/30/2045
41,000
39,926
Windstream
Services
LLC
,
8.25%,
10/1/2031(a)
5,000
5,226
351,456
Electric
Utilities
1.1%
AEP
Texas,
Inc.
,
5.45%,
5/15/2029
17,000
17,434
Series
Q,
5.20%,
4/15/2036
24,000
23,603
Alliant
Energy
Corp.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.08%),
5.75%,
4/1/2056(d)
15,000
14,584
Arizona
Public
Service
Co.
,
5.90%,
8/15/2055
68,000
66,907
Comision
Federal
de
Electricidad
,
Reg.
S,
4.69%,
5/15/2029
200,000
196,310
Commonwealth
Edison
Co.
,
5.95%,
6/1/2055
67,000
67,911
Duke
Energy
Corp.
,
5.00%,
8/15/2052
9,000
7,701
5.80%,
6/15/2054
56,000
53,618
Entergy
Arkansas
LLC
,
5.75%,
6/1/2054
16,000
15,627
Entergy
Corp.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.67%),
7.13%,
12/1/2054(d)
31,000
31,765
Entergy
Louisiana
LLC
,
4.75%,
9/15/2052
22,000
18,618
Evergy
Kansas
Central,
Inc.
,
5.70%,
3/15/2053
34,000
33,455
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
JSW
Hydro
Energy
Ltd.
,
Reg.
S,
4.13%,
5/18/2031
139,000
127,190
Kentucky
Utilities
Co.
,
5.85%,
8/15/2055
14,000
13,920
Mexico
Generadora
de
Energia
S
de
rl
,
Reg.
S,
5.50%,
12/6/2032
103,924
103,984
Minejesa
Capital
BV
,
Reg.
S,
4.63%,
8/10/2030
129,800
128,180
NextEra
Energy
Capital
Holdings,
Inc.
,
5.90%,
3/15/2055
32,000
31,410
NRG
Energy,
Inc.
,
6.00%,
2/1/2033(a)
15,000
15,004
Southern
Co.
(The)
,
Series
2025,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%),
6.38%,
3/15/2055(d)
9,000
9,257
Star
Energy
Geothermal
Wayang
Windu
Ltd.
,
Reg.
S,
6.75%,
4/24/2033
127,500
127,627
Trans-Allegheny
Interstate
Line
Co.
,
5.00%,
1/15/2031(a)
65,000
66,029
Virginia
Electric
and
Power
Co.
,
5.55%,
8/15/2054
13,000
12,286
Series
D,
5.60%,
9/15/2055
15,000
14,275
Vistra
Operations
Co.
LLC
,
4.38%,
5/1/2029(a)
33,000
32,220
1,228,915
Electrical
Equipment
0.1%
GE
Vernova,
Inc.
,
5.50%,
2/4/2056
11,000
10,582
Hubbell,
Inc.
,
4.80%,
11/15/2035
19,000
18,503
Molex
Electronic
Technologies
LLC
,
5.25%,
4/30/2032(a)
37,000
37,487
Vertiv
Group
Corp.
,
4.13%,
11/15/2028(a)
68,000
66,965
Vertiv
Holdings
Co.
,
5.80%,
3/15/2056
24,000
23,070
156,607
Electronic
Equipment,
Instruments
&
Components
0.2%
Amphenol
Corp.
,
5.30%,
11/15/2055
49,000
46,016
Arrow
Electronics,
Inc.
,
5.15%,
8/21/2029
35,000
35,359
Avnet,
Inc.
,
6.25%,
3/15/2028
61,000
62,828
Flex
Ltd.
,
5.38%,
11/13/2035
16,000
15,722
Jabil,
Inc.
,
4.75%,
2/1/2033
14,000
13,632
173,557
NVIT
DoubleLine
Total
Return
Tactical
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
9
Corporate
Bonds
Principal
Amount
($)
Value
($)
Energy
Equipment
&
Services
0.1%
Baker
Hughes
Holdings
LLC
,
5.00%,
6/15/2036
28,000
27,490
Kodiak
Gas
Services
LLC
,
6.50%,
10/1/2033(a)
15,000
15,162
6.75%,
10/1/2035(a)
15,000
15,239
Nabors
Industries,
Inc.
,
9.13%,
1/31/2030(a)
10,000
10,500
7.63%,
11/15/2032(a)
10,000
10,236
WBI
Operating
LLC
,
6.50%,
10/15/2033(a)
30,000
29,771
Weatherford
International
Ltd.
,
6.75%,
10/15/2033(a)
35,000
35,762
144,160
Entertainment
0.0%
†
Discovery
Global
Holdings,
Inc.
,
4.05%,
3/15/2029
10,000
9,675
4.28%,
3/15/2032
5,000
4,425
5.05%,
3/15/2042
10,000
6,588
20,688
Financial
Services
0.2%
Block
Financial
LLC
,
5.38%,
9/15/2032
71,000
68,905
Fiserv,
Inc.
,
4.55%,
2/15/2031
32,000
31,328
Freedom
Mortgage
Holdings
LLC
,
8.38%,
4/1/2032(a)
10,000
9,837
Global
Payments,
Inc.
,
5.55%,
11/15/2035
15,000
14,454
PennyMac
Financial
Services,
Inc.
,
7.88%,
12/15/2029(a)
35,000
35,804
6.88%,
5/15/2032(a)
10,000
9,650
Rocket
Cos.,
Inc.
,
6.38%,
8/1/2033(a)
15,000
15,161
185,139
Food
Products
0.1%
Bunge
Ltd.
Finance
Corp.
,
4.65%,
9/17/2034
38,000
36,790
JBS
NV
,
5.63%,
3/10/2037(a)
11,000
11,034
6.25%,
3/1/2056
32,000
31,370
Mars,
Inc.
,
5.70%,
5/1/2055(a)
34,000
33,152
Post
Holdings,
Inc.
,
6.25%,
10/15/2034(a)
5,000
4,896
117,242
Gas
Utilities
0.0%
†
National
Fuel
Gas
Co.
,
5.95%,
3/15/2035
12,000
12,414
Southern
Natural
Gas
Co.
LLC
,
5.45%,
8/1/2035(a)
16,000
16,279
28,693
Corporate
Bonds
Principal
Amount
($)
Value
($)
Ground
Transportation
0.6%
Burlington
Northern
Santa
Fe
LLC
,
5.50%,
3/15/2055
28,000
26,994
CSX
Corp.
,
3.35%,
9/15/2049
80,000
55,323
Dcli
Bidco
LLC
,
7.75%,
11/15/2029(a)
30,000
30,335
Fedex
Freight
Holding
Co.,
Inc.
,
4.95%,
3/15/2033(a)
5,000
4,876
Genesee
&
Wyoming,
Inc.
,
6.25%,
4/15/2032(a)
60,000
60,717
Lima
Metro
Line
2
Finance
Ltd.
,
Reg.
S,
5.88%,
7/5/2034
74,559
75,994
Penske
Truck
Leasing
Co.
LP
,
5.25%,
2/1/2030(a)
64,000
64,960
Simpar
Europe
SA
,
Reg.
S,
5.20%,
1/26/2031
200,000
168,700
Triton
Container
International
Ltd.
,
5.15%,
2/15/2033
34,000
33,290
Uber
Technologies,
Inc.
,
4.80%,
9/15/2034
65,000
63,636
Watco
Cos.
LLC
,
7.13%,
8/1/2032(a)
55,000
56,486
641,311
Health
Care
Equipment
&
Supplies
0.1%
Augusta
SpinCo
Corp.
,
5.25%,
3/23/2036
14,000
14,003
Bausch
+
Lomb
Corp.
,
8.38%,
10/1/2028(a)
30,000
30,975
GE
HealthCare
Technologies,
Inc.
,
4.80%,
1/15/2031
31,000
31,191
Medline
Borrower
LP
,
5.25%,
10/1/2029(a)
33,000
32,709
Solventum
Corp.
,
5.40%,
3/1/2029
11,000
11,253
VSP
Optical
Group,
Inc.
,
5.45%,
12/1/2035(a)
11,000
10,781
130,912
Health
Care
Providers
&
Services
0.3%
Cardinal
Health,
Inc.
,
4.90%,
9/15/2045
71,000
62,603
Community
Health
Systems,
Inc.
,
6.00%,
1/15/2029(a)
20,000
19,775
Elevance
Health,
Inc.
,
5.13%,
2/15/2053
66,000
57,865
Laboratory
Corp.
of
America
Holdings
,
4.80%,
10/1/2034
64,000
62,314
LifePoint
Health,
Inc.
,
10.00%,
6/1/2032(a)
20,000
20,425
Quest
Diagnostics,
Inc.
,
5.00%,
12/15/2034
29,000
28,802
Radiology
Partners,
Inc.
,
8.50%,
7/15/2032(a)
30,000
30,416
10
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
DoubleLine
Total
Return
Tactical
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
Select
Medical
Corp.
,
6.25%,
12/1/2032(a)
10,000
9,531
Tenet
Healthcare
Corp.
,
5.50%,
11/15/2032(a)
5,000
4,954
296,685
Health
Care
REITs
0.1%
Omega
Healthcare
Investors,
Inc.
,
3.38%,
2/1/2031
16,000
14,788
3.25%,
4/15/2033
18,000
15,843
Sabra
Health
Care
LP
,
3.20%,
12/1/2031
37,000
33,409
64,040
Hotel
&
Resort
REITs
0.0%
†
RHP
Hotel
Properties
LP
,
6.50%,
6/15/2033(a)
25,000
25,457
5.75%,
3/15/2034(a)
15,000
14,803
40,260
Hotels,
Restaurants
&
Leisure
0.7%
Acushnet
Co.
,
5.63%,
12/1/2033(a)
55,000
54,574
Airbnb,
Inc.
,
5.25%,
3/16/2036
33,000
33,034
Caesars
Entertainment,
Inc.
,
6.00%,
10/15/2032(a)
20,000
18,400
Carnival
Corp.
,
5.13%,
5/1/2029(a)
10,000
9,928
5.88%,
6/15/2031(a)
30,000
30,369
5.75%,
8/1/2032(a)
30,000
29,990
6.13%,
2/15/2033(a)
11,000
11,110
Expedia
Group,
Inc.
,
3.80%,
2/15/2028
74,000
72,999
Fertitta
Entertainment
LLC
,
6.75%,
1/15/2030(a)
10,000
9,341
Full
House
Resorts,
Inc.
,
8.25%,
2/15/2028(a)
15,000
13,650
Hilton
Domestic
Operating
Co.,
Inc.
,
5.75%,
9/15/2033(a)
20,000
19,910
Life
Time,
Inc.
,
6.00%,
11/15/2031(a)
60,000
60,475
Light
&
Wonder
International,
Inc.
,
6.25%,
10/1/2033(a)
25,000
24,492
Lindblad
Expeditions
LLC
,
7.00%,
9/15/2030(a)
15,000
15,315
Marriott
International,
Inc.
,
4.50%,
10/15/2031
33,000
32,615
5.35%,
3/15/2035
31,000
31,202
McDonald's
Corp.
,
5.45%,
8/14/2053
33,000
31,296
NCL
Corp.
Ltd.
,
5.88%,
1/15/2031(a)
10,000
9,716
6.25%,
9/15/2033(a)
10,000
9,703
Rivers
Enterprise
Borrower
LLC
,
6.25%,
10/15/2030(a)
10,000
9,975
6.63%,
2/1/2033(a)
45,000
44,661
Corporate
Bonds
Principal
Amount
($)
Value
($)
Hotels,
Restaurants
&
Leisure
Royal
Caribbean
Cruises
Ltd.
,
5.38%,
7/15/2027(a)
16,000
16,060
5.38%,
1/15/2036
13,000
12,772
Sabre
GLBL,
Inc.
,
10.75%,
11/15/2029(a)
8,000
6,834
10.75%,
3/15/2030(a)
10,000
8,405
Viking
Cruises
Ltd.
,
5.88%,
10/15/2033(a)
90,000
88,858
Voyager
Parent
LLC
,
9.25%,
7/1/2032(a)
15,000
15,573
721,257
Household
Durables
0.1%
Installed
Building
Products,
Inc.
,
5.63%,
2/1/2034(a)
40,000
39,032
Newell
Brands,
Inc.
,
6.38%,
5/15/2030
10,000
9,599
Taylor
Morrison
Communities,
Inc.
,
5.75%,
11/15/2032(a)
20,000
20,018
Whirlpool
Corp.
,
6.50%,
6/15/2033
15,000
14,211
82,860
Household
Products
0.0%
†
Energizer
Holdings,
Inc.
,
6.00%,
9/15/2033(a)
15,000
14,048
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Constellation
Energy
Generation
LLC
,
4.40%,
1/15/2031
27,000
26,648
PSEG
Power
LLC
,
5.20%,
5/15/2030(a)
22,000
22,332
Talen
Energy
Supply
LLC
,
6.25%,
2/1/2034(a)
15,000
14,833
63,813
Industrial
REITs
0.0%
†
First
Industrial
LP
,
5.25%,
1/15/2031
43,000
43,416
Insurance
0.3%
Acrisure
LLC
,
6.75%,
7/1/2032(a)
25,000
24,091
Alliant
Holdings
Intermediate
LLC
,
6.50%,
10/1/2031(a)
40,000
39,278
Arthur
J
Gallagher
&
Co.
,
4.85%,
12/15/2029
18,000
18,192
Athene
Global
Funding
,
4.72%,
10/8/2029(a)
16,000
15,742
5.03%,
7/17/2030(a)
18,000
17,800
Brown
&
Brown,
Inc.
,
6.25%,
6/23/2055
14,000
13,960
Guardian
Life
Global
Funding
,
4.80%,
4/28/2030(a)
29,000
29,167
Marsh
&
McLennan
Cos.,
Inc.
,
4.95%,
3/15/2036
33,000
32,688
NVIT
DoubleLine
Total
Return
Tactical
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
11
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
MetLife,
Inc.
,
Series
G,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.08%),
6.35%,
3/15/2055(d)
26,000
26,384
New
York
Life
Insurance
Co.
,
6.75%,
11/15/2039(a)
13,000
14,497
Panther
Escrow
Issuer
LLC
,
7.13%,
6/1/2031(a)
50,000
50,168
Progressive
Corp.
(The)
,
5.15%,
3/26/2036
34,000
34,048
Travelers
Cos.,
Inc.
(The)
,
4.60%,
8/1/2043
18,000
15,867
Willis
North
America,
Inc.
,
4.55%,
3/15/2031
18,000
17,736
349,618
IT
Services
0.1%
CoreWeave,
Inc.
,
9.25%,
6/1/2030(a)
15,000
14,575
Kyndryl
Holdings,
Inc.
,
4.10%,
10/15/2041
61,000
42,476
VeriSign,
Inc.
,
5.25%,
6/1/2032
38,000
38,274
95,325
Leisure
Products
0.0%
†
Mattel,
Inc.
,
5.00%,
11/17/2030
12,000
11,926
Life
Sciences
Tools
&
Services
0.0%
†
Illumina,
Inc.
,
4.75%,
12/12/2030
27,000
26,861
Machinery
0.1%
CNH
Industrial
Capital
LLC
,
4.38%,
3/7/2031
34,000
33,204
Columbus
McKinnon
Corp.
,
7.13%,
2/1/2033(a)
20,000
19,991
nVent
Finance
Sarl
,
5.65%,
5/15/2033
16,000
16,405
Westinghouse
Air
Brake
Technologies
Corp.
,
4.90%,
5/29/2030
65,000
65,681
135,281
Marine
Transportation
0.2%
Yinson
Bergenia
Production
BV
,
8.50%,
1/31/2045(a)
197,340
208,005
Media
0.4%
Clear
Channel
Outdoor
Holdings,
Inc.
,
7.50%,
6/1/2029(a)
10,000
10,042
7.13%,
2/15/2031(a)
20,000
20,954
Directv
Financing
LLC
,
8.88%,
2/1/2030(a)
20,000
19,955
DirecTV
Financing
LLC
,
5.88%,
8/15/2027(a)
21,000
20,978
DISH
DBS
Corp.
,
5.75%,
12/1/2028(a)
30,000
29,016
Corporate
Bonds
Principal
Amount
($)
Value
($)
Media
DISH
DBS
Corp.,
5.13%,
6/1/2029
20,000
17,872
EchoStar
Corp.
,
10.75%,
11/30/2029
10,000
10,803
Gray
Media,
Inc.
,
9.63%,
7/15/2032(a)
15,000
14,999
7.25%,
8/15/2033(a)
15,000
15,115
Lamar
Media
Corp.
,
5.38%,
11/1/2033(a)
30,000
29,362
McGraw-Hill
Education,
Inc.
,
7.38%,
9/1/2031(a)
20,000
20,376
Neptune
Bidco
US,
Inc.
,
10.38%,
5/15/2031(a)
10,000
10,090
Nexstar
Media,
Inc.
,
6.50%,
9/15/2033(a)
30,000
30,228
7.25%,
4/15/2034(a)
5,000
5,015
Sirius
XM
Radio
LLC
,
5.50%,
7/1/2029(a)
85,000
84,712
Univision
Communications,
Inc.
,
7.38%,
6/30/2030(a)
30,000
29,398
Videotron
Ltd.
,
5.70%,
1/15/2035(a)
32,000
32,301
401,216
Metals
&
Mining
0.3%
ArcelorMittal
SA
,
6.00%,
6/17/2034
16,000
16,828
Corp.
Nacional
del
Cobre
de
Chile
,
Reg.
S,
3.00%,
9/30/2029
200,000
187,698
Glencore
Funding
LLC
,
5.20%,
7/1/2033(a)
34,000
34,041
Novelis
Corp.
,
6.88%,
1/30/2030(a)
10,000
10,087
Vale
Overseas
Ltd.
,
6.40%,
6/28/2054
17,000
17,216
Volcan
Cia
Minera
SAA
,
8.50%,
10/28/2032(a)
20,000
20,278
286,148
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
Starwood
Property
Trust,
Inc.
,
5.25%,
10/15/2028(a)
30,000
29,658
Multi-Utilities
0.2%
Black
Hills
Corp.
,
6.00%,
1/15/2035
29,000
30,105
CMS
Energy
Corp.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.96%),
6.50%,
6/1/2055(d)
16,000
16,289
Consumers
Energy
Co.
,
4.50%,
1/15/2031
19,000
19,023
DTE
Energy
Co.
,
5.85%,
6/1/2034
44,000
46,070
NiSource,
Inc.
,
5.35%,
4/1/2034
26,000
26,454
12
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
DoubleLine
Total
Return
Tactical
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Multi-Utilities
NiSource,
Inc.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%),
6.95%,
11/30/2054(d)
15,000
15,425
5.85%,
4/1/2055
26,000
25,275
Southern
Co.
Gas
Capital
Corp.
,
Series
A,
4.05%,
9/15/2028
10,000
9,927
WEC
Energy
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.91%),
5.63%,
5/15/2056(d)
23,000
22,536
211,104
Oil,
Gas
&
Consumable
Fuels
1.0%
Antero
Midstream
Partners
LP
,
5.75%,
7/1/2034(a)
12,000
11,825
APA
Corp.
,
6.10%,
2/15/2035
16,000
16,428
Buckeye
Partners
LP
,
6.88%,
7/1/2029(a)
60,000
61,754
Cenovus
Energy,
Inc.
,
5.40%,
3/20/2036
16,000
15,917
Cheniere
Energy,
Inc.
,
4.63%,
10/15/2028
56,000
55,859
5.65%,
4/15/2034
31,000
31,915
6.00%,
7/30/2056(a)
3,000
2,989
Chord
Energy
Corp.
,
6.00%,
10/1/2030(a)
15,000
15,199
6.75%,
3/15/2033(a)
25,000
25,811
CNX
Resources
Corp.
,
5.88%,
3/1/2034(a)
20,000
19,478
Colonial
Enterprises,
Inc.
,
5.63%,
11/15/2035(a)
18,000
17,953
Cosan
Overseas
Ltd.
,
Reg.
S,
8.25%,
5/5/2026(g)
100,000
94,690
Crescent
Energy
Finance
LLC
,
7.88%,
4/15/2032(a)
10,000
10,217
Eastern
Energy
Gas
Holdings
LLC
,
5.65%,
10/15/2054
34,000
32,024
Enbridge,
Inc.
,
5.45%,
3/27/2036
14,000
14,121
Energy
Transfer
LP
,
Series
G,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%),
7.13%,
5/15/2030(d)(e)
33,000
33,588
Enterprise
Products
Operating
LLC
,
5.55%,
2/16/2055
34,000
32,706
Expand
Energy
Corp.
,
6.75%,
4/15/2029(a)
10,000
10,007
4.75%,
2/1/2032
16,000
15,590
Florida
Gas
Transmission
Co.
LLC
,
5.75%,
7/15/2035(a)
14,000
14,364
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Gulfport
Energy
Operating
Corp.
,
6.75%,
9/1/2029(a)
65,000
66,477
Harvest
Midstream
I
LP
,
7.50%,
5/15/2032(a)
30,000
30,578
Hilcorp
Energy
I
LP
,
7.25%,
2/15/2035(a)
15,000
14,954
Kinder
Morgan
Energy
Partners
LP
,
6.95%,
1/15/2038
14,000
15,629
Matador
Resources
Co.
,
6.50%,
4/15/2032(a)
20,000
20,218
6.00%,
4/15/2034(a)
15,000
14,905
MPLX
LP
,
5.30%,
4/1/2036
18,000
17,742
NGL
Energy
Operating
LLC
,
8.13%,
2/15/2029(a)
10,000
10,301
NGPL
PipeCo
LLC
,
3.25%,
7/15/2031(a)
33,000
30,327
ONEOK,
Inc.
,
4.55%,
7/15/2028
17,000
17,021
Permian
Resources
Operating
LLC
,
6.25%,
2/1/2033(a)
17,000
17,317
Peru
LNG
Srl
,
Reg.
S,
5.38%,
3/22/2030
133,360
129,291
Tallgrass
Energy
Partners
LP
,
7.38%,
2/15/2029(a)
20,000
20,575
6.75%,
3/15/2034(a)
10,000
10,050
Targa
Resources
Corp.
,
4.35%,
1/15/2029
17,000
16,929
Venture
Global
LNG,
Inc.
,
8.38%,
6/1/2031(a)
25,000
25,999
9.88%,
2/1/2032(a)
10,000
10,740
Venture
Global
Plaquemines
LNG
LLC
,
6.13%,
12/15/2030(a)
5,000
5,142
7.50%,
5/1/2033(a)
5,000
5,496
6.50%,
1/15/2034(a)
15,000
15,637
Viper
Energy
Partners
LLC
,
4.90%,
8/1/2030
22,000
21,985
Western
Midstream
Operating
LP
,
5.50%,
12/15/2035
17,000
16,718
Williams
Cos.,
Inc.
(The)
,
5.95%,
3/15/2056
32,000
31,494
1,097,960
Paper
&
Forest
Products
0.0%
†
Suzano
Netherlands
BV
,
5.50%,
1/15/2036
34,000
32,895
Passenger
Airlines
0.1%
Delta
Air
Lines,
Inc.
,
5.25%,
7/10/2030
16,000
16,105
JetBlue
Airways
Corp.
,
9.88%,
9/20/2031(a)
10,000
9,451
United
Airlines
Holdings,
Inc.
,
4.88%,
3/1/2029
14,000
13,693
5.38%,
3/1/2031
63,000
61,697
NVIT
DoubleLine
Total
Return
Tactical
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
13
Corporate
Bonds
Principal
Amount
($)
Value
($)
Passenger
Airlines
United
Airlines,
Inc.
,
4.63%,
4/15/2029(a)
33,000
32,377
133,323
Pharmaceuticals
0.2%
Bausch
Health
Cos.,
Inc.
,
5.25%,
1/30/2030(a)
10,000
6,450
14.00%,
10/15/2030(a)
1,000
955
Merck
&
Co.,
Inc.
,
5.70%,
9/15/2055
41,000
40,682
Novartis
Capital
Corp.
,
5.70%,
3/18/2056
35,000
35,250
Royalty
Pharma
plc
,
5.95%,
9/25/2055
20,000
19,453
Teva
Pharmaceutical
Finance
Co.
LLC
,
6.15%,
2/1/2036
34,000
35,031
Zoetis,
Inc.
,
4.15%,
8/17/2028
34,000
33,894
4.70%,
2/1/2043
12,000
10,701
182,416
Professional
Services
0.2%
Amentum
Holdings,
Inc.
,
7.25%,
8/1/2032(a)
15,000
15,522
CACI
International,
Inc.
,
6.38%,
6/15/2033(a)
10,000
10,179
Jacobs
Solutions,
Inc.
,
5.38%,
3/3/2036
54,000
52,663
Paychex,
Inc.
,
5.35%,
4/15/2032
65,000
65,328
Verisk
Analytics,
Inc.
,
5.25%,
6/5/2034
30,000
29,880
VT
Topco,
Inc.
,
8.50%,
8/15/2030(a)
15,000
15,251
188,823
Real
Estate
Management
&
Development
0.0%
†
Anywhere
Real
Estate
Group
LLC
,
5.25%,
4/15/2030(a)
15,000
14,138
7.00%,
4/15/2030(a)
15,000
15,021
9.75%,
4/15/2030(a)
5,000
5,308
34,467
Residential
REITs
0.0%
†
Essential
Properties
LP
,
5.40%,
12/1/2035
33,000
32,439
Store
Capital
LLC
,
4.95%,
2/11/2031(a)
6,000
5,948
38,387
Retail
REITs
0.1%
Agree
LP
,
5.63%,
6/15/2034
20,000
20,425
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
,
5.75%,
7/15/2034
32,000
32,831
53,256
Semiconductors
&
Semiconductor
Equipment
0.1%
Marvell
Technology,
Inc.
,
5.95%,
9/15/2033
60,000
63,497
Corporate
Bonds
Principal
Amount
($)
Value
($)
Semiconductors
&
Semiconductor
Equipment
NXP
BV
,
4.85%,
8/19/2032
25,000
24,660
Qnity
Electronics,
Inc.
,
6.25%,
8/15/2033(a)
15,000
15,167
Qorvo,
Inc.
,
3.38%,
4/1/2031(a)
22,000
19,899
123,223
Software
0.2%
AppLovin
Corp.
,
5.38%,
12/1/2031
15,000
15,147
AthenaHealth
Group,
Inc.
,
6.50%,
2/15/2030(a)
30,000
28,159
Atlassian
Corp.
,
5.25%,
5/15/2029
19,000
19,114
Cloud
Software
Group,
Inc.
,
9.00%,
9/30/2029(a)
10,000
9,647
6.63%,
8/15/2033(a)
15,000
13,336
Ellucian
Holdings,
Inc.
,
6.50%,
12/1/2029(a)
20,000
19,535
OAK-Eagle
Acquireco,
Inc.
,
7.25%,
7/1/2033(a)
10,000
10,361
8.75%,
7/1/2034(a)
5,000
5,234
Roper
Technologies,
Inc.
,
4.25%,
9/15/2028
20,000
19,870
UKG,
Inc.
,
6.88%,
2/1/2031(a)
30,000
29,320
Workday,
Inc.
,
3.80%,
4/1/2032
16,000
14,852
184,575
Specialized
REITs
0.1%
American
Tower
Corp.
,
4.70%,
12/15/2032
32,000
31,444
3.70%,
10/15/2049
10,000
7,178
Equinix,
Inc.
,
3.90%,
4/15/2032
31,000
29,265
2.95%,
9/15/2051
57,000
34,688
Extra
Space
Storage
LP
,
4.95%,
1/15/2033
16,000
15,790
5.40%,
2/1/2034
31,000
31,254
149,619
Specialty
Retail
0.2%
AutoZone,
Inc.
,
5.13%,
6/15/2030
32,000
32,550
Lowe's
Cos.,
Inc.
,
5.63%,
4/15/2053
16,000
15,126
Michaels
Cos.,
Inc.
(The)
,
8.50%,
3/15/2033(a)
10,000
9,735
O'Reilly
Automotive,
Inc.
,
5.75%,
11/20/2026
14,000
14,117
5.00%,
8/19/2034
16,000
15,823
Staples,
Inc.
,
10.75%,
9/1/2029(a)
15,000
13,872
Victra
Holdings
LLC
,
8.75%,
9/15/2029(a)
75,000
77,839
179,062
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
Dell,
Inc.
,
6.50%,
4/15/2038
14,000
14,876
14
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
DoubleLine
Total
Return
Tactical
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Tobacco
0.1%
BAT
Capital
Corp.
,
5.63%,
8/15/2035
31,000
31,882
4.54%,
8/15/2047
38,000
30,854
Philip
Morris
International,
Inc.
,
5.38%,
2/15/2033
30,000
30,832
5.25%,
2/13/2034
31,000
31,567
125,135
Trading
Companies
&
Distributors
0.1%
Aviation
Capital
Group
LLC
,
5.38%,
7/15/2029(a)
20,000
20,313
GATX
Corp.
,
5.20%,
3/15/2044
17,000
15,593
Herc
Holdings,
Inc.
,
7.00%,
6/15/2030(a)
15,000
15,381
5.75%,
3/15/2031(a)
5,000
4,924
6.00%,
3/15/2034(a)
5,000
4,834
QXO
Building
Products,
Inc.
,
6.75%,
4/30/2032(a)
15,000
15,300
United
Rentals
North
America,
Inc.
,
5.38%,
11/15/2033(a)
40,000
38,895
WESCO
Distribution,
Inc.
,
6.38%,
3/15/2033(a)
5,000
5,094
5.50%,
4/15/2034(a)
10,000
9,848
130,182
Transportation
Infrastructure
0.2%
Adani
International
Container
Terminal
Pvt
Ltd.
,
Reg.
S,
3.00%,
2/16/2031
146,000
133,170
Rutas
2
&
7
Finance
Ltd.
,
Reg.
S,
0.00%,
9/30/2036(f)
146,667
111,467
Seaspan
Corp.
,
5.50%,
8/1/2029(a)
25,000
23,423
268,060
Water
Utilities
0.0%
†
Essential
Utilities,
Inc.
,
5.13%,
3/15/2036
13,000
12,818
Wireless
Telecommunication
Services
0.1%
T-Mobile
USA,
Inc.
,
5.50%,
1/15/2055
87,000
79,790
Total
Corporate
Bonds
(cost
$13,602,760)
13,548,427
Foreign
Government
Securities
0.4%
GUATEMALA
0.2%
Republic
of
Guatemala
,
Reg.
S,
4.50%,
5/3/2026
200,000
200,100
MOROCCO
0.2%
Kingdom
of
Morocco
,
Reg.
S,
5.95%,
3/8/2028
200,000
203,200
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
PERU
0.0%
†
Republic
of
Peru
,
2.84%,
6/20/2030
50,000
46,443
Total
Foreign
Government
Securities
(cost
$449,403)
449,743
Mortgage-Backed
Securities
16.1%
FHLMC
Gold
Pool
Pool#
Q50135
,
3.50%,
8/1/2047
1,065,230
995,757
FHLMC
UMBS
Pool
Pool#
SD5677
5.00%,
3/1/2054
519,918
518,776
Pool#
SL1124
6.00%,
4/1/2055
1,349,181
1,384,550
Pool#
SL3352
5.00%,
11/1/2055
1,606,975
1,606,511
FNMA
Pool
Pool#
BL6290
2.08%,
5/1/2030
2,100,000
1,931,914
Pool#
BS9551
5.94%,
9/1/2053
1,861,086
1,955,424
FNMA
UMBS
Pool
Pool#
MA2888
2.50%,
1/1/2047
835,248
725,006
Pool#
AS9937
3.00%,
7/1/2047
841,809
757,976
Pool#
FM8215
2.50%,
3/1/2051
1,141,218
979,184
Pool#
CB0705
3.00%,
6/1/2051
1,093,666
969,474
Pool#
MA4416
3.50%,
9/1/2051
914,124
843,630
Pool#
MA4918
5.00%,
2/1/2053
1,412,234
1,399,656
Pool#
FS9671
5.50%,
11/1/2054
840,556
862,183
Pool#
FA0627
5.50%,
2/1/2055
901,969
911,266
Pool#
FA4185
5.00%,
1/1/2056
1,700,083
1,685,984
Total
Mortgage-Backed
Securities
(cost
$18,587,829)
17,527,291
U.S.
Treasury
Obligations
17.7%
U.S.
Treasury
Inflation
Linked
Notes
0.38%,
7/15/2027
292,519
292,389
1.63%,
10/15/2027
373,313
379,066
0.50%,
1/15/2028
290,090
287,795
U.S.
Treasury
Notes
0.75%,
5/31/2026
4,000,000
3,979,805
0.75%,
1/31/2028
10,650,000
10,073,818
NVIT
DoubleLine
Total
Return
Tactical
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
15
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Notes
0.88%,
11/15/2030
5,000,000
4,357,813
Total
U.S.
Treasury
Obligations
(cost
$19,311,065)
19,370,686
Investment
Company
0.9%
Shares
Fixed
Income
Fund
0.9%
American
Beacon
DoubleLine
Floating
Rate
Fund,
Class
Y
112,959
1,000,816
Total
Investment
Company
(cost
$1,065,202)
1,000,816
Total
Investments
(cost
$107,720,864)
—
95.1%
103,793,519
Other
assets
in
excess
of
liabilities
—
4.9%
5,336,711
NET
ASSETS
—
100.0%
$
109,130,230
†
Amount
rounds
to
less
than
0.1%.
(a)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$28,068,265
which
represents
25.72%
of
net
assets.
(b)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.  The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(c)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
March
31,
2026.
(d)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(e)
Perpetual
Bond
Security.
The
rate
reflected
in
the
Statement
of
Investments
is
the
rate
in
effect
on
March
31,
2026.
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
16
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
DoubleLine
Total
Return
Tactical
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
221
6/2026
USD
45,845,414
(325,964)
U.S.
Treasury
5
Year
Note
116
6/2026
USD
12,548,844
(155,134)
U.S.
Treasury
10
Year
Ultra
Note
8
6/2026
USD
908,125
(420)
U.S.
Treasury
Long
Bond
84
6/2026
USD
9,565,500
(261,889)
Total
long
contracts
(743,407)
Short
Contracts
U.S.
Treasury
Ultra
Bond
(36)
6/2026
USD
(4,196,250)
124,628
Total
short
contracts
124,628
Net
contracts
(618,779)
Currency:
USD
United
States
Dollar
NVIT
DoubleLine
Total
Return
Tactical
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
17
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
18
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
DoubleLine
Total
Return
Tactical
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
12,304,793
$
–
$
12,304,793
Collateralized
Mortgage
Obligations
–
30,204,376
–
30,204,376
Commercial
Mortgage-Backed
Securities
–
9,387,387
–
9,387,387
Corporate
Bonds
–
13,548,427
–
13,548,427
Foreign
Government
Securities
–
449,743
–
449,743
Futures
Contracts
124,628
–
–
124,628
Investment
Company
1,000,816
–
–
1,000,816
Mortgage-Backed
Securities
–
17,527,291
–
17,527,291
U.S.
Treasury
Obligations
–
19,370,686
–
19,370,686
Total
Assets
$
1,125,444
$
102,792,703
$
–
$
103,918,147
Liabilities:
Futures
Contracts
$
(743,407)
$
–
$
–
$
(743,407)
Total
Liabilities
$
(743,407)
$
–
$
–
$
(743,407)
Total
$
382,037
$
102,792,703
$
–
$
103,174,740
NVIT
DoubleLine
Total
Return
Tactical
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
19
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Assets:
Fair
Value
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
$
124,628
Total
$
124,628
Liabilities:
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(743,407)
Total
$
(743,407)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
20
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Government
Bond
Fund
Asset-Backed
Securities
4
.1
%
Principal
Amount
($)
Value
($)
Automobiles
0
.2
%
Chesapeake
Funding
II
LLC,
Series
2023-2A,
Class
A1,
6.16%,
10/15/2035(a)
575,577
579,306
Equipment
Loans
&
Leases
0
.2
%
CCG
Receivables
Trust,
Series
2023-2,
Class
A2,
6.28%,
4/14/2032(a)
501,685
506,446
Dell
Equipment
Finance
Trust,
Series
2023-3,
Class
A3,
5.93%,
4/23/2029(a)
115,087
115,430
621,876
Home
Equity
0
.6
%
BRAVO
Residential
Funding
Trust
Series
2024-CES1,
Class
A1A,
6.38%,
4/25/2054(a)
(b)
589,204
594,300
Series
2025-CES3,
Class
A1B,
5.19%,
12/25/2055(a)
(b)
1,043,406
1,037,670
1,631,970
Other
3
.1
%
Alterna
Funding
III
LLC,
Series
2024-1A,
Class
A,
6.26%,
5/16/2039(a)
483,668
484,090
FCI
Funding
LLC,
Series
2024-1A,
Class
A,
5.44%,
8/15/2036(a)
424,447
424,179
FNA
LLC,
Series
2025-
1,
Class
A,
5.62%,
3/15/2045(a)(c)
1,005,554
1,001,368
Goodgreen,
Series
2022-
1A,
Class
A,
3.84%,
10/15/2056(a)
516,820
460,778
HTS
Fund
II
LLC,
Series
2025-1,
Class
A,
5.35%,
6/23/2045(a)
1,400,000
1,398,767
Progress
Residential
Trust,
Series
2022-SFR2,
Class
D,
3.95%,
4/17/2027(a)
1,900,000
1,873,711
RCKTL,
Series
2025-
2A,
Class
B,
4.60%,
11/27/2034(a)
950,000
947,941
Reach
Abs
Trust,
Series
2026-1A,
Class
B,
4.37%,
2/15/2033(a)
500,000
498,084
Reach
ABS
Trust
Series
2025-1A,
Class
A,
4.96%,
8/16/2032(a)
163,797
164,060
Series
2025-2A,
Class
A,
4.93%,
8/18/2032(a)
271,149
272,233
Renew,
Series
2018-1,
Class
M,
4.45%,
9/20/2053(a)
800,767
735,586
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Tricon
Residential
Trust,
Series
2024-SFR1,
Class
B,
4.75%,
4/17/2041(a)
325,000
320,916
8,581,713
Total
Asset-Backed
Securities
(cost
$11,471,332)
11,414,865
Collateralized
Mortgage
Obligations
5
.8
%
Angel
Oak
Mortgage
Trust,
Series
2020-1,
Class
A1,
2.47%,
12/25/2059(a)(c)
91,809
89,981
Barclays
Mortgage
Loan
Trust,
Series
2022-INV1,
Class
A1,
4.47%,
2/25/2062(a)(b)
682,714
680,451
Cross
Mortgage
Trust,
Series
2024-H1,
Class
A1,
6.09%,
12/25/2068(a)(b)
634,632
637,262
FNMA
REMICS
Series
2015-92,
Class
PA,
2.50%,
12/25/2041
1,567,256
1,464,311
Series
2013-59,
Class
MX,
2.50%,
9/25/2042
5,368,559
5,138,495
Series
2015-88,
Class
JA,
2.50%,
12/25/2045
1,249,663
1,169,550
GCAT
Trust
Series
2024-NQM1,
Class
A1,
6.01%,
1/25/2059(a)(b)
750,051
753,092
Series
2022-HX1,
Class
A1,
2.89%,
12/27/2066(a)(c)
967,273
894,246
New
Residential
Mortgage
Loan
Trust
Series
2017-2A,
Class
A4,
4.00%,
3/25/2057(a)(c)
416,183
402,142
Series
2017-6A,
Class
B1,
3.85%,
8/27/2057(a)(c)
1,278,975
1,250,715
OBX
Trust
Series
2024-NQM1,
Class
A1,
5.93%,
11/25/2063(a)(b)
551,722
553,377
Series
2024-NQM2,
Class
A1,
5.88%,
12/25/2063(a)(b)
797,036
799,698
PRPM
Trust,
Series
2024-
NQM4,
Class
A3,
6.13%,
12/26/2069(a)(b)
991,929
996,001
Starwood
Mortgage
Residential
Trust,
Series
2022-3,
Class
A1,
4.16%,
3/25/2067(a)(c)
1,182,106
1,177,780
Total
Collateralized
Mortgage
Obligations
(cost
$16,546,328)
16,007,101
NVIT
Government
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
21
Commercial
Mortgage-Backed
Securities
3
.6
%
Principal
Amount
($)
Value
($)
FHLMC
Multifamily
Structured
Pass-Through
Certificates
REMICS
Series
K-154,
Class
A2,
4.35%,
1/25/2033(c)
2,800,000
2,786,236
Series
K-157,
Class
A2,
4.20%,
5/25/2033
7,200,000
7,081,006
Total
Commercial
Mortgage-Backed
Securities
(cost
$9,753,562)
9,867,242
Mortgage-Backed
Securities
48
.1
%
FHLMC
Gold
Pool
Pool#
V83452
4.00%,
9/1/2047
1,359,092
1,303,689
Pool#
G08881
3.50%,
6/1/2049
905,069
840,380
FHLMC
Non
Gold
Pool
Pool#
847558
,
6.92%,
6/1/2035
(c)
185,500
193,123
FHLMC
Pool
Gold
Pool
Pool#
WN5200
,
4.25%,
1/1/2030
3,902,000
3,900,384
FHLMC
UMBS
Pool
Pool#
SD8025
3.50%,
11/1/2049
2,060,231
1,909,717
Pool#
SD8030
3.00%,
12/1/2049
1,131,989
1,007,709
Pool#
SD8050
3.00%,
3/1/2050
1,680,580
1,494,481
Pool#
SD8080
2.00%,
6/1/2050
2,036,448
1,662,098
Pool#
SD8171
1.50%,
10/1/2051
2,614,937
2,020,056
Pool#
SD8182
2.00%,
12/1/2051
3,467,494
2,808,332
Pool#
SD8199
2.00%,
3/1/2052
4,346,892
3,521,160
Pool#
QE0958
2.00%,
3/1/2052
3,248,981
2,629,567
Pool#
SD8200
2.50%,
3/1/2052
3,417,686
2,892,204
Pool#
QE0799
2.50%,
4/1/2052
2,317,443
1,954,424
Pool#
SD8302
6.50%,
2/1/2053
671,660
695,643
Pool#
SD6605
5.50%,
9/1/2053
4,072,582
4,114,281
Pool#
SD8378
7.00%,
11/1/2053
432,120
454,316
FNMA
Pool
Pool#
BZ2178
4.41%,
10/1/2029
2,899,000
2,916,066
Pool#
BZ5226
4.04%,
10/1/2030
6,064,000
6,007,003
Pool#
745684
6.22%,
4/1/2034(c)
503,387
517,576
Pool#
790760
6.39%,
9/1/2034(c)
226,906
232,774
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
Pool
Pool#
799144
5.91%,
4/1/2035(c)
53,850
54,581
Pool#
822705
6.75%,
4/1/2035(c)
100,792
103,505
Pool#
815217
6.46%,
5/1/2035(c)
378,627
387,449
Pool#
821377
6.51%,
5/1/2035(c)
32,921
33,685
Pool#
783609
6.79%,
5/1/2035(c)
289,750
297,449
Pool#
826181
6.33%,
7/1/2035(c)
472,718
485,273
Pool#
873932
6.31%,
8/1/2036
4,945,161
4,931,224
Pool#
745866
6.23%,
9/1/2036(c)
531,833
549,592
FNMA
UMBS
Pool
Pool#
BM5426
3.00%,
12/1/2047
6,991,977
6,306,202
Pool#
MA3746
4.00%,
8/1/2049
880,709
842,631
Pool#
BP5843
2.50%,
5/1/2050
4,537,508
3,836,577
Pool#
MA4096
2.50%,
8/1/2050
2,977,284
2,531,021
Pool#
MA4119
2.00%,
9/1/2050
3,707,409
3,015,648
Pool#
MA4183
2.50%,
11/1/2050
2,492,317
2,117,963
Pool#
CB0456
2.50%,
5/1/2051
3,007,294
2,533,758
Pool#
FS3885
3.00%,
11/1/2051
2,427,885
2,136,556
Pool#
MA4492
2.00%,
12/1/2051
4,247,519
3,440,079
Pool#
FS1648
2.50%,
1/1/2052
2,673,148
2,257,170
Pool#
MA4577
2.00%,
4/1/2052
11,336,112
9,172,253
Pool#
FS1749
2.50%,
4/1/2052
3,646,141
3,084,384
Pool#
MA4980
6.00%,
4/1/2053
907,171
928,750
Pool#
FS7087
5.50%,
8/1/2053
2,910,117
2,956,450
Pool#
FS5738
6.50%,
8/1/2053
4,721,476
4,897,690
Pool#
FA3721
5.00%,
9/1/2053
4,380,800
4,354,589
Pool#
CB7339
6.00%,
10/1/2053
2,258,113
2,311,310
Pool#
MA5189
5.00%,
11/1/2053
1,459,227
1,443,310
Pool#
MA5192
6.50%,
11/1/2053
820,788
849,453
Pool#
FS8795
6.00%,
8/1/2054
4,598,088
4,690,065
Pool#
FA1490
6.00%,
4/1/2055
4,220,607
4,310,471
GNMA
II
Pool
Pool#
MA8429
5.50%,
11/20/2052
1,434,096
1,456,782
22
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Government
Bond
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA8571
6.00%,
1/20/2053
946,460
969,644
Pool#
MA8647
5.00%,
2/20/2053
1,458,210
1,452,598
Pool#
MA8726
5.50%,
3/20/2053
3,187,712
3,235,493
Pool#
MA8727
6.00%,
3/20/2053
923,769
945,650
Pool#
MA8801
5.50%,
4/20/2053
1,987,539
2,017,330
Pool#
MA9018
6.00%,
7/20/2053
795,496
813,699
Pool#
MA9490
6.50%,
2/20/2054
878,321
913,987
Pool#
MA9543
6.50%,
3/20/2054
1,067,131
1,110,464
Pool#
MA9852
6.00%,
8/20/2054
919,720
936,800
Pool#
787508
6.50%,
5/20/2064
1,745,456
1,820,271
Total
Mortgage-Backed
Securities
(cost
$142,213,163)
133,606,789
U.S.
Government
Agency
Securities
7
.7
%
FFCB,
3.19%,
3/9/2033
2,475,000
2,299,843
Tennessee
Valley
Authority
4.38%,
8/1/2034
5,750,000
5,775,231
4.88%,
5/15/2035
13,000,000
13,359,761
Total
U.S.
Government
Agency
Securities
(cost
$21,088,884)
21,434,835
U.S.
Treasury
Obligations
24
.8
%
U.S.
Treasury
Bonds
4.63%,
11/15/2045
(d)
1,325,000
1,278,004
2.50%,
2/15/2046
5,150,000
3,553,098
2.25%,
8/15/2046
5,000,000
3,259,180
1.25%,
5/15/2050
(d)
6,000,000
2,847,422
4.25%,
2/15/2054
1,250,000
1,119,726
4.63%,
2/15/2055
2,000,000
1,907,578
4.63%,
11/15/2055
(d)
7,000,000
6,688,281
U.S.
Treasury
Notes
4.25%,
1/15/2028
4,000,000
4,028,281
3.50%,
1/31/2028
1,000,000
994,297
3.50%,
10/15/2028
3,000,000
2,976,680
3.50%,
1/15/2029
(d)
7,250,000
7,188,262
3.88%,
6/30/2030
3,000,000
2,995,430
3.63%,
9/30/2030
(d)
2,000,000
1,975,078
3.63%,
10/31/2030
(d)
4,000,000
3,948,281
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Notes
3.63%,
12/31/2030
(d)
9,500,000
9,370,859
3.75%,
1/31/2031
5,500,000
5,453,164
3.88%,
12/31/2032
3,950,000
3,892,756
4.00%,
11/15/2035
5,625,000
5,487,012
Total
U.S.
Treasury
Obligations
(cost
$72,163,699)
68,963,389
Short-Term
Investment
4
.6
%
U.S.
Government
Agency
Security
4
.6
%
Resolution
Funding
Corp.,
2.54%,
1/15/2030(e)
15,000,000
12,897,753
Total
Short-Term
Investment
(cost
$13,714,688)
12,897,753
Total
Investments
(cost
$286,951,656)
—
98.7%
274,191,974
Other
assets
in
excess
of
liabilities
—
1.3%
3,501,073
NET
ASSETS
—
100.0%
$
277,693,047
(a)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$19,649,610
which
represents
7.08%
of
net
assets.
(b)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
March
31,
2026.
(c)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.  The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(d)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$26,893,861,
which
was
collateralized
by
$27,748,464
in
the
form
of
U.S
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
-
4.63%,
and
maturity
dates
ranging
from
4/30/2026
-
2/15/2056.
(e)
Zero
Coupon
Security.
Debt
security
that
pays
no
cash
income
but
is
sold
at
substantial
discount
from
its
value
at
maturity.
FFCB
Federal
Farm
Credit
Bank
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
REMICS
Real
Estate
Mortgage
Investment
Conduits
UMBS
Uniform
Mortgage-Backed
Securities
NVIT
Government
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
23
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
79
6/2026
USD
16,388,180
(117,414)
U.S.
Treasury
Long
Bond
20
6/2026
USD
2,277,500
(90,664)
Net
contracts
(208,078)
Currency:
USD
United
States
Dollar
24
-
Statement
of
Investments
-
March
31,
2026
(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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
25
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
11,414,865
$
–
$
11,414,865
Collateralized
Mortgage
Obligations
–
16,007,101
–
16,007,101
Commercial
Mortgage-Backed
Securities
–
9,867,242
–
9,867,242
Mortgage-Backed
Securities
–
133,606,789
–
133,606,789
Short-Term
Investment
–
12,897,753
–
12,897,753
U.S.
Government
Agency
Securities
–
21,434,835
–
21,434,835
U.S.
Treasury
Obligations
–
68,963,389
–
68,963,389
Total
Assets
$
–
$
274,191,974
$
–
$
274,191,974
Liabilities:
Futures
Contracts
$
(
208,078
)
$
–
$
–
$
(
208,078
)
Total
Liabilities
$
(
208,078
)
$
–
$
–
$
(
208,078
)
Total
$
(
208,078
)
$
274,191,974
$
–
$
273,983,896
Liabilities:
Fair
Value
26
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Government
Bond
Fund
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(
208,078
)
Total
$
(
208,078
)
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
Loomis
Core
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
27
.
Asset-Backed
Securities
13
.3
%
Principal
Amount
($)
Value
($)
Airlines
0
.4
%
AASET,
Series
2025-
1A,
Class
A,
5.94%,
2/16/2050(a)
470,577
473,382
British
Airways
Pass-Through
Trust,
Series
2021-1,
Class
B,
3.90%,
9/15/2031(a)
2,645,948
2,541,950
PK
Alift
Loan
Funding
7
LP,
Series
2025-2,
Class
A,
4.75%,
3/15/2043(a)
1,127,462
1,121,892
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A,
5.88%,
10/15/2027
3,353,744
3,409,770
Series
2024-1,
Class
AA,
5.45%,
2/15/2037
2,584,300
2,633,270
Series
2024-1,
Class
A,
5.88%,
2/15/2037
2,819,236
2,896,631
13,076,895
Automobiles
7
.6
%
Ally
Auto
Receivables
Trust
Series
2025-1,
Class
A3,
3.96%,
3/15/2030
2,010,000
2,007,860
Series
2026-1,
Class
A3,
3.92%,
10/15/2030
1,680,000
1,670,712
American
Credit
Acceptance
Receivables
Trust
Series
2025-2,
Class
C,
5.11%,
4/14/2031(a)
3,095,000
3,115,382
Series
2026-1,
Class
C,
4.55%,
1/12/2033(a)
8,585,000
8,557,527
AutoNation
Finance
Trust
Series
2025-1A,
Class
A3,
4.62%,
11/13/2029(a)
2,180,000
2,189,664
Series
2026-1A,
Class
A3,
4.03%,
8/12/2030(a)
1,640,000
1,634,329
Avis
Budget
Rental
Car
Funding
AESOP
LLC
Series
2024-1A,
Class
A,
5.36%,
6/20/2030(a)
8,370,000
8,553,873
Series
2026-1A,
Class
A,
4.28%,
8/20/2030(a)
2,350,000
2,329,664
Series
2025-2A,
Class
A,
5.12%,
8/20/2031(a)
2,945,000
2,984,963
BMW
Vehicle
Lease
Trust,
Series
2025-1,
Class
A3,
4.43%,
6/26/2028
1,655,000
1,660,474
BofA
Auto
Trust,
Series
2025-1A,
Class
A3,
4.35%,
11/20/2029(a)
1,515,000
1,519,320
Bridgecrest
Lending
Auto
Securitization
Trust
Series
2025-2,
Class
A3,
4.78%,
12/15/2028
6,445,000
6,462,663
Series
2025-3,
Class
A3,
4.66%,
1/15/2029
3,665,000
3,674,652
Series
2026-1,
Class
A3,
4.04%,
12/17/2029
1,755,000
1,753,786
Carmax
Auto
Owner
Trust,
Series
2025-4,
Class
A3,
3.97%,
12/16/2030
2,555,000
2,538,359
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
CarMax
Auto
Owner
Trust,
Series
2025-2,
Class
A3,
4.48%,
3/15/2030
2,875,000
2,888,617
CarMax
Select
Receivables
Trust
Series
2024-A,
Class
A3,
5.40%,
11/15/2028
1,000,000
1,006,072
Series
2025-A,
Class
A3,
4.77%,
9/17/2029
4,565,000
4,595,028
Carvana
Auto
Receivables
Trust
Series
2025-P3,
Class
A3,
4.04%,
11/11/2030
3,558,000
3,547,160
Series
2025-P2,
Class
A4,
4.75%,
6/10/2031
6,015,000
6,079,576
Chesapeake
Funding
II
LLC,
Series
2023-2A,
Class
A1,
6.16%,
10/15/2035(a)
430,532
433,321
Credit
Acceptance
Auto
Loan
Trust
Series
2025-1A,
Class
A,
5.02%,
3/15/2035(a)
11,265,000
11,348,113
Series
2025-2A,
Class
B,
4.87%,
1/15/2036(a)
3,770,000
3,776,859
Enterprise
Fleet
Financing
LLC
Series
2025-1,
Class
A3,
4.82%,
2/20/2029(a)
1,075,000
1,084,302
Series
2025-3,
Class
A3,
4.46%,
9/20/2029(a)
5,110,000
5,130,041
Exeter
Automobile
Receivables
Trust
Series
2025-2A,
Class
A3,
4.74%,
1/16/2029
6,558,858
6,568,092
Series
2026-2A,
Class
A3,
4.45%,
5/15/2030
3,084,000
3,087,486
Series
2025-1A,
Class
C,
5.09%,
5/15/2031
8,147,000
8,208,133
Exeter
Select
Automobile
Receivables
Trust,
Series
2025-1,
Class
A3,
4.69%,
4/15/2030
1,250,000
1,255,775
First
Investors
Auto
Owner
Trust,
Series
2025-
1A,
Class
C,
4.75%,
12/15/2031(a)
4,040,000
4,043,827
Ford
Credit
Auto
Lease
Trust
Series
2024-B,
Class
A3,
4.99%,
12/15/2027
888,354
890,897
Series
2025-A,
Class
A3,
4.72%,
6/15/2028
1,355,000
1,361,261
Ford
Credit
Auto
Owner
Trust,
Series
2024-1,
Class
A,
4.87%,
8/15/2036(a)(b)
2,482,000
2,517,925
GLS
Auto
Receivables
Issuer
Trust
Series
2024-4A,
Class
A3,
4.75%,
7/17/2028(a)
798,771
799,626
Series
2025-4A,
Class
A3,
4.29%,
7/16/2029(a)
1,920,000
1,921,461
28
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Core
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Series
2026-1A,
Class
A3,
3.97%,
11/15/2029(a)
2,350,000
2,341,521
Series
2025-2A,
Class
C,
5.11%,
1/15/2031(a)
1,840,000
1,854,134
GLS
Auto
Select
Receivables
Issuer
Trust
Series
2025-4A,
Class
A2,
4.17%,
2/18/2031(a)
1,662,051
1,657,974
Series
2026-1A,
Class
A2,
4.05%,
2/17/2032(a)
1,870,000
1,864,828
GLS
Auto
Select
Receivables
Trust
Series
2025-1A,
Class
A2,
4.71%,
4/15/2030(a)
939,402
942,980
Series
2025-3A,
Class
A2,
4.46%,
10/15/2030(a)
1,865,152
1,866,856
GM
Financial
Automobile
Leasing
Trust
Series
2024-2,
Class
A3,
5.39%,
7/20/2027
1,270,946
1,273,806
Series
2025-1,
Class
A3,
4.66%,
2/21/2028
1,825,000
1,832,558
Series
2025-3,
Class
A3,
4.17%,
8/21/2028
4,355,000
4,357,194
Harley-Davidson
Motorcycle
Trust,
Series
2023-A,
Class
A3,
5.05%,
12/15/2027
1,057,775
1,059,604
Huntington
Bank
Auto
Credit-
Linked
Notes,
Series
2024-2,
Class
B1,
5.44%,
10/20/2032(a)
391,034
394,061
Hyundai
Auto
Lease
Securitization
Trust,
Series
2026-A,
Class
A3,
3.97%,
12/15/2028(a)
4,865,000
4,847,582
Hyundai
Auto
Receivables
Trust,
Series
2025-B,
Class
A3,
4.36%,
12/17/2029
2,110,000
2,117,960
LAD
Auto
Receivables
Trust
Series
2025-1A,
Class
A3,
4.69%,
7/16/2029(a)
2,930,000
2,940,550
Series
2025-2A,
Class
A3,
4.25%,
1/15/2030(a)
7,985,000
7,987,766
M&T
Bank
Auto
Receivables
Trust,
Series
2025-
1A,
Class
A3,
4.73%,
6/17/2030(a)
935,000
941,989
NextGear
Floorplan
Master
Owner
Trust
Series
2025-2A,
Class
A2,
4.23%,
10/15/2030(a)
2,805,000
2,791,993
Series
2026-1A,
Class
A2,
4.07%,
2/18/2031(a)
8,010,000
7,932,318
Octane
Receivables
Trust
Series
2024-3A,
Class
A2,
4.94%,
5/20/2030(a)
442,089
443,403
Series
2025-1A,
Class
A2,
4.25%,
2/20/2031(a)
5,220,000
5,212,686
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Santander
Drive
Auto
Receivables
Trust
Series
2025-3,
Class
A2,
4.63%,
10/16/2028
2,906,191
2,911,033
Series
2024-5,
Class
A3,
4.62%,
11/15/2028
905,985
906,922
Series
2025-1,
Class
A3,
4.74%,
1/16/2029
3,179,974
3,185,694
Series
2024-3,
Class
A3,
5.63%,
1/16/2029
1,229,469
1,232,792
Series
2025-2,
Class
A3,
4.67%,
8/15/2029
10,805,000
10,840,788
Series
2025-4,
Class
A3,
4.17%,
4/15/2030
3,325,000
3,325,594
Series
2025-1,
Class
C,
5.04%,
3/17/2031
3,081,000
3,109,008
SBNA
Auto
Lease
Trust,
Series
2024-B,
Class
A3,
5.56%,
11/22/2027(a)
1,304,407
1,308,458
SFS
Auto
Receivables
Securitization
Trust
Series
2025-1A,
Class
A3,
4.75%,
7/22/2030(a)
910,000
915,902
Series
2025-2A,
Class
A3,
4.44%,
12/20/2030(a)
5,965,000
5,992,259
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2025-BA,
Class
A3,
4.27%,
1/22/2029(a)
5,340,000
5,348,872
Series
2025-CA,
Class
A3,
4.11%,
4/20/2029(a)
9,585,000
9,544,071
Toyota
Lease
Owner
Trust,
Series
2025-B,
Class
A3,
3.96%,
11/20/2028(a)
3,830,000
3,811,629
USB
Auto
Owner
Trust,
Series
2025-1A,
Class
A3,
4.49%,
6/17/2030(a)
870,000
873,577
Veros
Auto
Receivables
Trust,
Series
2026-1,
Class
A,
4.53%,
8/15/2028(a)
1,076,349
1,076,092
Westlake
Automobile
Receivables
Trust
Series
2024-3A,
Class
A3,
4.71%,
4/17/2028(a)
3,000,000
3,007,039
Series
2025-1A,
Class
A3,
4.75%,
8/15/2028(a)
2,675,000
2,685,927
Series
2025-2A,
Class
A3,
4.51%,
5/15/2029(a)
1,690,000
1,694,869
Series
2025-3A,
Class
A3,
4.22%,
6/15/2029(a)
2,400,000
2,399,761
Series
2026-1A,
Class
A3,
4.01%,
7/16/2029(a)
4,350,000
4,342,028
Series
2025-1A,
Class
C,
5.14%,
10/15/2030(a)
1,769,000
1,782,493
Wheels
Fleet
Lease
Funding
1
LLC,
Series
2024-2A,
Class
A1,
4.87%,
6/21/2039(a)
2,742,682
2,762,004
Wheels
Fleet
Lease
Funding
LLC,
Series
2025-3A,
Class
A1,
4.08%,
9/18/2040(a)
3,605,000
3,585,465
NVIT
Loomis
Core
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
29
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
World
Omni
Auto
Receivables
Trust
Series
2024-C,
Class
A3,
4.43%,
12/17/2029
2,424,000
2,430,253
Series
2025-C,
Class
A3,
4.08%,
11/15/2030
6,335,000
6,325,345
World
Omni
Select
Auto
Trust,
Series
2024-A,
Class
A3,
4.98%,
2/15/2030
1,081,268
1,084,612
262,341,050
Consumer
Finance
0
.1
%
First
Investors
Auto
Owner
Trust,
Series
2026-
1A,
Class
A3,
4.50%,
5/15/2031(a)
4,690,000
4,689,759
Credit
Card
0
.5
%
BA
Credit
Card
Trust,
Series
2023-A1,
Class
A1,
4.79%,
5/15/2028
2,912,000
2,914,636
Capital
One
Multi-Asset
Execution
Trust,
Series
2023-A1,
Class
A,
4.42%,
5/15/2028
4,000,000
4,001,529
Chase
Issuance
Trust,
Series
2023-A1,
Class
A,
5.16%,
9/15/2028
8,500,000
8,546,112
15,462,277
Equipment
Loans
&
Leases
0
.3
%
Amur
Equipment
Finance
Receivables
XI
LLC,
Series
2022-2A,
Class
A2,
5.30%,
6/21/2028(a)
26,544
26,563
Auxilior
Term
Funding
LLC,
Series
2023-1A,
Class
A2,
6.18%,
12/15/2028(a)
105,377
105,605
DLLAD
LLC
Series
2024-1A,
Class
A2,
5.50%,
8/20/2027(a)
166,061
166,507
Series
2024-1A,
Class
A3,
5.30%,
7/20/2029(a)
1,250,000
1,269,125
OWN
Equipment
Fund
II
LLC,
Series
2025-1M,
Class
A,
5.48%,
9/26/2033(a)
2,281,584
2,278,253
SCF
Equipment
Leasing
LLC
Series
2025-1A,
Class
A3,
5.11%,
11/21/2033(a)
1,980,000
2,012,847
Series
2025-2A,
Class
A3,
4.33%,
6/20/2036(a)
5,125,000
5,099,673
10,958,573
Other
4
.2
%
720
East
CLO
V
Ltd.,
Series
2024-2A,
Class
A1,
5.20%,
7/20/2037(a)(c)
8,500,000
8,505,865
Affirm
Master
Trust,
Series
2025-2A,
Class
A,
4.67%,
7/15/2033(a)
6,660,000
6,679,664
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Applebee's
Funding
LLC,
Series
2025-1A,
Class
A2,
6.72%,
6/7/2055(a)
10,685,000
10,687,375
Ares
XXXIX
CLO
Ltd.,
Series
2016-39A,
Class
AR3,
5.09%,
7/18/2037(a)(c)
7,450,000
7,452,920
BHG
Securitization
Trust,
Series
2025-2CON,
Class
A,
4.84%,
9/17/2036(a)
2,381,423
2,394,255
Bluepeak
ABS
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.86%,
12/20/2055(a)
9,155,000
9,264,661
Cedar
Funding
VIII
CLO
Ltd.,
Series
2017-8A,
Class
DRR,
6.62%,
1/17/2038(a)
(c)
3,269,319
3,169,834
Cerberus
Loan
Funding
XXXIX
LP,
Series
2022-
3A,
Class
AR,
5.07%,
1/15/2033(a)(c)
1,166,372
1,166,410
Cerberus
Loan
Funding
XXXVII
LP,
Series
2022-
1A,
Class
A1,
5.45%,
4/15/2034(a)(c)
5,600,000
5,600,633
Compass
Datacenters
Issuer
III
LLC,
Series
2025-
1A,
Class
A2,
5.66%,
2/25/2050(a)
1,300,000
1,306,405
CVS
Pass-Through
Trust
6.04%,
12/10/2028
1,820,720
1,837,811
6.94%,
1/10/2030
4,251,670
4,377,420
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2025-
1A,
Class
A2,
5.91%,
2/20/2050(a)
2,170,000
2,178,645
DB
Master
Finance
LLC,
Series
2021-1A,
Class
A2I,
2.05%,
11/20/2051(a)
4,008,095
3,945,560
GreenSky
Home
Improvement
Issuer
Trust,
Series
2024-2,
Class
A4,
5.15%,
10/27/2059(a)
614,962
617,760
Hilton
Grand
Vacations
Trust
Series
2022-2A,
Class
A,
4.30%,
1/25/2037(a)
180,125
178,676
Series
2023-1A,
Class
A,
5.72%,
1/25/2038(a)
317,950
322,270
Magnetite
XVII
Ltd.,
Series
2016-17A,
Class
AR2,
5.17%,
4/20/2037(a)(c)
8,500,000
8,501,828
Marathon
CLO
Ltd.,
Series
2020-15A,
Class
A1R3,
5.10%,
8/15/2037(a)(c)
8,750,000
8,715,490
New
Economy
Assets
Phase
1
Sponsor
LLC,
Series
2021-1,
Class
A1,
1.91%,
10/20/2061(a)
7,268,000
6,100,617
OneMain
Financial
Issuance
Trust,
Series
2019-
2A,
Class
A,
3.14%,
10/14/2036(a)
3,625,000
3,565,144
30
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Core
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Reach
Abs
Trust,
Series
2026-1A,
Class
A,
4.32%,
2/15/2033(a)
2,202,445
2,202,714
Reach
ABS
Trust,
Series
2024-2A,
Class
A,
5.88%,
7/15/2031(a)
277,512
278,076
Regional
Management
Issuance
Trust
Series
2024-2,
Class
A,
5.11%,
12/15/2033(a)
1,865,000
1,872,155
Series
2024-1,
Class
A,
5.83%,
7/15/2036(a)
929,000
941,866
SBA
Tower
Trust,
2.59%,
10/15/2031(a)
3,130,000
2,799,937
SEB
Funding
LLC,
Series
2026-1A,
Class
A2,
6.67%,
1/30/2056(a)
7,790,000
7,711,569
Shentel
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.64%,
12/20/2055(a)
6,270,000
6,317,436
SoFi
Consumer
Loan
Program
Trust,
Series
2025-2,
Class
A,
4.82%,
6/25/2034(a)
1,040,377
1,043,760
Textainer
Marine
Containers
VII
Ltd.
Series
2020-2A,
Class
A,
2.10%,
9/20/2045(a)
1,945,661
1,832,616
Series
2021-2A,
Class
A,
2.23%,
4/20/2046(a)
2,290,167
2,160,373
TIF
Funding
III
LLC,
Series
2024-1A,
Class
A,
5.48%,
4/20/2049(a)
3,405,100
3,419,304
Wellington
Management
CLO
3
Ltd.
Series
2024-3A,
Class
A1,
5.03%,
7/18/2037(a)(c)
1,350,000
1,350,409
Series
2024-3A,
Class
B,
5.32%,
7/18/2037(a)(c)
500,000
496,273
Wise
CLO
Ltd.,
Series
2024-2A,
Class
A,
5.13%,
7/15/2037(a)(c)
8,500,000
8,495,903
Zayo
Issuer
LLC,
Series
2025-2A,
Class
A2,
5.95%,
6/20/2055(a)
7,765,000
7,900,237
145,391,871
Student
Loan
0
.2
%
Navient
Private
Education
Refi
Loan
Trust
Series
2021-EA,
Class
A,
0.97%,
12/16/2069(a)
3,344,898
2,993,227
Series
2021-GA,
Class
A,
1.58%,
4/15/2070(a)
3,449,996
3,115,021
6,108,248
Total
Asset-Backed
Securities
(cost
$459,723,941)
458,028,673
Collateralized
Mortgage
Obligations
0
.6
%
Principal
Amount
($)
Value
($)
FNMA
REMICS
Series
2007-6,
Class
PA,
5.50%,
2/25/2037
22,211
22,979
Series
2025-114,
Class
AE,
4.50%,
1/25/2056
12,736,169
12,578,908
GNMA
REMICS,
Series
2023-19,
Class
WB,
5.64%,
11/20/2051(c)
1,660,747
1,703,032
NYMT
Loan
Trust,
Series
2024-BPL2,
Class
A1,
6.51%,
5/25/2039(a)(b)
4,393,000
4,411,105
Verus
Securitization
Trust,
Series
2021-3,
Class
A1,
1.05%,
6/25/2066(a)(c)
2,011,123
1,790,914
Total
Collateralized
Mortgage
Obligations
(cost
$20,788,383)
20,506,938
Commercial
Mortgage-Backed
Securities
1
.9
%
ALA
Trust,
Series
2025-
OANA,
Class
A,
5.42%,
6/15/2040(a)(c)
1,845,000
1,849,612
Aventura
Mall
Trust,
Series
2018-AVM,
Class
A,
4.11%,
7/5/2040(a)(c)
1,400,000
1,381,146
BANK5,
Series
2024-
5YR11,
Class
A3,
5.89%,
11/15/2057
14,000,000
14,533,772
BANK5
Trust,
Series
2024-
5YR6,
Class
A3,
6.23%,
5/15/2057
2,600,000
2,704,549
Benchmark
Mortgage
Trust,
Series
2024-V7,
Class
A3,
6.23%,
5/15/2056(c)
2,405,000
2,506,177
BFLD
Commercial
Mortgage
Trust,
Series
2025-
660F,
Class
A,
5.17%,
11/15/2042(a)(c)
4,060,000
4,054,936
BMO
Mortgage
Trust,
Series
2024-5C6,
Class
A3,
5.32%,
9/15/2057
10,888,000
11,080,536
BX
Trust
Series
2024-VLT4,
Class
A,
5.16%,
6/15/2041(a)(c)
275,000
273,281
Series
2025-DELC,
Class
A,
5.22%,
12/15/2042(a)(c)
2,260,000
2,261,901
Series
2025-VLT7,
Class
A,
5.37%,
7/15/2044(a)(c)
8,630,000
8,592,244
Citigroup
Commercial
Mortgage
Trust,
Series
2018-C6,
Class
A4,
4.41%,
11/10/2051
4,505,000
4,473,097
CSMC
OA
LLC,
Series
2014-
USA,
Class
A2,
3.95%,
9/15/2037(a)
2,010,000
1,840,440
Extended
Stay
America
Trust
Series
2025-ESH,
Class
A,
4.97%,
10/15/2042(a)(c)
1,240,000
1,240,000
Series
2026-ESH2,
Class
A,
4.87%,
2/15/2043(a)(c)
4,715,633
4,715,633
NVIT
Loomis
Core
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
31
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GS
Mortgage
Securities
Corp.
Trust,
Series
2013-PEMB,
Class
A,
3.55%,
3/5/2033(a)
(c)
125,000
96,888
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2025-BMS,
Class
A,
5.27%,
1/15/2042(a)(c)
3,740,000
3,730,650
NY
Commercial
Mortgage
Trust,
Series
2025-
299P,
Class
A,
5.66%,
2/10/2047(a)(c)
739,000
765,845
Total
Commercial
Mortgage-Backed
Securities
(cost
$66,262,371)
66,100,707
Corporate
Bonds
40
.1
%
Aerospace
&
Defense
0
.4
%
Boeing
Co.
(The)
,
3.25%,
2/1/2035
3,500,000
3,000,062
3.55%,
3/1/2038
1,060,000
878,854
GE
Capital
Funding
LLC
,
4.55%,
5/15/2032
1,207,000
1,203,635
Honeywell
Aerospace,
Inc.
,
4.95%,
3/16/2036(a)
5,556,000
5,512,680
Rolls-Royce
plc
,
5.75%,
10/15/2027(a)(d)
3,620,000
3,676,746
14,271,977
Automobiles
1
.1
%
BMW
US
Capital
LLC
,
5.00%,
3/19/2033(a)
10,055,000
9,939,777
General
Motors
Co.
,
5.63%,
4/15/2030(d)
4,395,000
4,518,737
Hyundai
Capital
America
,
1.80%,
1/10/2028(a)
672,000
639,983
4.25%,
9/18/2028(a)(d)
2,150,000
2,130,496
5.15%,
3/27/2030(a)(d)
4,920,000
4,972,513
5.00%,
4/7/2031(a)
3,616,000
3,618,293
Mercedes-Benz
Finance
North
America
LLC
,
4.25%,
3/10/2029(a)
11,693,000
11,608,570
37,428,369
Banks
8
.0
%
Banco
Bilbao
Vizcaya
Argentaria
SA
,
4.15%,
3/3/2029
6,400,000
6,325,465
Bank
of
America
Corp.
,
(SOFR
+
0.87%),
4.46%,
2/6/2032(e)
12,741,000
12,581,540
Bank
of
Montreal
,
(United
States
SOFR
Compounded
Index
+
0.67%),
5.00%,
1/27/2029(e)
1,855,000
1,871,635
Bank
of
Nova
Scotia
(The)
,
(SOFR
+
1.09%),
4.34%,
9/15/2031(d)(e)
6,945,000
6,851,996
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Barclays
plc
,
(SOFR
+
2.21%),
5.83%,
5/9/2027(e)
8,000,000
8,008,659
(SOFR
+
1.51%),
5.21%,
2/24/2037(d)(e)
2,292,000
2,218,165
BNP
Paribas
SA
,
4.38%,
5/12/2026(a)(d)
8,500,000
8,497,082
(SOFR
+
1.29%),
4.92%,
1/15/2034(a)(d)(e)
6,560,000
6,414,505
CaixaBank
SA
,
(SOFR
+
1.36%),
4.89%,
7/3/2031(a)(d)(e)
4,995,000
5,000,756
Canadian
Imperial
Bank
of
Commerce
,
(SOFR
+
1.03%),
4.86%,
3/30/2029(d)(e)
8,935,000
9,006,481
Citigroup,
Inc.
,
(SOFR
+
1.14%),
4.64%,
5/7/2028(e)
12,360,000
12,380,447
Citizens
Financial
Group,
Inc.
,
(SOFR
+
2.01%),
5.84%,
1/23/2030(d)(e)
1,336,000
1,375,855
Commonwealth
Bank
of
Australia
,
4.42%,
3/14/2028(d)
4,660,000
4,687,784
Credit
Agricole
SA
,
(SOFR
+
1.17%),
4.66%,
1/12/2032(a)(e)
11,365,000
11,208,737
Danske
Bank
A/S
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.98%),
5.00%,
3/27/2032(a)(e)
8,815,000
8,836,927
DNB
Bank
ASA
,
(SOFR
+
1.13%),
4.83%,
3/30/2032(a)(e)
10,900,000
10,874,027
Federation
des
Caisses
Desjardins
du
Quebec
,
4.57%,
8/26/2030(a)(d)
4,360,000
4,337,357
Fifth
Third
Bank
NA
,
(SOFR
+
0.81%),
4.97%,
1/28/2028(d)(e)
1,390,000
1,395,072
HSBC
Holdings
plc
,
(SOFR
+
1.21%),
4.68%,
3/10/2032(e)
9,062,000
8,941,910
Huntington
Bancshares,
Inc.
,
(SOFR
+
1.28%),
5.27%,
1/15/2031(d)(e)
2,627,000
2,666,813
Huntington
National
Bank
(The)
,
5.65%,
1/10/2030
2,000,000
2,068,278
ING
Groep
NV
,
(United
States
SOFR
Compounded
Index
+
1.61%),
5.42%,
3/23/2037(e)
7,910,000
7,886,911
KBC
Group
NV
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
4.45%,
9/23/2031(a)(d)(e)
7,032,000
6,922,027
32
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Lloyds
Banking
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.60%),
4.24%,
2/10/2030(e)
4,890,000
4,837,329
M&T
Bank
Corp.
,
(SOFR
+
1.40%),
5.18%,
7/8/2031(d)(e)
3,540,000
3,577,098
Mizuho
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%),
4.71%,
7/8/2031(d)(e)
8,545,000
8,530,880
Morgan
Stanley
Private
Bank
NA
,
(SOFR
+
1.02%),
4.47%,
11/19/2031(e)
9,774,000
9,622,318
NatWest
Markets
plc
,
4.79%,
3/21/2028(a)(d)
6,360,000
6,402,694
4.89%,
3/27/2031(a)
12,110,000
12,135,063
Norinchukin
Bank
(The)
,
5.36%,
3/10/2036(a)
4,303,000
4,257,657
Royal
Bank
of
Canada
,
(SOFR
+
0.89%),
4.50%,
8/6/2029(e)
13,930,000
13,929,978
Santander
Holdings
USA,
Inc.
,
(SOFR
+
2.36%),
6.50%,
3/9/2029(d)(e)
1,280,000
1,319,922
Santander
UK
Group
Holdings
plc
,
(United
States
SOFR
Compounded
Index
+
1.58%),
5.14%,
9/22/2036(d)(e)
3,200,000
3,090,124
Societe
Generale
SA
,
(SOFR
+
1.65%),
5.51%,
5/22/2031(a)(d)(e)
4,778,000
4,877,695
Standard
Chartered
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.77%),
4.30%,
1/13/2030(a)(d)(e)
8,070,000
7,984,800
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.95%),
4.53%,
6/5/2032(a)(e)
4,500,000
4,393,801
Sumitomo
Mitsui
Financial
Group,
Inc.
,
(SOFR
+
1.22%),
5.05%,
1/15/2037(d)(e)
2,682,000
2,637,609
Svenska
Handelsbanken
AB
,
4.38%,
5/23/2028(a)
6,340,000
6,358,345
Toronto-Dominion
Bank
(The)
,
4.41%,
1/13/2031(d)
6,226,000
6,166,107
Truist
Bank
,
(SOFR
+
0.77%),
4.42%,
7/24/2028(e)
7,125,000
7,124,628
US
Bancorp
,
(SOFR
+
0.87%),
4.48%,
1/26/2032(d)(e)
2,706,000
2,677,483
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Wells
Fargo
&
Co.
,
3.00%,
4/22/2026
5,000,000
4,993,292
(SOFR
+
1.07%),
5.71%,
4/22/2028(e)
3,500,000
3,545,148
(SOFR
+
0.74%),
4.18%,
1/23/2030(d)(e)
7,491,000
7,424,628
276,245,028
Beverages
0
.2
%
Bacardi-Martini
BV
,
5.55%,
2/1/2030(a)
3,485,000
3,557,215
Maple
Parent
Holdings
Corp.
,
5.05%,
3/26/2031(a)
2,004,000
1,995,528
5,552,743
Biotechnology
0
.4
%
AbbVie,
Inc.
,
4.13%,
3/15/2031(d)
2,344,000
2,309,986
Amgen,
Inc.
,
4.05%,
8/18/2029(d)
1,675,000
1,659,318
5.25%,
3/2/2030(d)
1,019,000
1,046,345
5.65%,
2/19/2056(d)
3,785,000
3,669,271
CSL
Finance
plc
,
4.25%,
4/27/2032(a)(d)
7,000,000
6,773,035
15,457,955
Broadline
Retail
0
.6
%
Amazon.com,
Inc.
,
4.65%,
11/20/2035
4,663,000
4,572,297
5.80%,
3/13/2056
9,341,000
9,333,493
eBay,
Inc.
,
4.25%,
3/6/2029
4,020,000
3,998,859
Macy's
Retail
Holdings
LLC
,
5.88%,
3/15/2030(a)
1,120,000
1,112,127
19,016,776
Building
Products
0
.1
%
Carrier
Global
Corp.
,
2.49%,
2/15/2027
1,046,000
1,029,273
2.72%,
2/15/2030(d)
3,515,000
3,282,717
4,311,990
Capital
Markets
4
.4
%
Antares
Holdings
LP
,
6.35%,
10/23/2029(a)(d)
1,885,000
1,865,918
Apollo
Debt
Solutions
BDC
,
5.88%,
8/30/2030
1,877,000
1,847,470
5.70%,
1/23/2031(a)(d)
1,647,000
1,606,693
Ares
Capital
Corp.
,
5.25%,
4/12/2031(d)
2,475,000
2,392,556
Bain
Capital
Specialty
Finance,
Inc.
,
5.95%,
3/15/2030(d)
1,125,000
1,089,172
5.95%,
3/1/2031
3,578,000
3,413,506
Bank
of
New
York
Mellon
(The)
,
(SOFR
+
1.14%),
4.73%,
4/20/2029(e)
7,720,000
7,774,909
Bank
of
New
York
Mellon
Corp.
(The)
,
(SOFR
+
0.89%),
4.94%,
2/11/2031(e)
1,537,000
1,557,278
NVIT
Loomis
Core
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
33
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Barings
BDC,
Inc.
,
5.20%,
9/15/2028
3,582,000
3,499,893
BGC
Group,
Inc.
,
6.15%,
4/2/2030
1,835,000
1,866,367
Blue
Owl
Credit
Income
Corp.
,
6.60%,
9/15/2029(d)
2,575,000
2,565,218
Brookfield
Asset
Management
Ltd.
,
4.65%,
11/15/2030
2,677,000
2,653,245
Carlyle
Secured
Lending,
Inc.
,
5.75%,
2/15/2031
2,870,000
2,710,296
Deutsche
Bank
AG
,
(SOFR
+
1.72%),
5.30%,
5/9/2031(d)(e)
7,520,000
7,597,613
(SOFR
+
1.30%),
4.95%,
8/4/2031(d)(e)
3,780,000
3,765,762
Goldman
Sachs
Group,
Inc.
(The)
,
(SOFR
+
0.71%),
4.15%,
1/21/2029(d)(e)
12,790,000
12,711,079
(SOFR
+
1.33%),
4.94%,
10/21/2036(e)
9,131,000
8,842,605
Golub
Capital
BDC,
Inc.
,
7.05%,
12/5/2028
4,821,000
4,930,688
Golub
Capital
Private
Credit
Fund
,
5.45%,
8/15/2028(a)
1,125,000
1,109,472
Hercules
Capital,
Inc.
,
5.35%,
2/10/2029
3,157,000
3,094,495
HPS
Corporate
Lending
Fund
,
5.45%,
11/15/2030(a)(d)
2,960,000
2,830,458
5.65%,
4/2/2031(a)
3,105,000
2,978,612
Jefferies
Financial
Group,
Inc.
,
5.50%,
2/15/2036(d)
2,680,000
2,572,248
LPL
Holdings,
Inc.
,
5.15%,
6/15/2030(d)
3,370,000
3,384,662
Main
Street
Capital
Corp.
,
5.40%,
8/15/2028(d)
3,636,000
3,611,971
Marex
Group
plc
,
5.83%,
5/8/2028(d)
6,085,000
6,150,674
Morgan
Stanley
,
3.63%,
1/20/2027(d)
4,000,000
3,983,285
(SOFR
+
1.11%),
5.23%,
1/15/2031(d)(e)
2,750,000
2,792,296
(SOFR
+
0.95%),
4.49%,
1/16/2032(e)
5,482,000
5,389,838
(SOFR
+
1.02%),
1.93%,
4/28/2032(e)
4,630,000
4,013,360
(SOFR
+
1.78%),
5.90%,
3/13/2047(e)
4,670,000
4,648,331
MSD
Investment
Corp.
,
6.25%,
5/31/2030(d)
1,615,000
1,578,916
6.13%,
2/5/2031(a)
1,119,000
1,085,130
Nasdaq,
Inc.
,
5.35%,
6/28/2028(d)
1,231,000
1,256,218
North
Haven
Private
Income
Fund
LLC
,
5.13%,
9/25/2028(a)
1,885,000
1,835,705
Nuveen
LLC
,
5.55%,
1/15/2030(a)
1,000,000
1,025,454
TPG
Operating
Group
II
LP
,
5.38%,
1/15/2036(d)
6,095,000
5,894,497
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
UBS
Group
AG
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.75%),
4.75%,
5/12/2028(a)(d)(e)
10,000,000
10,027,722
(SOFR
+
1.73%),
3.09%,
5/14/2032(a)(e)
1,250,000
1,146,345
(SOFR
+
1.29%),
4.84%,
11/6/2033(a)(d)(e)
10,538,000
10,365,080
153,465,037
Chemicals
0
.7
%
Eastman
Chemical
Co.
,
4.50%,
2/20/2031
8,515,000
8,325,711
LYB
International
Finance
III
LLC
,
5.13%,
1/15/2031(d)
1,766,000
1,768,149
Mosaic
Co.
(The)
,
4.35%,
1/15/2029
2,104,000
2,092,864
Syensqo
Finance
America
LLC
,
5.85%,
6/4/2034(a)(d)
7,891,000
8,053,340
Westlake
Corp.
,
6.38%,
11/15/2055
4,730,000
4,660,565
24,900,629
Commercial
Services
&
Supplies
0
.2
%
Element
Fleet
Management
Corp.
,
5.04%,
3/25/2030(a)(d)
1,088,000
1,098,013
4.64%,
11/24/2030(a)(d)
6,210,000
6,122,446
7,220,459
Construction
&
Engineering
0
.2
%
WSP
Global,
Inc.
,
5.71%,
9/18/2036(a)
7,739,000
7,669,377
Consumer
Finance
2
.4
%
AerCap
Ireland
Capital
DAC
,
4.13%,
2/28/2029(d)
7,250,000
7,151,926
Ally
Financial,
Inc.
,
(SOFR
+
1.78%),
5.55%,
7/31/2033(d)(e)
8,917,000
8,758,979
American
Express
Co.
,
(SOFR
+
0.87%),
4.46%,
2/10/2032(d)(e)
10,210,000
10,104,274
American
Honda
Finance
Corp.
,
4.45%,
1/8/2031(d)
2,040,000
1,999,538
Avolon
Holdings
Funding
Ltd.
,
4.20%,
4/15/2029(a)
2,285,000
2,242,184
4.95%,
10/15/2032(a)
9,059,000
8,823,257
Capital
One
Financial
Corp.
,
(SOFR
+
1.15%),
4.72%,
1/30/2032(d)(e)
5,284,000
5,203,862
Ford
Motor
Credit
Co.
LLC
,
5.80%,
3/5/2027
2,690,000
2,704,835
5.11%,
5/3/2029
585,000
579,442
Macquarie
Airfinance
Holdings
Ltd.
,
5.20%,
3/27/2028(a)
3,625,000
3,638,067
34
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
Stellantis
Financial
Services
US
Corp.
,
4.95%,
9/15/2028(a)
7,100,000
7,060,944
Synchrony
Financial
,
(SOFR
+
1.68%),
5.45%,
3/6/2031(e)
1,205,000
1,204,002
(SOFR
+
1.53%),
4.95%,
2/25/2032(e)
1,305,000
1,266,506
Takeoff
Merger
Sub,
Inc.
,
4.50%,
3/24/2029(a)(d)
11,340,000
11,267,018
Toyota
Motor
Credit
Corp.
,
4.65%,
9/3/2032
5,123,000
5,084,988
Series
B,
4.60%,
3/11/2033(d)
4,285,000
4,218,822
81,308,644
Consumer
Staples
Distribution
&
Retail
0
.2
%
Alimentation
Couche-Tard,
Inc.
,
4.15%,
9/29/2028(a)
7,725,000
7,670,970
Containers
&
Packaging
0
.5
%
Amcor
Flexibles
North
America,
Inc.
,
4.80%,
3/17/2028
4,994,000
5,024,163
5.13%,
3/12/2036(d)
3,185,000
3,096,516
Amcor
Group
Finance
plc
,
5.45%,
5/23/2029(d)
3,615,000
3,703,968
Sonoco
Products
Co.
,
4.60%,
9/1/2029(d)
4,680,000
4,666,449
16,491,096
Diversified
REITs
0
.6
%
Equinix
Europe
2
Financing
Corp.
LLC
,
4.60%,
11/15/2030
2,960,000
2,932,397
GLP
Capital
LP
,
5.63%,
3/1/2036
3,232,000
3,143,437
Simon
Property
Group
LP
,
4.30%,
1/15/2031
8,167,000
8,048,857
VICI
Properties
LP
,
4.75%,
4/1/2028
2,675,000
2,677,724
Vornado
Realty
LP
,
2.15%,
6/1/2026
3,400,000
3,380,828
20,183,243
Diversified
Telecommunication
Services
0
.5
%
AT&T,
Inc.
,
4.35%,
3/1/2029(d)
2,955,000
2,957,648
2.55%,
12/1/2033(d)
8,073,000
6,831,674
Comcast
Corp.
,
3.30%,
2/1/2027
2,740,000
2,719,693
2.65%,
2/1/2030(d)
3,905,000
3,657,013
2.94%,
11/1/2056
3,432,000
1,901,208
Sprint
Capital
Corp.
,
6.88%,
11/15/2028(d)
195,000
206,175
18,273,411
Electric
Utilities
3
.2
%
AES
Panama
Generation
Holdings
SRL
,
4.38%,
5/31/2030(a)
2,439,259
2,257,900
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Alliant
Energy
Finance
LLC
,
4.25%,
6/15/2028(a)
9,525,000
9,463,591
Capital
Power
US
Holdings,
Inc.
,
5.26%,
6/1/2028(a)
2,315,000
2,328,784
Duke
Energy
Ohio,
Inc.
,
5.25%,
4/1/2033
4,385,000
4,480,609
Electricite
de
France
SA
,
5.70%,
5/23/2028(a)(d)
779,000
797,616
ENEL
Finance
International
NV
,
4.38%,
9/30/2030(a)(d)
7,245,000
7,115,690
Entergy
Arkansas
LLC
,
5.75%,
1/15/2056
2,855,000
2,793,429
Evergy
Missouri
West,
Inc.
,
3.75%,
3/15/2032(a)(d)
3,140,000
2,874,887
Evergy,
Inc.
,
4.25%,
3/15/2029
3,885,000
3,855,340
Exelon
Corp.
,
4.95%,
3/15/2036
6,605,000
6,406,026
Fells
Point
Funding
Trust
,
3.05%,
1/31/2027(a)(d)
6,825,000
6,748,094
Idaho
Power
Co.
,
4.85%,
3/1/2036(d)
3,055,000
2,990,209
Indiana
Michigan
Power
Co.
,
5.60%,
3/15/2056
4,030,000
3,887,202
IPALCO
Enterprises,
Inc.
,
5.75%,
4/1/2034
2,309,000
2,292,924
ITC
Holdings
Corp.
,
5.50%,
4/15/2036(a)
2,185,000
2,191,463
Kentucky
Utilities
Co.
,
Series
KENT,
5.45%,
4/15/2033
3,675,000
3,792,131
NextEra
Energy
Capital
Holdings,
Inc.
,
4.69%,
9/1/2027
4,095,000
4,114,756
1.90%,
6/15/2028
2,320,000
2,199,925
NSTAR
Electric
Co.
,
4.85%,
3/1/2030(d)
1,175,000
1,190,174
Pacific
Gas
and
Electric
Co.
,
5.00%,
6/4/2028(d)
1,840,000
1,855,587
6.10%,
1/15/2029
3,640,000
3,766,603
PacifiCorp
,
4.25%,
3/15/2029
4,695,000
4,641,798
5.10%,
4/15/2031(d)
1,711,000
1,715,335
PPL
Capital
Funding,
Inc.
,
4.13%,
4/15/2030
472,000
462,452
Public
Service
Co.
of
Colorado
,
4.15%,
3/13/2029(d)
2,310,000
2,303,391
Public
Service
Co.
of
New
Hampshire
,
4.40%,
7/1/2028
3,450,000
3,454,523
Southern
California
Edison
Co.
,
5.85%,
11/1/2027
2,100,000
2,138,805
5.15%,
6/1/2029
4,418,000
4,480,064
Virginia
Electric
and
Power
Co.
,
4.95%,
3/15/2036(d)
3,797,000
3,701,289
Vistra
Operations
Co.
LLC
,
3.70%,
1/30/2027(a)
6,000,000
5,945,100
NVIT
Loomis
Core
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
35
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Xcel
Energy,
Inc.
,
4.75%,
3/21/2028
1,520,000
1,527,802
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%),
5.75%,
12/3/2056(e)
1,950,000
1,903,547
109,677,046
Electronic
Equipment,
Instruments
&
Components
0
.2
%
Jabil,
Inc.
,
4.20%,
2/1/2029
2,880,000
2,845,062
TD
SYNNEX
Corp.
,
4.30%,
1/17/2029
3,540,000
3,500,665
6,345,727
Energy
Equipment
&
Services
0
.1
%
Schlumberger
Holdings
Corp.
,
3.90%,
5/17/2028(a)
4,389,000
4,355,272
Financial
Services
1
.0
%
Apollo
Global
Management,
Inc.
,
5.15%,
8/12/2035(d)
2,275,000
2,203,349
Atlas
Warehouse
Lending
Co.
LP
,
4.95%,
11/15/2030(a)
3,465,000
3,398,889
Block
Financial
LLC
,
5.38%,
9/15/2032
4,705,000
4,566,192
Fidelity
National
Information
Services,
Inc.
,
4.80%,
3/10/2031
5,904,000
5,857,661
Global
Payments,
Inc.
,
4.88%,
11/15/2030(d)
9,107,000
8,943,445
Lseg
US
Fin
Corp.
,
5.25%,
3/23/2036(a)
5,577,000
5,522,232
Western
Union
Co.
(The)
,
4.75%,
6/15/2029
3,524,000
3,492,612
33,984,380
Food
Products
0
.5
%
Campbell's
Co.
(The)
,
4.55%,
3/21/2031(d)
8,125,000
7,877,004
JBS
NV
,
3.63%,
1/15/2032
641,000
593,752
6.25%,
3/1/2056(d)
5,239,000
5,135,796
McCormick
&
Co.,
Inc.
,
4.15%,
2/15/2029(d)
2,240,000
2,218,265
15,824,817
Gas
Utilities
0
.1
%
Brooklyn
Union
Gas
Co.
(The)
,
6.42%,
7/18/2054(a)
2,870,000
2,917,919
Ground
Transportation
0
.6
%
Ashtead
Capital,
Inc.
,
4.38%,
8/15/2027(a)
2,500,000
2,485,436
4.00%,
5/1/2028(a)(d)
6,500,000
6,411,378
4.25%,
11/1/2029(a)(d)
1,730,000
1,694,335
Burlington
Northern
Santa
Fe
LLC
,
5.55%,
3/15/2056
2,850,000
2,763,200
Corporate
Bonds
Principal
Amount
($)
Value
($)
Ground
Transportation
Canadian
Pacific
Railway
Co.
,
4.00%,
3/15/2029
2,741,000
2,711,025
Fedex
Freight
Holding
Co.,
Inc.
,
4.65%,
3/15/2031(a)
5,412,000
5,319,265
21,384,639
Health
Care
Equipment
&
Supplies
0
.5
%
Abbott
Laboratories
,
5.50%,
3/15/2056(d)
12,806,000
12,556,630
GE
HealthCare
Technologies,
Inc.
,
4.15%,
12/15/2028
1,858,000
1,845,866
4.80%,
8/14/2029(d)
1,741,000
1,756,820
16,159,316
Health
Care
Providers
&
Services
0
.5
%
CVS
Health
Corp.
,
1.75%,
8/21/2030(d)
4,080,000
3,598,922
Elevance
Health,
Inc.
,
4.00%,
9/15/2028(d)
7,730,000
7,662,870
HCA,
Inc.
,
5.38%,
9/1/2026
690,000
690,536
3.13%,
3/15/2027
1,099,000
1,084,882
5.63%,
9/1/2028(d)
145,000
147,877
UnitedHealth
Group,
Inc.
,
2.00%,
5/15/2030
3,050,000
2,761,338
15,946,425
Health
Care
REITs
0
.2
%
Healthpeak
OP
LLC
,
3.25%,
7/15/2026(d)
1,025,000
1,021,412
Omega
Healthcare
Investors,
Inc.
,
5.20%,
7/1/2030(d)
5,060,000
5,080,551
6,101,963
Hotel
&
Resort
REITs
0
.0
%
†
Host
Hotels
&
Resorts
LP
,
4.25%,
12/15/2028
1,415,000
1,398,230
Hotels,
Restaurants
&
Leisure
0
.4
%
Airbnb,
Inc.
,
4.65%,
3/16/2031(d)
2,449,000
2,443,481
Brightstar
Lottery
plc
,
5.25%,
1/15/2029(a)(d)
4,145,000
4,111,442
Las
Vegas
Sands
Corp.
,
5.63%,
6/15/2028
6,405,000
6,488,405
13,043,328
Independent
Power
and
Renewable
Electricity
Producers
0
.1
%
Alexander
Funding
Trust
II
,
7.47%,
7/31/2028(a)(d)
1,770,000
1,863,705
Industrial
REITs
0
.1
%
LXP
Industrial
Trust
,
6.75%,
11/15/2028
1,878,000
1,968,927
2.38%,
10/1/2031
471,000
408,797
2,377,724
36
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
4
.2
%
American
National
Global
Funding
,
4.63%,
12/15/2028(a)
2,296,000
2,278,370
5.25%,
6/3/2030(a)
5,725,000
5,701,669
American
National
Group,
Inc.
,
6.00%,
7/15/2035(d)
2,593,000
2,527,880
Athene
Global
Funding
,
4.83%,
5/9/2028(a)(d)
5,105,000
5,086,737
5.38%,
1/7/2030(a)
1,130,000
1,131,792
Brighthouse
Financial
Global
Funding
,
5.65%,
6/10/2029(a)(d)
4,150,000
4,178,276
CNO
Global
Funding
,
4.38%,
9/8/2028(a)
5,400,000
5,353,963
4.70%,
12/11/2030(a)(d)
3,619,000
3,570,429
F&G
Global
Funding
,
4.65%,
9/8/2028(a)
1,193,000
1,178,009
4.50%,
1/9/2029(a)
8,005,000
7,841,120
Fortitude
Global
Funding
,
4.63%,
10/6/2028(a)
3,575,000
3,538,710
GA
Global
Funding
Trust
,
5.50%,
4/1/2032(a)
3,658,000
3,606,812
Grand
River
Funding
Trust
I
,
6.31%,
2/15/2036(a)(d)
1,311,000
1,322,584
Jackson
National
Life
Global
Funding
,
4.70%,
6/5/2028(a)
5,745,000
5,742,151
4.55%,
9/9/2030(a)
5,015,000
4,912,981
Lincoln
Financial
Global
Funding
,
4.63%,
5/28/2028(a)(d)
4,860,000
4,860,703
4.20%,
1/12/2029(a)(d)
3,215,000
3,179,034
MassMutual
Global
Funding
II
,
4.95%,
1/10/2030(a)(d)
4,628,000
4,677,575
MetLife,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.82%),
5.85%,
3/15/2056(d)(e)
2,665,000
2,615,676
New
York
Life
Global
Funding
,
4.15%,
7/25/2028(a)
8,595,000
8,566,733
Nippon
Life
Insurance
Co.
,
4.75%,
4/2/2031(a)
2,823,000
2,830,063
NLG
Global
Funding
,
5.40%,
1/23/2030(a)
390,000
398,795
4.35%,
9/15/2030(a)
8,335,000
8,186,434
Pacific
Life
Global
Funding
II
,
4.85%,
2/10/2030(a)
4,620,000
4,660,801
Pine
Street
Trust
III
,
6.22%,
5/15/2054(a)(d)
2,995,000
2,990,535
Pricoa
Global
Funding
I
,
4.75%,
8/26/2032(a)(d)
5,655,000
5,585,859
Progressive
Corp.
(The)
,
5.15%,
3/26/2036
4,880,000
4,886,881
Protective
Life
Corp.
,
4.70%,
1/15/2031(a)(d)
3,414,000
3,381,108
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Reinsurance
Group
of
America,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.34%),
6.38%,
9/15/2056(d)(e)
1,382,000
1,335,843
RGA
Global
Funding
,
4.60%,
11/25/2030(a)
5,539,000
5,474,136
Sammons
Financial
Group
Global
Funding
,
4.95%,
6/12/2030(a)(d)
7,675,000
7,677,412
SBL
Holdings,
Inc.
,
5.90%,
9/26/2028(a)(d)
7,637,000
7,207,509
Western-Southern
Global
Funding
,
4.50%,
7/16/2028(a)
5,358,000
5,356,260
4.70%,
12/10/2032(a)
3,612,000
3,517,619
145,360,459
Interactive
Media
&
Services
0
.3
%
Alphabet,
Inc.
,
4.10%,
2/15/2031(d)
6,297,000
6,253,242
Meta
Platforms,
Inc.
,
5.63%,
11/15/2055
4,150,000
3,890,170
10,143,412
IT
Services
0
.5
%
CGI,
Inc.
,
4.95%,
3/14/2030
7,584,000
7,623,289
Gartner,
Inc.
,
5.60%,
11/20/2035(d)
9,075,000
8,607,964
Kyndryl
Holdings,
Inc.
,
2.05%,
10/15/2026(d)
1,054,000
1,036,894
17,268,147
Leisure
Products
0
.1
%
Hasbro,
Inc.
,
4.65%,
3/12/2031
2,400,000
2,370,049
Polaris,
Inc.
,
5.60%,
3/1/2031
2,330,000
2,309,130
4,679,179
Machinery
0
.3
%
CNH
Industrial
Capital
LLC
,
4.75%,
3/21/2028(d)
3,065,000
3,077,835
4.50%,
10/16/2030(d)
2,980,000
2,941,847
Daimler
Truck
Finance
North
America
LLC
,
4.65%,
10/12/2030(a)(d)
5,230,000
5,196,064
11,215,746
Media
0
.2
%
Charter
Communications
Operating
LLC
,
3.70%,
4/1/2051
3,165,000
1,958,866
Omnicom
Group,
Inc.
,
5.00%,
6/2/2033(d)
3,502,000
3,420,511
Paramount
Global
,
5.85%,
9/1/2043
3,570,000
2,478,533
7,857,910
NVIT
Loomis
Core
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
37
Corporate
Bonds
Principal
Amount
($)
Value
($)
Metals
&
Mining
0
.3
%
Glencore
Funding
LLC
,
5.19%,
4/1/2030(a)
3,050,000
3,092,293
5.51%,
4/1/2036(a)
8,655,000
8,673,736
11,766,029
Multi-Utilities
0
.3
%
Black
Hills
Corp.
,
3.05%,
10/15/2029
1,350,000
1,282,437
DTE
Energy
Co.
,
4.95%,
7/1/2027(d)
2,513,000
2,529,253
NiSource,
Inc.
,
5.25%,
3/30/2028(d)
485,000
492,646
San
Diego
Gas
&
Electric
Co.
,
Series
EEEE,
5.95%,
3/15/2056(d)
2,320,000
2,326,211
Southern
Co.
Gas
Capital
Corp.
,
3.25%,
6/15/2026(d)
1,250,000
1,247,531
Series
20-A,
1.75%,
1/15/2031(d)
3,120,000
2,736,745
10,614,823
Office
REITs
0
.1
%
Cousins
Properties
LP
,
4.88%,
3/1/2033(d)
2,195,000
2,113,279
Oil,
Gas
&
Consumable
Fuels
1
.3
%
Aker
BP
ASA
,
6.00%,
6/13/2033(a)
1,000,000
1,041,695
APA
Corp.
,
6.75%,
2/15/2055
2,770,000
2,775,688
Cheniere
Energy
Partners
LP
,
4.50%,
10/1/2029
795,000
791,523
Chevron
USA,
Inc.
,
4.69%,
4/15/2030
4,990,000
5,067,561
DT
Midstream,
Inc.
,
4.13%,
6/15/2029(a)
675,000
660,798
Enterprise
Products
Operating
LLC
,
Series
E,
(CME
Term
SOFR
3
Month
+
3.29%),
5.25%,
8/16/2077(d)(e)
2,500,000
2,477,709
NGPL
PipeCo
LLC
,
3.25%,
7/15/2031(a)
5,400,000
4,962,561
ONEOK,
Inc.
,
3.25%,
6/1/2030(d)
2,270,000
2,140,269
5.80%,
11/1/2030
1,209,000
1,258,276
6.25%,
10/15/2055(d)
3,387,000
3,320,454
Plains
All
American
Pipeline
LP
,
5.60%,
1/15/2036(d)
2,960,000
2,969,592
South
Bow
USA
Infrastructure
Holdings
LLC
,
5.03%,
10/1/2029(d)
1,876,000
1,888,087
Targa
Resources
Corp.
,
6.13%,
5/15/2055(d)
768,000
751,907
6.05%,
5/15/2056
1,699,000
1,642,579
Targa
Resources
Partners
LP
,
5.00%,
1/15/2028
1,500,000
1,499,123
4.88%,
2/1/2031(d)
1,266,000
1,263,999
Valero
Energy
Partners
LP
,
4.50%,
3/15/2028(d)
320,000
320,066
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Var
Energi
ASA
,
5.00%,
5/18/2027(a)(d)
3,815,623
3,832,602
7.50%,
1/15/2028(a)
1,000,000
1,046,073
Williams
Cos.,
Inc.
(The)
,
5.95%,
3/15/2056(d)
4,212,000
4,145,389
43,855,951
Other
Specialized
Funds
0
.2
%
Prologis
Targeted
US
Logistics
Fund
LP
,
4.63%,
3/15/2033(a)(d)
7,670,000
7,458,850
Passenger
Airlines
0
.2
%
Air
Canada
,
3.88%,
8/15/2026(a)(d)
2,510,000
2,497,489
Southwest
Airlines
Co.
,
4.38%,
11/15/2028
2,690,000
2,655,136
United
Airlines,
Inc.
,
4.63%,
4/15/2029(a)(d)
3,032,000
2,974,768
8,127,393
Pharmaceuticals
0
.1
%
Bayer
US
Finance
LLC
,
6.25%,
1/21/2029(a)
1,335,000
1,386,600
Merck
&
Co.,
Inc.
,
4.95%,
9/15/2035(d)
3,202,000
3,208,057
4,594,657
Professional
Services
0
.1
%
Jacobs
Solutions,
Inc.
,
4.75%,
3/3/2031
4,862,000
4,793,944
Residential
REITs
0
.3
%
Camden
Property
Trust
,
4.90%,
2/28/2036(d)
3,570,000
3,462,555
Mid-America
Apartments
LP
,
4.65%,
1/15/2033(d)
6,842,000
6,719,650
10,182,205
Retail
REITs
0
.3
%
Kite
Realty
Group
LP
,
4.00%,
10/1/2026
1,256,000
1,252,470
Kite
Realty
Group
Trust
,
4.75%,
9/15/2030(d)
2,124,000
2,123,625
Realty
Income
Corp.
,
4.75%,
4/15/2033
3,970,000
3,916,053
Regency
Centers
LP
,
4.50%,
3/15/2033
1,360,000
1,326,186
8,618,334
Semiconductors
&
Semiconductor
Equipment
0
.4
%
Analog
Devices,
Inc.
,
4.25%,
6/15/2028
6,925,000
6,935,949
Intel
Corp.
,
5.20%,
2/10/2033(d)
588,000
592,605
Microchip
Technology,
Inc.
,
5.05%,
2/15/2030
2,025,000
2,042,527
NXP
BV
,
4.30%,
8/19/2028
3,580,000
3,562,707
13,133,788
Software
0
.7
%
Oracle
Corp.
,
2.95%,
4/1/2030
1,000,000
912,837
38
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Software
Oracle
Corp.,
5.95%,
9/26/2055(d)
8,104,000
6,817,658
6.70%,
2/4/2056
5,265,000
4,886,465
Roper
Technologies,
Inc.
,
4.25%,
9/15/2028
1,880,000
1,867,735
Salesforce,
Inc.
,
5.55%,
3/15/2036
6,226,000
6,206,633
VMware
LLC
,
2.20%,
8/15/2031(d)
2,540,000
2,229,400
22,920,728
Specialized
REITs
0
.6
%
Crown
Castle,
Inc.
,
3.70%,
6/15/2026
3,870,000
3,863,788
CubeSmart
LP
,
3.13%,
9/1/2026
3,125,000
3,108,613
EPR
Properties
,
4.75%,
12/15/2026
3,408,000
3,405,943
4.50%,
6/1/2027
385,000
383,376
4.95%,
4/15/2028
340,000
339,545
3.75%,
8/15/2029(d)
140,000
134,054
4.75%,
11/15/2030
5,327,000
5,199,094
Extra
Space
Storage
LP
,
5.70%,
4/1/2028
1,213,000
1,238,538
2.35%,
3/15/2032
1,535,000
1,317,098
18,990,049
Specialty
Retail
0
.2
%
AutoNation,
Inc.
,
4.45%,
1/15/2029
3,535,000
3,505,611
Home
Depot,
Inc.
(The)
,
2.88%,
4/15/2027(d)
3,200,000
3,160,670
6,666,281
Technology
Hardware,
Storage
&
Peripherals
0
.2
%
Hewlett
Packard
Enterprise
Co.
,
5.25%,
4/1/2033
6,605,000
6,565,804
Textiles,
Apparel
&
Luxury
Goods
0
.1
%
PVH
Corp.
,
5.50%,
6/13/2030(d)
4,966,000
5,002,892
Tobacco
0
.3
%
BAT
Capital
Corp.
,
2.26%,
3/25/2028(d)
4,275,000
4,103,149
Imperial
Brands
Finance
plc
,
4.50%,
6/30/2028(a)(d)
5,970,000
5,974,402
Philip
Morris
International,
Inc.
,
5.63%,
11/17/2029(d)
1,816,000
1,887,506
11,965,057
Trading
Companies
&
Distributors
0
.2
%
Aviation
Capital
Group
LLC
,
4.25%,
4/30/2029(a)(d)
1,525,000
1,502,768
5.13%,
4/10/2030(a)(d)
3,765,000
3,784,614
5,287,382
Transportation
Infrastructure
0
.1
%
Sydney
Airport
Finance
Co.
Pty.
Ltd.
,
5.25%,
3/26/2036(a)
3,370,000
3,342,088
Corporate
Bonds
Principal
Amount
($)
Value
($)
Water
Utilities
0
.3
%
American
Water
Capital
Corp.
,
5.20%,
4/1/2036
12,035,000
12,059,668
Wireless
Telecommunication
Services
0
.2
%
SoftBank
Corp.
,
4.70%,
7/9/2030(a)(d)
3,376,000
3,354,412
T-Mobile
USA,
Inc.
,
2.40%,
3/15/2029
2,561,000
2,416,399
2.88%,
2/15/2031
550,000
507,167
3.30%,
2/15/2051
2,660,000
1,740,916
8,018,894
Total
Corporate
Bonds
(cost
$1,402,093,289)
1,383,451,144
Foreign
Government
Security
0
.1
%
MEXICO
0
.1
%
United
Mexican
States
,
5.38%,
3/22/2033
4,670,000
4,560,255
Total
Foreign
Government
Security
(cost
$4,653,898)
4,560,255
Mortgage-Backed
Securities
24
.6
%
FHLMC
Gold
Pool
Pool#
C03795
3.50%,
4/1/2042
322,269
304,601
Pool#
Q08997
3.50%,
6/1/2042
176,413
167,125
Pool#
Q19480
4.00%,
6/1/2043
663,402
640,271
Pool#
V80509
4.00%,
10/1/2043
85,176
82,312
Pool#
Q29697
3.50%,
11/1/2044
224,822
211,489
Pool#
G07961
3.50%,
3/1/2045
188,616
177,351
Pool#
V82196
4.50%,
1/1/2046
80,731
79,746
Pool#
G61281
3.50%,
1/1/2048
529,199
493,484
FHLMC
UMBS
Pool
Pool#
SB0492
2.00%,
10/1/2035
6,176,185
5,699,765
Pool#
SB0861
2.50%,
2/1/2037
4,196,236
3,974,506
Pool#
SB8260
5.00%,
10/1/2038
2,802,153
2,823,788
Pool#
SD8018
4.00%,
10/1/2049
1,356,874
1,298,208
Pool#
QA7325
3.00%,
2/1/2050
860,705
767,637
Pool#
QA6750
3.00%,
2/1/2050
85,488
76,316
Pool#
QA8311
3.00%,
3/1/2050
767,160
687,320
Pool#
RA2650
3.00%,
5/1/2050
748,940
669,514
NVIT
Loomis
Core
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
39
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
SD8084
3.00%,
8/1/2050
6,344,321
5,627,983
Pool#
SD7535
2.50%,
2/1/2051
17,721,243
15,217,364
Pool#
QB9401
2.00%,
3/1/2051
1,676,676
1,374,560
Pool#
QC2992
2.50%,
6/1/2051
16,248,307
13,771,791
Pool#
SD1372
2.50%,
9/1/2051
17,427,768
14,771,264
Pool#
RA5910
3.50%,
9/1/2051
5,866,521
5,415,302
Pool#
SD8178
2.50%,
11/1/2051
5,779,098
4,897,781
Pool#
SD8181
1.50%,
12/1/2051
6,451,131
4,985,429
Pool#
RA6433
2.50%,
12/1/2051
8,505,713
7,158,642
Pool#
SD8199
2.00%,
3/1/2052
51,834,800
41,988,306
Pool#
SD3771
2.50%,
3/1/2052
11,575,103
9,865,835
Pool#
SD8200
2.50%,
3/1/2052
11,392,287
9,640,681
Pool#
SD1607
2.50%,
3/1/2052
8,909,550
7,685,738
Pool#
QE0799
2.50%,
4/1/2052
7,724,811
6,514,748
Pool#
SD1011
2.50%,
4/1/2052
6,786,706
5,730,551
Pool#
SD8213
3.00%,
5/1/2052
3,928,688
3,458,561
Pool#
SD5351
3.00%,
6/1/2052
10,221,097
9,184,693
Pool#
SD1042
3.00%,
6/1/2052
3,591,505
3,229,427
Pool#
SD5726
3.00%,
7/1/2052
7,462,564
6,632,516
Pool#
SD1440
3.50%,
7/1/2052
5,111,988
4,713,932
Pool#
SD2254
3.50%,
7/1/2052
1,410,266
1,301,529
Pool#
QE6924
4.00%,
8/1/2052
6,461,155
6,110,380
Pool#
SD8244
4.00%,
9/1/2052
2,124,106
2,013,178
Pool#
SD1716
5.00%,
9/1/2052
6,593,281
6,614,372
Pool#
SD1686
5.50%,
9/1/2052
6,609,422
6,743,915
Pool#
SD8255
3.50%,
10/1/2052
3,461,723
3,177,175
Pool#
SD1853
5.50%,
11/1/2052
2,910,369
2,984,936
Pool#
SD8288
5.00%,
1/1/2053
24,734,547
24,515,516
Pool#
SD8302
6.50%,
2/1/2053
1,119,433
1,159,405
Pool#
SD8309
6.00%,
3/1/2053
1,065,965
1,092,265
Pool#
SD2921
4.50%,
5/1/2053
12,518,477
12,193,206
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
SD8338
4.00%,
6/1/2053
4,149,289
3,919,906
Pool#
SL2686
2.50%,
10/1/2053
4,327,110
3,651,405
Pool#
SD4084
5.50%,
10/1/2053
6,909,115
6,985,234
Pool#
SD6706
4.50%,
1/1/2054
17,131,004
16,572,623
Pool#
RJ1975
6.00%,
7/1/2054
2,420,488
2,489,838
Pool#
RJ2655
5.00%,
10/1/2054
6,217,463
6,178,395
Pool#
SD6767
6.00%,
10/1/2054
13,732,986
14,080,169
Pool#
SL0046
6.00%,
1/1/2055
7,429,597
7,643,287
Pool#
SL1788
5.50%,
6/1/2055
7,614,102
7,763,460
Pool#
SL2854
6.50%,
9/1/2055
8,614,232
8,907,071
Pool#
RQ0055
5.00%,
10/1/2055
8,724,505
8,610,522
FNMA
Pool
Pool#
464969
6.34%,
4/1/2028
2,157,186
2,151,519
Pool#
468516
5.17%,
6/1/2028
731,880
736,647
Pool#
468127
5.70%,
5/1/2041
1,002,069
1,049,329
FNMA
UMBS
Pool
Pool#
FM6329
2.00%,
3/1/2036
6,261,876
5,768,231
Pool#
CA9439
2.50%,
3/1/2036
12,496,448
11,892,251
Pool#
CB3424
3.00%,
5/1/2037
5,438,174
5,242,514
Pool#
FS4267
4.50%,
3/1/2038
1,757,203
1,760,626
Pool#
AH9471
4.50%,
4/1/2041
177,722
175,885
Pool#
AH4038
4.50%,
4/1/2041
138,693
137,259
Pool#
AI3506
4.50%,
6/1/2041
6,566
6,498
Pool#
FS3014
5.00%,
10/1/2042
9,725,295
9,849,971
Pool#
AL2866
3.50%,
11/1/2042
3,961,136
3,738,124
Pool#
AQ9328
3.50%,
1/1/2043
66,543
62,755
Pool#
AB9046
3.50%,
4/1/2043
398,862
375,705
Pool#
AT2021
3.50%,
4/1/2043
275,623
260,019
Pool#
AR9398
3.50%,
6/1/2043
607,125
571,242
Pool#
AB9864
3.50%,
7/1/2043
142,643
134,303
Pool#
AS0212
3.50%,
8/1/2043
610,489
574,032
Pool#
AS0210
3.50%,
8/1/2043
372,291
350,445
40
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Core
Bond
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AU3742
3.50%,
8/1/2043
211,185
198,924
Pool#
AU6857
4.00%,
9/1/2043
223,317
215,306
Pool#
AU4386
4.00%,
10/1/2043
63,975
61,747
Pool#
AS1559
4.00%,
1/1/2044
385,886
371,970
Pool#
AW2478
4.50%,
6/1/2044
78,990
77,860
Pool#
AL6432
4.00%,
1/1/2045
400,467
385,713
Pool#
AS5175
3.50%,
6/1/2045
379,276
356,142
Pool#
AS6464
3.50%,
1/1/2046
349,470
327,698
Pool#
BC0180
4.00%,
1/1/2046
1,846,789
1,774,831
Pool#
AS7908
3.00%,
9/1/2046
4,083,935
3,683,602
Pool#
AS8483
3.00%,
12/1/2046
1,766,338
1,585,998
Pool#
MA2863
3.00%,
1/1/2047
2,775,329
2,501,121
Pool#
AS8784
3.00%,
2/1/2047
1,804,301
1,619,086
Pool#
BE7557
3.50%,
2/1/2047
3,131,865
2,931,924
Pool#
BM2003
4.00%,
10/1/2047
2,612,533
2,503,714
Pool#
BJ3716
3.50%,
12/1/2047
1,638,109
1,525,803
Pool#
MA3210
3.50%,
12/1/2047
675,165
626,375
Pool#
BM3355
3.50%,
2/1/2048
1,077,950
1,005,729
Pool#
MA3305
3.50%,
3/1/2048
3,397,918
3,154,780
Pool#
CA2208
4.50%,
8/1/2048
725,014
708,718
Pool#
CA2469
4.00%,
10/1/2048
684,771
655,818
Pool#
MA3745
3.50%,
8/1/2049
3,676,482
3,408,281
Pool#
BO8947
3.00%,
1/1/2050
514,541
460,063
Pool#
FM4334
3.00%,
4/1/2050
1,107,710
990,421
Pool#
FS2253
3.50%,
4/1/2050
5,656,946
5,202,685
Pool#
CA5689
3.00%,
5/1/2050
1,593,427
1,428,323
Pool#
BP9581
2.50%,
8/1/2050
1,027,901
881,312
Pool#
FM5316
2.00%,
12/1/2050
1,324,951
1,078,202
Pool#
BR4515
2.00%,
2/1/2051
1,934,900
1,582,803
Pool#
BR4029
2.00%,
2/1/2051
1,676,432
1,377,138
Pool#
BR4051
2.00%,
2/1/2051
1,370,625
1,124,780
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
BR2667
2.00%,
2/1/2051
1,149,351
942,577
Pool#
FM7151
2.00%,
5/1/2051
737,051
601,549
Pool#
FM7189
2.50%,
5/1/2051
2,135,055
1,835,807
Pool#
FS3080
3.00%,
5/1/2051
7,282,479
6,542,087
Pool#
FM7398
2.50%,
6/1/2051
11,703,321
10,128,316
Pool#
FM7738
2.50%,
6/1/2051
1,663,309
1,418,097
Pool#
FM8178
2.50%,
7/1/2051
1,231,068
1,043,325
Pool#
CB1038
2.50%,
7/1/2051
1,013,341
864,135
Pool#
FS2041
2.00%,
8/1/2051
7,124,432
5,777,498
Pool#
FS3391
2.50%,
8/1/2051
4,640,037
3,998,471
Pool#
FP0012
3.00%,
8/1/2051
3,089,643
2,766,580
Pool#
FM9563
3.00%,
10/1/2051
10,819,357
9,624,300
Pool#
FS5928
2.50%,
1/1/2052
9,470,762
8,045,189
Pool#
CB2665
3.00%,
1/1/2052
12,956,687
11,397,166
Pool#
CB3040
2.00%,
3/1/2052
6,537,382
5,287,807
Pool#
BU8883
3.00%,
3/1/2052
16,005,077
14,080,278
Pool#
FS5448
3.00%,
3/1/2052
10,302,702
9,240,507
Pool#
FS2122
3.00%,
3/1/2052
4,469,708
3,941,339
Pool#
MA4577
2.00%,
4/1/2052
16,194,446
13,103,218
Pool#
FS1380
3.50%,
4/1/2052
6,218,874
5,770,921
Pool#
MA4600
3.50%,
5/1/2052
3,412,968
3,132,622
Pool#
FS1855
4.00%,
5/1/2052
5,792,614
5,511,464
Pool#
FS1804
4.00%,
5/1/2052
5,736,673
5,466,799
Pool#
FS6731
3.00%,
6/1/2052
10,308,939
9,251,501
Pool#
FS2074
3.00%,
6/1/2052
4,065,352
3,639,885
Pool#
MA4654
3.50%,
7/1/2052
12,436,793
11,415,880
Pool#
FS2513
4.00%,
7/1/2052
5,446,926
5,165,043
Pool#
FS2323
4.00%,
7/1/2052
4,767,922
4,526,192
Pool#
FS2293
4.50%,
7/1/2052
13,579,617
13,233,461
Pool#
FS2257
4.50%,
7/1/2052
2,530,641
2,466,444
Pool#
BV8011
3.00%,
8/1/2052
7,709,539
6,783,972
NVIT
Loomis
Core
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
41
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
MA4733
4.50%,
9/1/2052
15,252,546
14,785,199
Pool#
FS2790
5.00%,
9/1/2052
9,462,872
9,418,639
Pool#
MA4805
4.50%,
11/1/2052
4,719,244
4,573,189
Pool#
MA4839
4.00%,
12/1/2052
4,186,177
3,951,916
Pool#
MA4933
3.50%,
2/1/2053
1,997,113
1,832,554
Pool#
MA4980
6.00%,
4/1/2053
2,419,124
2,476,668
Pool#
FS4736
6.50%,
5/1/2053
4,282,521
4,438,925
Pool#
DA1019
6.50%,
9/1/2053
378,385
391,829
Pool#
FS7835
5.50%,
10/1/2053
7,799,120
7,853,467
Pool#
MA5248
6.50%,
1/1/2054
3,239,981
3,349,613
Pool#
MA5273
6.50%,
2/1/2054
2,086,301
2,158,080
Pool#
CB8628
6.00%,
6/1/2054
3,533,401
3,656,139
Pool#
FS8585
5.50%,
7/1/2054
15,056,938
15,363,327
Pool#
FS9717
6.00%,
7/1/2054
4,897,411
5,026,268
Pool#
CB8858
6.00%,
7/1/2054
2,975,403
3,059,292
Pool#
FS8795
6.00%,
8/1/2054
14,560,613
14,851,873
Pool#
FS9406
6.00%,
8/1/2054
3,777,674
3,870,215
Pool#
FS9008
5.50%,
9/1/2054
6,134,146
6,250,122
Pool#
FS9980
6.00%,
9/1/2054
10,908,719
11,178,428
Pool#
FS9012
6.00%,
9/1/2054
779,640
805,063
Pool#
CB9361
5.00%,
10/1/2054
12,423,300
12,323,439
Pool#
MA5499
6.50%,
10/1/2054
5,832,478
6,033,272
Pool#
FA0470
6.00%,
1/1/2055
9,470,134
9,755,560
Pool#
DF3697
5.50%,
11/1/2055
3,533,549
3,562,548
GNMA
II
Pool
Pool#
MA0699
3.50%,
1/20/2043
336,644
319,069
Pool#
MA0783
3.50%,
2/20/2043
420,395
395,830
Pool#
MA2892
3.50%,
6/20/2045
20,770
19,556
Pool#
MA3663
3.50%,
5/20/2046
242,321
226,948
Pool#
MA3803
3.50%,
7/20/2046
114,770
107,312
Pool#
MA4262
3.50%,
2/20/2047
9,785
9,203
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA4510
3.50%,
6/20/2047
369,446
348,437
Pool#
MA4586
3.50%,
7/20/2047
251,236
236,017
Pool#
MA4837
3.50%,
11/20/2047
434,209
408,038
Pool#
MA4962
3.50%,
1/20/2048
255,152
239,145
Pool#
MA6542
3.50%,
3/20/2050
276,400
258,040
Pool#
BT6867
3.00%,
5/20/2050
2,789,010
2,494,861
Pool#
MA6994
2.00%,
11/20/2050
8,358,931
6,909,251
Pool#
MA7590
3.00%,
9/20/2051
8,708,529
7,781,085
Pool#
MA7705
2.50%,
11/20/2051
12,334,717
10,618,877
Pool#
MA8099
3.50%,
6/20/2052
6,062,158
5,606,757
Pool#
MA8349
5.50%,
10/20/2052
6,565,134
6,668,768
Pool#
MA8429
5.50%,
11/20/2052
2,737,819
2,781,129
Pool#
MA8430
6.00%,
11/20/2052
2,520,331
2,583,086
Pool#
MA8571
6.00%,
1/20/2053
1,112,091
1,139,332
Pool#
MA8726
5.50%,
3/20/2053
9,244,365
9,382,930
Pool#
MA8727
6.00%,
3/20/2053
1,928,367
1,974,043
Pool#
MA8950
6.50%,
6/20/2053
1,803,325
1,879,881
Pool#
MA9608
7.00%,
4/20/2054
1,495,049
1,559,656
Pool#
MA9852
6.00%,
8/20/2054
3,448,948
3,513,000
Total
Mortgage-Backed
Securities
(cost
$875,048,729)
848,798,852
Municipal
Bonds
0
.4
%
California
0
.1
%
State
of
California,
GO,
7.55%,
4/1/2039
3,000,000
3,561,218
District
of
Columbia
0
.2
%
Metropolitan
Washington
Airports
Authority,
RB,
Series
D,
7.46%,
10/1/2046
6,000,000
7,057,929
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue,
RB,
Series
D,
8.00%,
10/1/2047
2,000,000
2,447,074
9,505,003
42
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Core
Bond
Fund
Municipal
Bonds
Principal
Amount
($)
Value
($)
Michigan
0
.1
%
University
of
Michigan,
RB,
Series
C,
3.60%,
4/1/2047
3,285,000
2,706,054
Total
Municipal
Bonds
(cost
$17,388,060)
15,772,275
U.S.
Treasury
Obligations
17
.5
%
U.S.
Treasury
Bonds
1.75%,
8/15/2041
12,661,900
8,465,173
2.00%,
11/15/2041
18,000,000
12,448,125
2.38%,
2/15/2042
55,000,000
40,079,102
3.25%,
5/15/2042
11,500,000
9,475,820
3.13%,
2/15/2043
23,000,000
18,415,273
3.88%,
5/15/2043
18,000,000
15,953,203
4.63%,
5/15/2044
58,097,000
56,342,743
3.00%,
11/15/2044
30,860,000
23,629,598
4.63%,
11/15/2044
54,195,000
52,440,014
4.75%,
2/15/2045
16,215,000
15,932,504
4.88%,
8/15/2045
33,223,000
33,113,987
2.25%,
8/15/2046
7,000,000
4,562,852
1.25%,
5/15/2050
75,000,000
35,592,773
2.25%,
2/15/2052
54,800,000
33,025,563
2.88%,
5/15/2052
6,375,000
4,421,162
4.50%,
11/15/2054
68,078,100
63,599,837
4.63%,
2/15/2055
3,661,000
3,491,822
4.75%,
5/15/2055
15,775,000
15,360,290
4.63%,
11/15/2055
37,619,000
35,943,779
U.S.
Treasury
Notes
4.25%,
5/15/2035
9,595,000
9,569,513
4.00%,
11/15/2035
115,836,000
112,994,398
Total
U.S.
Treasury
Obligations
(cost
$650,669,097)
604,857,531
Repurchase
Agreements
2
.3
%
BNP
Paribas
Securities
Corp.
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$27,002,738,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
4.88%,
maturing
4/30/2026
-
11/15/2052;
total
market
value
$27,540,003.
(f)
27,000,000
27,000,000
Repurchase
Agreements
Principal
Amount
($)
Value
($)
CF
Secured,
LLC
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$943,859,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$962,736.
(f)
943,763
943,763
MetLife,
Inc.
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$50,005,083,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$51,025,602.
(f)
50,000,000
50,000,000
Total
Repurchase
Agreements
(cost
$77,943,763)
77,943,763
Total
Investments
(cost
$3,574,571,531)
—
100.8%
3,480,020,138
Liabilities
in
excess
of
other
assets
—
(0.8)%
(
27,202,606
)
NET
ASSETS
—
100.0%
$
3,452,817,532
NVIT
Loomis
Core
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
43
†
Amount
rounds
to
less
than
0.1%.
(a)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$895,305,954
which
represents
25.93%
of
net
assets.
(b)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
March
31,
2026.
(c)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.  The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(d)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$290,846,694,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$77,943,763
and
by
$220,930,709
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$298,874,472.
(e)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(f)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$77,943,763.
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
44
-
Statement
of
Investments
-
March
31,
2026
(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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
45
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
458,028,673
$
–
$
458,028,673
Collateralized
Mortgage
Obligations
–
20,506,938
–
20,506,938
Commercial
Mortgage-Backed
Securities
–
66,100,707
–
66,100,707
Corporate
Bonds
–
1,383,451,144
–
1,383,451,144
Foreign
Government
Security
–
4,560,255
–
4,560,255
Mortgage-Backed
Securities
–
848,798,852
–
848,798,852
Municipal
Bonds
–
15,772,275
–
15,772,275
Repurchase
Agreements
–
77,943,763
–
77,943,763
U.S.
Treasury
Obligations
–
604,857,531
–
604,857,531
Total
$
–
$
3,480,020,138
$
–
$
3,480,020,138
46
-
Statement
of
Investments
-
March
31,
2026
(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 March
31,
2026,
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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
47
Credit
default
swap
agreements
on
credit
indices
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
write-down,
principal
shortfall,
interest
shortfall
or
default
of
all
or
part
of
the
referenced
entities
comprising
the
credit
index.
A
credit
index
is
a
basket
of
credit
instruments
or
exposures
designed
to
be
representative
of
some
part
of
the
credit
market
as
a
whole.
These
indices
are
made
up
of
reference
credits
that
are
judged
by
a
poll
of
dealers
to
be
the
most
liquid
entities
in
the
credit
default
swap
market
based
on
the
sector
of
the
index.
Components
of
the
indices
include
high-yield
securities.
Credit
indices
are
traded
using
credit
default
swap
contracts
with
standardized
terms
including
a
fixed
spread
and
standard
maturity
dates.
An
index
credit
default
swap
contract
references
all
the
names
in
the
index,
and
if
there
is
a
default,
the
credit
event
is
settled
based
on
the
name’s
weight
in
the
index.
For
most
indices,
each
name
has
an
equal
weight
in
the
index.
The
composition
of
the
indices
changes
periodically.
The
use
of
credit
default
swap
contracts
on
indices
is
often
less
expensive
than
it
would
be
to
buy
many
issuer-specific
credit
default
swap
contracts
to
achieve
a
similar
effect.
Credit
default
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
independent
pricing
services.
Credit
default
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
Implied
credit
spreads
are
utilized
in
determining
the
market
value
of
credit
default
swap
agreements
on
credit
indices
and
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
Implied
credit
spreads
utilized
in
valuing
the
Fund’s
investments
as
of
March
31,
2026
are
disclosed
in
the
Statement
of
Investments.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
selling
protection
on
such
entity’s
debt,
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
For
credit
default
swap
agreements
on
credit
indices,
the
quoted
market
prices
and
resulting
value
serve
as
the
indicator
of
the
current
status
of
the
payment/performance
risk.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Certain
clearinghouses
currently
offer
clearing
for
limited
types
of
derivatives
transactions,
such
as
credit
derivatives.
In
a
centrally
cleared
credit
default
swap
contract,
immediately
following
execution
of
the
swap
agreement,
the
swap
agreement
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
Fund’s
counterparty
on
the
swap
agreement
becomes
the
CCP.
The
Fund
is
required
to
interface
with
the
CCP
through
a
broker.
Upon
entering
into
a
centrally
cleared
swap
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
and
cash
pledged
as
collateral
are
designated
on
the
Statement
of
Investments,
as
applicable.
The
daily
change
in
valuation
of
centrally
cleared
credit
default
swap
contracts
is
recorded
as
a
receivable
or
payable
for
variation
margin
on
centrally
cleared
credit
default
swap
contracts.
Payments
received
from
(paid
to)
the
counterparty,
including
at
termination,
are
recorded
as
realized
gains
(losses).
As
of March
31,
2026,
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
48
-
Statement
of
Investments
-
March
31,
2026
(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 March
31,
2026,
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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
49
Asset-Backed
Securities
13.2%
Principal
Amount
($)
Value
($)
Airlines
0.3%
WAVE
LLC,
Series
2019-
1,
Class
A,
3.60%,
9/15/2044(a)
201,023
197,192
Automobiles
4.0%
Avis
Budget
Rental
Car
Funding
AESOP
LLC
Series
2023-2A,
Class
D,
7.26%,
10/20/2027(a)
500,000
501,854
Series
2023-1A,
Class
C,
6.23%,
4/20/2029(a)
300,000
303,743
Series
2023-4A,
Class
D,
7.31%,
6/20/2029(a)
220,000
223,131
Carmax
Select
Receivables
Trust,
Series
2025-B,
Class
E,
6.89%,
9/15/2032(a)
145,000
145,054
Carvana
Auto
Receivables
Trust
Series
2024-N1,
Class
D,
6.30%,
5/10/2030(a)
500,000
509,746
Series
2025-P2,
Class
D,
5.99%,
6/10/2033
475,000
481,747
Hertz
Vehicle
Financing
III
LLC,
Series
2025-3A,
Class
C,
6.13%,
12/26/2029(a)
115,000
115,808
Huntington
Bank
Auto
Credit-
Linked
Notes
Series
2024-1,
Class
C,
6.82%,
5/20/2032(a)(b)
188,688
190,374
Series
2025-2,
Class
C,
6.02%,
9/20/2033(a)(b)
200,087
200,416
Lendbuzz
Securitization
Trust,
Series
2026-1A,
Class
D,
6.86%,
2/15/2033(a)
63,658
64,120
PenFed
Auto
Receivables
Owner
Trust,
Series
2025-A,
Class
D,
5.07%,
10/17/2033(a)
500,000
495,272
3,231,265
Equipment
Loans
&
Leases
1.0%
MetroNet
Infrastructure
Issuer
LLC,
Series
2025-4A,
Class
C,
7.11%,
12/20/2055(a)
350,000
347,214
OWN
Equipment
Fund
III
LLC,
Series
2025-2M,
Class
C,
8.77%,
3/27/2034(a)
482,487
488,869
836,083
Other
7.9%
Anchorage
Capital
CLO
15
Ltd.,
Series
2020-
15A,
Class
DR2,
7.09%,
7/20/2038(a)(b)
250,000
250,080
BHG
Securitization
Trust,
Series
2025-2CON,
Class
E,
7.76%,
9/17/2036(a)
400,000
399,874
DataBank
Issuer
II
LLC,
Series
2025-1A,
Class
B,
5.67%,
9/27/2055(a)
350,000
336,393
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
EDI
ABS
Issuer
LLC,
Series
2025-1A,
Class
B,
4.55%,
7/25/2055(a)
300,000
277,272
FF
Asset
Securitization
LLC,
Series
2025-1A,
Class
B,
7.22%,
12/17/2031(a)
100,000
99,446
Foundation
Finance
Trust,
Series
2025-2A,
Class
E,
8.35%,
4/15/2052(a)
350,000
344,747
Global
SC
Finance
X
Ltd.,
Series
2025-1H,
Class
A,
6.17%,
9/20/2045(a)
231,935
233,280
Kapitus
Asset
Securitization
V
LLC
Series
2025-1A,
Class
B,
5.95%,
4/10/2032(a)
500,000
498,771
Series
2025-1A,
Class
C,
7.40%,
4/10/2032(a)
350,000
348,448
OHA
Credit
Funding
21
Ltd.,
Series
2025-21A,
Class
D2,
7.70%,
10/20/2038(a)(b)
310,000
298,505
OnDeck
Asset
Securitization
Trust
IV
LLC,
Series
2023-1A,
Class
B,
8.25%,
8/19/2030(a)
350,000
350,795
Planet
Fitness
Master
Issuer
LLC,
Series
2022-1A,
Class
A2II,
4.01%,
12/5/2051(a)
96,000
89,573
QTS
Issuer
ABS
II
LLC,
Series
2025-1A,
Class
B,
5.78%,
10/5/2055(a)
160,000
154,760
RCO
VIII
Mortgage
LLC,
Series
2025-3,
Class
A2,
8.84%,
5/25/2030(a)(c)
395,000
395,759
RCO
X
Mortgage
LLC,
Series
2026-1,
Class
A1,
5.54%,
3/25/2031(a)(c)
150,000
149,535
SEB
Funding
LLC,
Series
2024-1A,
Class
A2,
7.39%,
4/30/2054(a)
350,000
356,219
Silver
Point
CLO
12
Ltd.,
Series
2025-12A,
Class
D1,
6.63%,
10/15/2038(a)(b)
250,000
240,540
Sunrun
Atlas
Issuer
LLC,
Series
2019-2,
Class
A,
3.61%,
2/1/2055(a)
512,101
494,025
Sunrun
Vulcan
Issuer
LLC,
Series
2021-1A,
Class
A,
2.46%,
1/30/2052(a)
415,398
382,507
Symetra
CLO
Ltd.,
Series
2025-1A,
Class
E,
9.42%,
4/20/2038(a)(b)
300,000
292,734
TMCL
VII
Holdings
Ltd.,
Series
2025-1H,
Class
A,
6.43%,
7/23/2050(a)
319,230
318,788
6,312,051
Total
Asset-Backed
Securities
(cost
$10,635,526)
10,576,591
50
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
High
Yield
Fund
Collateralized
Mortgage
Obligations
1.3%
Principal
Amount
($)
Value
($)
CAFL
Issuer
LLC,
Series
2026-R1,
Class
A2,
10.05%,
3/25/2036(a)(c)
500,000
493,209
NYMT
Loan
Trust,
Series
2024-BPL3,
Class
M1,
6.90%,
9/25/2039(a)(b)
230,000
230,569
PRPM
LLC,
Series
2025-
2,
Class
A2,
9.56%,
5/25/2030(a)(c)
350,000
348,963
Total
Collateralized
Mortgage
Obligations
(cost
$1,080,597)
1,072,741
Commercial
Mortgage-Backed
Securities
1.6%
BPR
Trust
Series
2021-NRD,
Class
C,
6.10%,
12/15/2038(a)(b)
35,000
34,750
Series
2021-NRD,
Class
D,
7.40%,
12/15/2038(a)(b)
20,000
19,839
BX
Trust,
Series
2025-
DELC,
Class
D,
6.27%,
12/15/2042(a)(b)
100,000
99,750
CSMC
OA
LLC,
Series
2014-
USA,
Class
E,
4.37%,
9/15/2037(a)
350,000
276,445
Extended
Stay
America
Trust,
Series
2026-ESH2,
Class
E,
6.57%,
2/15/2043(a)(b)
425,992
426,924
GS
Mortgage
Securities
Corp.
Trust,
Series
2013-PEMB,
Class
A,
3.55%,
3/5/2033(a)
(b)
400,000
310,040
GS
Mortgage
Securities
Trust,
Series
2011-GC5,
Class
C,
5.56%,
8/10/2044(a)(b)
15,237
14,857
WFRBS
Commercial
Mortgage
Trust,
Series
2013-C15,
Class
B,
4.15%,
8/15/2046(b)
86,133
83,722
Total
Commercial
Mortgage-Backed
Securities
(cost
$1,239,454)
1,266,327
Common
Stock
0.0%
†
Shares
Media
0.0%
†
Audacy,
Inc.
*^∞
936
0
Total
Common
Stock
(cost
$634,091)
0
Corporate
Bonds
73.5%
Principal
Amount
($)
Aerospace
&
Defense
1.2%
TransDigm,
Inc.
,
6.75%,
8/15/2028(a)
983,000
994,934
Corporate
Bonds
Principal
Amount
($)
Value
($)
Automobile
Components
2.8%
Allison
Transmission,
Inc.
,
4.75%,
10/1/2027(a)
640,000
636,033
American
Axle
&
Manufacturing,
Inc.
,
5.00%,
10/1/2029
343,000
327,203
Icahn
Enterprises
LP
,
5.25%,
5/15/2027
676,000
662,417
ZF
North
America
Capital,
Inc.
,
6.88%,
4/14/2028(a)
630,000
639,011
2,264,664
Automobiles
2.3%
Nissan
Motor
Acceptance
Co.
LLC
,
5.30%,
9/13/2027(a)
1,842,000
1,829,668
Chemicals
1.7%
Chemours
Co.
(The)
,
5.75%,
11/15/2028(a)
538,000
532,687
SK
Invictus
Intermediate
II
Sarl
,
5.00%,
10/30/2029(a)
854,000
832,965
1,365,652
Commercial
Services
&
Supplies
2.0%
GFL
Environmental,
Inc.
,
4.00%,
8/1/2028(a)
1,625,000
1,579,697
Construction
&
Engineering
0.5%
Arcosa,
Inc.
,
4.38%,
4/15/2029(a)
435,000
419,662
Consumer
Finance
0.9%
Navient
Corp.
,
6.75%,
6/15/2026
689,000
690,633
Consumer
Staples
Distribution
&
Retail
0.0%
†
Jitney-Jungle
Stores
of
America,
Inc.
,
10.38%,
9/15/2007^∞(d)
100,000
0
Diversified
Telecommunication
Services
1.2%
CCO
Holdings
LLC
,
5.13%,
5/1/2027(a)
666,000
665,247
Flash
Compute
LLC
,
7.25%,
12/31/2030(a)
282,000
283,915
949,162
Electric
Utilities
0.7%
NRG
Energy,
Inc.
,
5.25%,
6/15/2029(a)
550,000
544,532
Electrical
Equipment
0.8%
Sensata
Technologies
BV
,
4.00%,
4/15/2029(a)
689,000
664,857
Energy
Equipment
&
Services
1.3%
Oceaneering
International,
Inc.
,
6.00%,
2/1/2028
431,000
432,753
WBI
Operating
LLC
,
6.25%,
10/15/2030(a)
622,000
625,707
1,058,460
NVIT
Loomis
Short
Term
High
Yield
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
51
Corporate
Bonds
Principal
Amount
($)
Value
($)
Financial
Services
2.8%
Block,
Inc.
,
2.75%,
6/1/2026
488,000
485,775
Burford
Capital
Global
Finance
LLC
,
6.25%,
4/15/2028(a)
629,000
591,606
Freedom
Mortgage
Corp.
,
6.63%,
1/15/2027(a)
867,000
865,833
Midcap
Financial
Issuer
Trust
,
6.50%,
5/1/2028(a)
315,000
305,671
2,248,885
Food
Products
1.2%
Lamb
Weston
Holdings,
Inc.
,
4.88%,
5/15/2028(a)
1,005,000
993,206
Gas
Utilities
0.6%
AmeriGas
Partners
LP
,
5.75%,
5/20/2027
517,000
519,094
Health
Care
Equipment
&
Supplies
2.4%
Avantor
Funding,
Inc.
,
4.63%,
7/15/2028(a)
1,080,000
1,054,095
Hologic,
Inc.
,
4.63%,
2/1/2028(a)
914,000
912,629
1,966,724
Health
Care
Providers
&
Services
2.0%
Molina
Healthcare,
Inc.
,
4.38%,
6/15/2028(a)
1,630,000
1,576,150
Hotels,
Restaurants
&
Leisure
7.6%
1011778
BC
ULC
,
3.88%,
1/15/2028(a)
1,205,000
1,177,862
4.38%,
1/15/2028(a)
800,000
788,794
Genting
New
York
LLC
,
7.25%,
10/1/2029(a)
420,000
421,690
Hilton
Domestic
Operating
Co.,
Inc.
,
3.75%,
5/1/2029(a)
176,000
168,475
Hilton
Worldwide
Finance
LLC
,
4.88%,
4/1/2027
1,475,000
1,474,089
Kingpin
Intermediate
Holdings
LLC
,
7.25%,
10/15/2032(a)
435,000
384,355
Marriott
Ownership
Resorts,
Inc.
,
4.75%,
1/15/2028
645,000
634,856
Penn
Entertainment,
Inc.
,
6.75%,
4/1/2031(a)
241,000
234,064
Six
Flags
Entertainment
Corp.
,
6.50%,
10/1/2028
421,000
420,317
Travel
+
Leisure
Co.
,
6.63%,
7/31/2026(a)
410,000
410,348
6,114,850
Household
Durables
0.4%
Taylor
Morrison
Communities,
Inc.
,
5.75%,
1/15/2028(a)
344,000
344,889
Insurance
5.9%
Acrisure
LLC
,
4.25%,
2/15/2029(a)
530,000
500,235
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Alliant
Holdings
Intermediate
LLC
,
4.25%,
10/15/2027(a)
1,485,000
1,455,385
AmWINS
Group,
Inc.
,
6.38%,
2/15/2029(a)
620,000
623,590
APH
Somerset
Investor
2
LLC
,
7.88%,
11/1/2029(a)
524,000
473,838
Baldwin
Insurance
Group
Holdings
LLC
,
7.13%,
5/15/2031(a)
810,000
814,106
Howden
UK
Refinance
plc
,
8.13%,
2/15/2032(a)
255,000
238,922
Liberty
Mutual
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%),
4.13%,
12/15/2051(a)(e)
625,000
610,566
4,716,642
IT
Services
0.8%
Go
Daddy
Operating
Co.
LLC
,
5.25%,
12/1/2027(a)
620,000
617,473
Media
7.7%
DirecTV
Financing
LLC
,
5.88%,
8/15/2027(a)
839,000
838,116
DISH
DBS
Corp.
,
5.25%,
12/1/2026(a)
1,375,000
1,363,207
DISH
Network
Corp.
,
11.75%,
11/15/2027(a)
1,255,000
1,292,958
EchoStar
Corp.
,
10.75%,
11/30/2029
1,150,000
1,242,288
Neptune
Bidco
US,
Inc.
,
9.29%,
4/15/2029(a)
400,000
401,111
Paramount
Global
,
4.20%,
6/1/2029
416,000
397,245
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.00%),
6.38%,
3/30/2062(e)
870,000
635,100
6,170,025
Metals
&
Mining
2.3%
Commercial
Metals
Co.
,
4.13%,
1/15/2030
820,000
781,220
Fortescue
Treasury
Pty.
Ltd.
,
4.50%,
9/15/2027(a)
1,049,000
1,038,745
1,819,965
Oil,
Gas
&
Consumable
Fuels
9.5%
Chord
Energy
Corp.
,
6.00%,
10/1/2030(a)
385,000
390,109
Crescent
Energy
Finance
LLC
,
7.75%,
7/31/2029(a)
612,000
616,590
CVR
Energy,
Inc.
,
7.88%,
2/15/2034(a)
335,000
336,174
Expand
Energy
Corp.
,
7.00%,
10/1/2024(d)
200,000
20
52
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
High
Yield
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Hess
Midstream
Operations
LP
,
5.88%,
3/1/2028(a)
905,000
910,807
5.13%,
6/15/2028(a)
349,000
347,974
PBF
Holding
Co.
LLC
,
6.00%,
2/15/2028
320,000
318,545
SM
Energy
Co.
,
6.75%,
9/15/2026
625,000
625,409
5.00%,
10/15/2026(a)
1,250,000
1,247,962
Venture
Global
LNG,
Inc.
,
8.13%,
6/1/2028(a)
1,391,000
1,422,605
9.50%,
2/1/2029(a)
308,000
333,039
Venture
Global
Plaquemines
LNG
LLC
,
6.13%,
12/15/2030(a)
1,049,000
1,078,819
7,628,053
Passenger
Airlines
0.8%
United
Airlines
Holdings,
Inc.
,
4.88%,
3/1/2029
678,000
663,139
Pharmaceuticals
2.0%
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
4.75%,
5/9/2027
1,571,000
1,567,386
Professional
Services
1.5%
TriNet
Group,
Inc.
,
3.50%,
3/1/2029(a)
1,357,000
1,230,097
Semiconductors
&
Semiconductor
Equipment
1.3%
Entegris,
Inc.
,
4.38%,
4/15/2028(a)
1,070,000
1,052,394
Software
5.0%
Fair
Isaac
Corp.
,
4.00%,
6/15/2028(a)
1,325,000
1,285,813
6.25%,
9/15/2034(a)
280,000
275,389
GoTo
Group,
Inc.
,
5.50%,
5/1/2028(a)
245,000
191,644
Open
Text
Corp.
,
3.88%,
2/15/2028(a)
660,000
635,490
3.88%,
12/1/2029(a)
910,000
813,225
PTC,
Inc.
,
4.00%,
2/15/2028(a)
855,000
833,332
4,034,893
Specialized
REITs
1.1%
Iron
Mountain,
Inc.
,
4.88%,
9/15/2027(a)
850,000
848,359
Specialty
Retail
1.2%
Global
Auto
Holdings
Ltd.
,
8.38%,
1/15/2029(a)
290,000
264,924
Michaels
Cos.,
Inc.
(The)
,
8.50%,
3/15/2033(a)
60,000
58,410
PetSmart
LLC
,
7.50%,
9/15/2032(a)
660,000
663,214
986,548
Corporate
Bonds
Principal
Amount
($)
Value
($)
Trading
Companies
&
Distributors
2.0%
United
Rentals
North
America,
Inc.
,
4.88%,
1/15/2028
1,580,000
1,573,140
Total
Corporate
Bonds
(cost
$59,237,584)
59,033,833
Loan
Participations
6.7%
Broadline
Retail
0.7%
Evergreen
Acqco
1
LP,
First
Lien
Term
Loan,
(CME
Term
SOFR
3
Month
+
3.00%),
6.69%,
9/17/2032
(e)
213,583
213,673
StubHub
Holdco
Sub
LLC,
First
Lien
Term
Loan
B,
(CME
Term
SOFR
1
Month
+
4.75%),
8.42%,
3/15/2030
(e)
349,826
343,487
557,160
0
Building
Products
1.6%
Quikrete
Holdings,
Inc.,
First
Lien
Term
Loan
B3,
(CME
Term
SOFR
1
Month
+
2.25%),
5.92%,
2/10/2032
(e)
1,285,263
1,282,050
0
Chemicals
1.1%
Mativ
Holdings,
Inc.,
First
Lien
Term
Loan
B,
(CME
Term
SOFR
12
Month
+
4.25%),
7.72%,
3/28/2033
(e)
520,000
499,200
SCIL
IV
LLC,
First
Lien
Term
Loan
B2,
(CME
Term
SOFR
6
Month
+
4.00%),
7.79%,
11/8/2032
(e)
389,025
386,839
886,039
0
Consumer
Staples
Distribution
&
Retail
0.4%
Northeast
Grocery,
Inc.,
First
Lien
Term
Loan,
(CME
Term
SOFR
3
Month
+
7.50%),
11.15%,
12/5/2028
(e)
274,531
274,874
0
Financial
Services
0.9%
Azorra
SOAR
Finance
Ltd.,
First
Lien
Term
Loan,
(CME
Term
SOFR
3
Month
+
2.50%),
6.17%,
10/18/2029
(e)
713,195
712,896
0
Health
Care
Providers
&
Services
0.4%
US
Fertility
Enterprises
LLC,
First
Lien
Term
Loan,
(CME
Term
SOFR
3
Month
+
3.50%),
7.17%,
12/10/2032
(e)
303,947
302,808
0
NVIT
Loomis
Short
Term
High
Yield
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
53
Loan
Participations
Principal
Amount
($)
Value
($)
Hotels,
Restaurants
&
Leisure
0.5%
Entain
Holdings
(Gibraltar)
Ltd.,
First
Lien
Term
Loan
B,
(CME
Term
SOFR
3
Month
+
2.25%),
5.95%,
10/31/2029
(e)
427,837
427,370
0
Insurance
1.0%
Ardonagh
Group
Finco
Pty.
Ltd.,
First
Lien
Term
Loan
B,
(CME
Term
SOFR
6
Month
+
2.75%),
6.37%,
2/18/2031
(e)
854,636
833,808
0
Software
0.1%
Darktrace
Finco
US
LLC,
First
Lien
Term
Loan,
(CME
Term
SOFR
3
Month
+
3.25%),
6.90%,
10/9/2031
(e)
69,648
66,523
0
Total
Loan
Participations
(cost
$5,364,639)
5,343,528
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
$0)
0
Short-Term
Investment
0.4%
Principal
Amount
($)
U.S.
Treasury
Obligation
0.4%
U.S.
Treasury
Bills,
3.54%,
4/7/2026(f)
353,000
352,787
Total
Short-Term
Investment
(cost
$352,794)
352,787
Total
Investments
(cost
$78,544,685)
—
96.7%
77,645,807
Other
assets
in
excess
of
liabilities
—
3.3%
2,646,976
NET
ASSETS
—
100.0%
$
80,292,783
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$57,933,394
which
represents
72.15%
of
net
assets.
(b)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.  The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(c)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
March
31,
2026.
(d)
Security
in
default.
(e)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(f)
Security
or
a
portion
of
the
security
was
used
to
cover
the
margin
requirement
for
futures
contracts.
CLO
Collateralized
Loan
Obligations
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
54
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
High
Yield
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
29
6/2026
USD
6,015,914
(31,900)
Total
long
contracts
(31,900)
Short
Contracts
U.S.
Treasury
5
Year
Note
(69)
6/2026
USD
(7,464,398)
107,363
Total
short
contracts
107,363
Net
contracts
75,463
Currency:
USD
United
States
Dollar
NVIT
Loomis
Short
Term
High
Yield
Fund
-
March
31,
2026
(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.
56
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
High
Yield
Fund
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
10,576,591
$
–
$
10,576,591
Collateralized
Mortgage
Obligations
–
1,072,741
–
1,072,741
Commercial
Mortgage-Backed
Securities
–
1,266,327
–
1,266,327
Common
Stock
–
–
–
–
Corporate
Bonds
Aerospace
&
Defense
–
994,934
–
994,934
Automobile
Components
–
2,264,664
–
2,264,664
Automobiles
–
1,829,668
–
1,829,668
Chemicals
–
1,365,652
–
1,365,652
Commercial
Services
&
Supplies
–
1,579,697
–
1,579,697
Construction
&
Engineering
–
419,662
–
419,662
Consumer
Finance
–
690,633
–
690,633
Consumer
Staples
Distribution
&
Retail
–
–
–
–
Diversified
Telecommunication
Services
–
949,162
–
949,162
Electric
Utilities
–
544,532
–
544,532
Electrical
Equipment
–
664,857
–
664,857
Energy
Equipment
&
Services
–
1,058,460
–
1,058,460
Financial
Services
–
2,248,885
–
2,248,885
Food
Products
–
993,206
–
993,206
Gas
Utilities
–
519,094
–
519,094
Health
Care
Equipment
&
Supplies
–
1,966,724
–
1,966,724
Health
Care
Providers
&
Services
–
1,576,150
–
1,576,150
Hotels,
Restaurants
&
Leisure
–
6,114,850
–
6,114,850
Household
Durables
–
344,889
–
344,889
Insurance
–
4,716,642
–
4,716,642
IT
Services
–
617,473
–
617,473
Media
–
6,170,025
–
6,170,025
Metals
&
Mining
–
1,819,965
–
1,819,965
Oil,
Gas
&
Consumable
Fuels
–
7,628,052
–
7,628,052
Passenger
Airlines
–
663,139
–
663,139
Pharmaceuticals
–
1,567,386
–
1,567,386
Professional
Services
–
1,230,097
–
1,230,097
Semiconductors
&
Semiconductor
Equipment
–
1,052,394
–
1,052,394
Software
–
4,034,893
–
4,034,893
Specialized
REITs
–
848,360
–
848,360
Specialty
Retail
–
986,548
–
986,548
Trading
Companies
&
Distributors
–
1,573,140
–
1,573,140
Total
Corporate
Bonds
$
–
$
59,033,833
$
–
$
59,033,833
Futures
Contracts
107,363
–
–
107,363
Loan
Participations
–
5,343,528
–
5,343,528
Short-Term
Investment
–
352,787
–
352,787
Warrants
–
–
–
–
Total
Assets
$
107,363
$
77,645,807
$
–
$
77,753,170
Liabilities:
Futures
Contracts
$
(31,900)
$
–
$
–
$
(31,900)
Total
Liabilities
$
(31,900)
$
–
$
–
$
(31,900)
Total
$
75,463
$
77,645,807
$
–
$
77,721,270
As
of
March
31,
2026,
the
Fund
held
one
common
stock
investment,
one
corporate
bond
investment
and
two
warrants
investments
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
NVIT
Loomis
Short
Term
High
Yield
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
57
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Assets:
Fair
Value
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
$
107,363
Total
$
107,363
Liabilities:
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(31,900)
Total
$
(31,900)
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
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
Bond
Fund
Asset-Backed
Securities
22
.2
%
Principal
Amount
($)
Value
($)
Airlines
0
.2
%
British
Airways
Pass-Through
Trust,
Series
2021-1,
Class
B,
3.90%,
9/15/2031(a)
836,830
803,939
PK
Alift
Loan
Funding
7
LP,
Series
2025-2,
Class
A,
4.75%,
3/15/2043(a)
391,545
389,611
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A,
5.88%,
10/15/2027
976,819
993,137
Series
2019-2,
Class
B,
3.50%,
5/1/2028
65,487
63,987
Volofin
Finance
Designated
Activity
Co.,
Series
2024-
1A,
Class
A,
5.94%,
6/15/2037(a)
697,127
706,120
2,956,794
Automobiles
16
.1
%
Ally
Auto
Receivables
Trust
Series
2025-1,
Class
A3,
3.96%,
3/15/2030
1,335,000
1,333,579
Series
2026-1,
Class
A3,
3.92%,
10/15/2030
1,200,000
1,193,365
American
Credit
Acceptance
Receivables
Trust
Series
2023-3,
Class
C,
6.44%,
10/12/2029(a)
555,355
556,581
Series
2025-2,
Class
C,
5.11%,
4/14/2031(a)
1,030,000
1,036,783
Series
2026-1,
Class
C,
4.55%,
1/12/2033(a)
2,370,000
2,362,416
AmeriCredit
Automobile
Receivables
Trust
Series
2024-1,
Class
A3,
5.43%,
1/18/2029
2,464,397
2,479,137
Series
2023-2,
Class
B,
5.84%,
7/18/2029
5,365,000
5,441,809
Series
2026-1,
Class
A3,
4.15%,
11/18/2032(a)
4,710,000
4,695,106
ARI
Fleet
Lease
Trust,
Series
2024-A,
Class
A2,
5.30%,
11/15/2032(a)
218,394
219,420
AutoNation
Finance
Trust
Series
2025-1A,
Class
A2,
4.72%,
4/10/2028(a)
685,130
686,026
Series
2026-1A,
Class
A3,
4.03%,
8/12/2030(a)
1,145,000
1,141,041
Avis
Budget
Rental
Car
Funding
AESOP
LLC
Series
2023-3A,
Class
A,
5.44%,
2/22/2028(a)
3,920,000
3,948,000
Series
2025-1A,
Class
A,
4.80%,
8/20/2029(a)
295,000
297,044
Series
2026-1A,
Class
A,
4.28%,
8/20/2030(a)
780,000
773,250
BMW
Vehicle
Lease
Trust
Series
2025-1,
Class
A3,
4.43%,
6/26/2028
1,115,000
1,118,687
Series
2025-2,
Class
A3,
3.97%,
9/25/2028
3,945,000
3,939,674
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
BMW
Vehicle
Owner
Trust,
Series
2023-A,
Class
A3,
5.47%,
2/25/2028
348,325
350,094
BofA
Auto
Trust,
Series
2025-1A,
Class
A3,
4.35%,
11/20/2029(a)
1,000,000
1,002,852
Bridgecrest
Lending
Auto
Securitization
Trust
Series
2024-3,
Class
B,
5.37%,
10/16/2028
635,000
636,792
Series
2025-2,
Class
A3,
4.78%,
12/15/2028
1,365,000
1,368,741
Series
2025-3,
Class
A3,
4.66%,
1/15/2029
905,000
907,384
Series
2026-1,
Class
A3,
4.04%,
12/17/2029
1,220,000
1,219,156
Capital
One
Prime
Auto
Receivables
Trust
Series
2024-1,
Class
A2A,
4.61%,
10/15/2027
75,642
75,671
Series
2023-2,
Class
A3,
5.82%,
6/15/2028
1,761,451
1,777,519
CarMax
Auto
Owner
Trust
Series
2023-2,
Class
A3,
5.05%,
1/18/2028
1,741,375
1,745,756
Series
2025-2,
Class
A2A,
4.59%,
7/17/2028
1,115,254
1,117,275
Series
2024-4,
Class
A3,
4.60%,
10/15/2029
925,000
929,854
CarMax
Select
Receivables
Trust,
Series
2025-A,
Class
A3,
4.77%,
9/17/2029
2,975,000
2,994,569
Carvana
Auto
Receivables
Trust
Series
2024-P2,
Class
A3,
5.33%,
7/10/2029
1,166,583
1,174,250
Series
2024-P4,
Class
A3,
4.64%,
1/10/2030
949,020
951,811
Series
2025-P2,
Class
A3,
4.55%,
8/12/2030
1,710,000
1,716,344
Series
2025-P3,
Class
A3,
4.04%,
11/11/2030
1,370,000
1,365,826
Chase
Auto
Owner
Trust
Series
2024-3A,
Class
A3,
5.22%,
7/25/2029(a)
2,748,334
2,771,571
Series
2024-5A,
Class
A3,
4.18%,
8/27/2029(a)
1,760,000
1,760,604
Chesapeake
Funding
II
LLC
Series
2023-1A,
Class
A1,
5.65%,
5/15/2035(a)
1,348,498
1,350,438
Series
2024-1A,
Class
A1,
5.52%,
5/15/2036(a)
451,341
455,845
Citizens
Auto
Receivables
Trust
Series
2024-1,
Class
A3,
5.11%,
4/17/2028(a)
605,230
607,599
Series
2024-2,
Class
A3,
5.33%,
8/15/2028(a)
1,402,331
1,408,129
NVIT
Loomis
Short
Term
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
59
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Credit
Acceptance
Auto
Loan
Trust
Series
2023-2A,
Class
B,
6.61%,
7/15/2033(a)
6,143,036
6,161,942
Series
2023-3A,
Class
C,
7.62%,
12/15/2033(a)
555,000
568,412
Series
2025-1A,
Class
A,
5.02%,
3/15/2035(a)
630,000
634,648
Drive
Auto
Receivables
Trust,
Series
2024-2,
Class
B,
4.52%,
7/16/2029
1,670,000
1,673,231
Enterprise
Fleet
Financing
LLC
Series
2025-1,
Class
A2,
4.65%,
10/20/2027(a)
536,433
537,919
Series
2025-3,
Class
A2,
4.50%,
4/20/2028(a)
1,255,000
1,257,967
Series
2024-2,
Class
A3,
5.61%,
4/20/2028(a)
1,665,000
1,683,962
Series
2024-1,
Class
A2,
5.23%,
3/20/2030(a)
816,296
820,292
Series
2023-2,
Class
A2,
5.56%,
4/22/2030(a)
515,941
517,916
Exeter
Automobile
Receivables
Trust
Series
2025-2A,
Class
A3,
4.74%,
1/16/2029
2,138,758
2,141,769
Series
2025-4A,
Class
A3,
4.39%,
9/17/2029
360,000
360,482
Series
2026-2A,
Class
A3,
4.45%,
5/15/2030
1,090,000
1,091,232
Series
2024-4A,
Class
C,
5.48%,
8/15/2030
555,000
561,072
Exeter
Select
Automobile
Receivables
Trust,
Series
2025-1,
Class
A2,
4.83%,
10/16/2028
240,851
241,272
Fifth
Third
Auto
Trust,
Series
2023-1,
Class
A3,
5.53%,
8/15/2028
1,695,568
1,707,061
First
Investors
Auto
Owner
Trust,
Series
2025-
1A,
Class
C,
4.75%,
12/15/2031(a)
1,345,000
1,346,274
Flagship
Credit
Auto
Trust,
Series
2023-2,
Class
C,
5.81%,
5/15/2029(a)
5,315,000
5,341,062
Ford
Credit
Auto
Lease
Trust
Series
2025-A,
Class
A3,
4.72%,
6/15/2028
1,735,000
1,743,017
Series
2026-A,
Class
A3,
4.00%,
7/15/2029
1,335,000
1,331,114
Ford
Credit
Auto
Owner
Trust,
Series
2023-B,
Class
A3,
5.23%,
5/15/2028
1,032,292
1,036,864
GECU
Auto
Receivables
Trust,
Series
2023-
1A,
Class
A3,
5.63%,
8/15/2028(a)
997,539
1,000,597
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
GLS
Auto
Receivables
Issuer
Trust
Series
2024-3A,
Class
B,
5.08%,
1/16/2029(a)
1,635,000
1,641,155
Series
2026-1A,
Class
A3,
3.97%,
11/15/2029(a)
680,000
677,546
Series
2025-2A,
Class
C,
5.11%,
1/15/2031(a)
610,000
614,686
GLS
Auto
Select
Receivables
Issuer
Trust,
Series
2025-
4A,
Class
A2,
4.17%,
2/18/2031(a)
1,104,804
1,102,094
GLS
Auto
Select
Receivables
Trust
Series
2023-2A,
Class
A2,
6.37%,
6/15/2028(a)
145,061
145,305
Series
2024-3A,
Class
A2,
5.59%,
10/15/2029(a)
1,222,106
1,232,346
Series
2024-4A,
Class
A2,
4.43%,
12/17/2029(a)
653,200
654,479
Series
2025-1A,
Class
A2,
4.71%,
4/15/2030(a)
1,201,257
1,205,831
Series
2024-2A,
Class
A2,
5.58%,
6/17/2030(a)
344,150
347,010
Series
2025-3A,
Class
A2,
4.46%,
10/15/2030(a)
723,662
724,323
GM
Financial
Automobile
Leasing
Trust
Series
2024-3,
Class
A3,
4.21%,
10/20/2027
1,506,561
1,507,062
Series
2025-1,
Class
A3,
4.66%,
2/21/2028
2,315,000
2,324,588
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2023-2,
Class
A3,
4.47%,
2/16/2028
450,851
451,228
Series
2023-4,
Class
A3,
5.78%,
8/16/2028
1,312,631
1,323,845
Series
2026-1,
Class
A2A,
3.77%,
3/16/2029
735,000
733,352
Harley-Davidson
Motorcycle
Trust
Series
2023-B,
Class
A3,
5.69%,
8/15/2028
877,310
883,654
Series
2024-A,
Class
A3,
5.37%,
3/15/2029
2,393,988
2,416,851
Series
2023-B,
Class
A4,
5.78%,
4/15/2031
1,460,000
1,481,016
Hertz
Vehicle
Financing
III
LLC
Series
2023-3A,
Class
A,
5.94%,
2/25/2028(a)
2,490,000
2,515,722
Series
2024-1A,
Class
A,
5.44%,
1/25/2029(a)
1,540,000
1,561,557
Hertz
Vehicle
Financing
LLC,
Series
2022-2A,
Class
A,
2.33%,
6/26/2028(a)
1,565,000
1,529,898
60
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Honda
Auto
Receivables
Owner
Trust
Series
2023-2,
Class
A3,
4.93%,
11/15/2027
789,969
791,920
Series
2023-3,
Class
A3,
5.41%,
2/18/2028
1,396,137
1,403,296
Series
2023-4,
Class
A3,
5.67%,
6/21/2028
539,918
544,611
Huntington
Auto
Trust,
Series
2024-1A,
Class
A3,
5.23%,
1/16/2029(a)
1,462,047
1,472,422
Hyundai
Auto
Lease
Securitization
Trust,
Series
2026-A,
Class
A2A,
3.85%,
5/15/2028(a)
1,815,000
1,811,617
Hyundai
Auto
Receivables
Trust
Series
2023-C,
Class
A3,
5.54%,
10/16/2028
835,676
841,837
Series
2025-B,
Class
A3,
4.36%,
12/17/2029
1,430,000
1,435,395
LAD
Auto
Receivables
Trust
Series
2024-1A,
Class
A3,
5.23%,
1/18/2028(a)
43,461
43,476
Series
2024-2A,
Class
A3,
5.61%,
8/15/2028(a)
759,153
761,998
Series
2023-4A,
Class
B,
6.39%,
10/16/2028(a)
760,000
768,500
Series
2024-3A,
Class
A3,
4.52%,
3/15/2029(a)
1,026,856
1,028,969
Series
2025-1A,
Class
A3,
4.69%,
7/16/2029(a)
1,850,000
1,856,661
M&T
Bank
Auto
Receivables
Trust,
Series
2025-
1A,
Class
A3,
4.73%,
6/17/2030(a)
1,250,000
1,259,343
Merchants
Fleet
Funding
LLC,
Series
2023-1A,
Class
A,
7.21%,
5/20/2036(a)
1,143,587
1,146,007
NextGear
Floorplan
Master
Owner
Trust
Series
2024-1A,
Class
A2,
5.12%,
3/15/2029(a)
1,915,000
1,931,562
Series
2025-2A,
Class
A2,
4.23%,
10/15/2030(a)
1,855,000
1,846,398
Series
2026-1A,
Class
A2,
4.07%,
2/18/2031(a)
1,360,000
1,346,811
Nissan
Auto
Receivables
Owner
Trust,
Series
2023-B,
Class
A3,
5.93%,
3/15/2028
477,046
479,882
Octane
Receivables
Trust
Series
2025-1A,
Class
A2,
4.25%,
2/20/2031(a)
1,730,000
1,727,576
Series
2024-2A,
Class
A2,
5.80%,
7/20/2032(a)
1,273,585
1,282,976
PenFed
Auto
Receivables
Owner
Trust,
Series
2024-A,
Class
A3,
4.70%,
6/15/2029(a)
1,326,176
1,329,856
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Prestige
Auto
Receivables
Trust
Series
2025-1A,
Class
A2,
4.87%,
12/15/2027(a)
653,756
654,049
Series
2023-1A,
Class
C,
5.65%,
2/15/2028(a)
1,200,805
1,201,390
Santander
Drive
Auto
Receivables
Trust
Series
2023-4,
Class
B,
5.77%,
12/15/2028
2,416,153
2,432,105
Series
2024-3,
Class
A3,
5.63%,
1/16/2029
946,368
948,926
Series
2023-5,
Class
B,
6.16%,
12/17/2029
3,950,000
3,986,441
Series
2025-4,
Class
A3,
4.17%,
4/15/2030
1,110,000
1,110,198
Series
2023-3,
Class
C,
5.77%,
11/15/2030
1,155,000
1,171,672
SBNA
Auto
Lease
Trust
Series
2024-B,
Class
A3,
5.56%,
11/22/2027(a)
919,014
921,868
Series
2024-C,
Class
A3,
4.56%,
2/22/2028(a)
576,163
576,797
SBNA
Auto
Receivables
Trust,
Series
2024-A,
Class
A3,
5.32%,
12/15/2028(a)
169,660
170,061
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A,
Class
A3,
5.47%,
10/20/2028(a)
1,630,489
1,637,681
Series
2024-3A,
Class
A3,
4.55%,
6/20/2030(a)
1,195,000
1,199,388
Series
2025-1A,
Class
A3,
4.75%,
7/22/2030(a)
1,150,000
1,157,458
Series
2025-2A,
Class
A3,
4.44%,
12/20/2030(a)
1,980,000
1,989,048
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series
2025-BA,
Class
A3,
4.27%,
1/22/2029(a)
3,585,000
3,590,956
Series
2025-CA,
Class
A3,
4.11%,
4/20/2029(a)
3,315,000
3,300,845
Toyota
Auto
Receivables
Owner
Trust
Series
2023-B,
Class
A3,
4.71%,
2/15/2028
1,186,343
1,189,745
Series
2023-C,
Class
A3,
5.16%,
4/17/2028
609,898
612,664
Series
2024-D,
Class
A3,
4.40%,
6/15/2029
1,250,000
1,254,558
Toyota
Lease
Owner
Trust
Series
2024-B,
Class
A3,
4.21%,
9/20/2027(a)
3,094,406
3,095,677
Series
2025-B,
Class
A3,
3.96%,
11/20/2028(a)
2,550,000
2,537,768
USB
Auto
Owner
Trust,
Series
2025-1A,
Class
A3,
4.49%,
6/17/2030(a)
580,000
582,385
NVIT
Loomis
Short
Term
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
61
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Veros
Auto
Receivables
Trust,
Series
2026-1,
Class
A,
4.53%,
8/15/2028(a)
750,054
749,875
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1,
Class
A2A,
4.65%,
11/22/2027
955,124
956,779
Series
2023-1,
Class
A3,
5.02%,
6/20/2028
824,518
827,716
VStrong
Auto
Receivables
Trust,
Series
2024-A,
Class
B,
5.77%,
7/15/2030(a)
355,000
359,107
Westlake
Automobile
Receivables
Trust
Series
2024-2A,
Class
A3,
5.56%,
2/15/2028(a)
1,236,109
1,238,592
Series
2024-3A,
Class
A3,
4.71%,
4/17/2028(a)
2,115,000
2,119,962
Series
2025-1A,
Class
A3,
4.75%,
8/15/2028(a)
540,000
542,206
Series
2023-3A,
Class
C,
6.02%,
9/15/2028(a)
4,815,000
4,842,041
Series
2025-2A,
Class
A3,
4.51%,
5/15/2029(a)
455,000
456,311
Series
2025-3A,
Class
A3,
4.22%,
6/15/2029(a)
1,595,000
1,594,841
Wheels
Fleet
Lease
Funding
1
LLC
Series
2023-1A,
Class
A,
5.80%,
4/18/2038(a)
1,229,268
1,234,773
Series
2024-1A,
Class
A1,
5.49%,
2/18/2039(a)
1,192,840
1,203,241
Series
2024-2A,
Class
A1,
4.87%,
6/21/2039(a)
1,168,680
1,176,913
World
Omni
Auto
Receivables
Trust
Series
2023-B,
Class
A3,
4.66%,
5/15/2028
789,448
790,793
Series
2025-C,
Class
A2A,
4.19%,
10/16/2028
1,210,179
1,210,529
Series
2023-D,
Class
A3,
5.79%,
2/15/2029
755,139
762,340
Series
2024-C,
Class
A3,
4.43%,
12/17/2029
2,230,000
2,235,753
World
Omni
Select
Auto
Trust,
Series
2024-A,
Class
A3,
4.98%,
2/15/2030
942,866
945,782
199,421,998
Consumer
Finance
0
.1
%
First
Investors
Auto
Owner
Trust,
Series
2026-
1A,
Class
A3,
4.50%,
5/15/2031(a)
1,705,000
1,704,913
Credit
Card
1
.3
%
Citibank
Credit
Card
Issuance
Trust,
Series
2025-A1,
Class
A,
4.30%,
6/21/2030
5,290,000
5,305,625
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Credit
Card
Mercury
Financial
Credit
Card
Master
Trust,
Series
2024-2A,
Class
A,
6.56%,
7/20/2029(a)
1,470,000
1,472,406
Mission
Lane
Credit
Card
Master
Trust,
Series
2024-B,
Class
A,
5.88%,
1/15/2030(a)
1,355,000
1,357,199
Synchrony
Card
Funding
LLC,
Series
2023-A1,
Class
A,
5.54%,
7/15/2029
1,055,000
1,059,156
World
Financial
Network
Credit
Card
Master
Trust
Series
2023-A,
Class
A,
5.02%,
3/15/2030
5,960,000
5,966,533
Series
2024-A,
Class
A,
5.47%,
2/15/2031
1,290,000
1,307,263
16,468,182
Equipment
Loans
&
Leases
1
.4
%
Auxilior
Term
Funding
LLC,
Series
2023-1A,
Class
A2,
6.18%,
12/15/2028(a)
97,080
97,290
Crockett
Partners
Equipment
Co.
IIA
LLC,
Series
2024-
1C,
Class
A,
6.05%,
1/20/2031(a)
1,989,848
2,013,143
Dell
Equipment
Finance
Trust,
Series
2023-3,
Class
A3,
5.93%,
4/23/2029(a)
1,239,491
1,243,185
DLLMT
LLC,
Series
2023-
1A,
Class
A3,
5.34%,
3/22/2027(a)
1,537,436
1,540,807
GreatAmerica
Leasing
Receivables
Funding
LLC,
Series
2023-1,
Class
A3,
5.15%,
7/15/2027(a)
3,103,641
3,115,352
HPEFS
Equipment
Trust,
Series
2025-2A,
Class
A2,
4.07%,
11/22/2032(a)
2,580,000
2,580,087
Kubota
Credit
Owner
Trust,
Series
2025-2A,
Class
A2,
4.48%,
4/17/2028(a)
665,000
667,365
M&T
Equipment
Notes,
Series
2023-1A,
Class
A3,
5.74%,
7/15/2030(a)
745,837
748,702
OWN
Equipment
Fund
I
LLC,
Series
2024-2M,
Class
A,
5.70%,
12/20/2032(a)
1,036,775
1,043,005
Post
Road
Equipment
Finance
LLC,
Series
2024-1A,
Class
A2,
5.59%,
11/15/2029(a)
126,867
127,168
SCF
Equipment
Leasing
LLC
Series
2024-1A,
Class
A2,
5.88%,
11/20/2029(a)
216,627
217,190
Series
2025-1A,
Class
A2,
4.82%,
7/22/2030(a)
369,326
370,147
Series
2025-2A,
Class
A2,
4.26%,
12/22/2031(a)
2,930,000
2,934,617
16,698,058
62
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
3
.1
%
ACHV
ABS
TRUST
Series
2024-1PL,
Class
A,
5.90%,
4/25/2031(a)
78,932
79,175
Series
2024-2PL,
Class
A,
5.07%,
10/27/2031(a)
208,933
209,645
BHG
Securitization
Trust
Series
2024-1CON,
Class
A,
5.81%,
4/17/2035(a)
334,587
340,177
Series
2025-2CON,
Class
A,
4.84%,
9/17/2036(a)
733,352
737,304
Series
2023-B,
Class
A,
6.92%,
12/17/2036(a)
721,540
749,592
Bluepeak
ABS
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.86%,
12/20/2055(a)
2,935,000
2,970,156
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2025-
1A,
Class
A2,
5.91%,
2/20/2050(a)
1,340,000
1,345,338
GreenSky
Home
Improvement
Issuer
Trust,
Series
2024-2,
Class
A2,
5.25%,
10/27/2059(a)
271,479
271,794
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
A,
5.72%,
1/25/2038(a)
544,607
552,007
Series
2024-1B,
Class
A,
5.75%,
9/15/2039(a)
655,486
665,888
Series
2025-3EXT,
Class
A,
4.56%,
10/25/2044(a)
1,381,093
1,369,396
Invesco
CLO
Ltd.,
Series
2021-1A,
Class
A1,
4.93%,
4/15/2034(a)(b)
1,350,000
1,348,595
MVW
LLC,
Series
2024-
1A,
Class
A,
5.32%,
2/20/2043(a)
574,255
579,799
New
Economy
Assets
Phase
1
Sponsor
LLC,
Series
2021-1,
Class
A1,
1.91%,
10/20/2061(a)
2,350,000
1,972,544
Reach
Abs
Trust,
Series
2026-1A,
Class
A,
4.32%,
2/15/2033(a)
815,567
815,666
Reach
ABS
Trust,
Series
2024-2A,
Class
A,
5.88%,
7/15/2031(a)
182,936
183,308
Regional
Management
Issuance
Trust,
Series
2024-1,
Class
A,
5.83%,
7/15/2036(a)
1,225,000
1,241,965
Republic
Finance
Issuance
Trust,
Series
2024-A,
Class
A,
5.91%,
8/20/2032(a)
960,000
963,590
SEB
Funding
LLC,
Series
2026-1A,
Class
A2,
6.67%,
1/30/2056(a)
2,765,000
2,737,162
Shentel
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.64%,
12/20/2055(a)
2,105,000
2,120,926
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Sierra
Timeshare
Receivables
Funding
LLC,
Series
2024-2A,
Class
A,
5.14%,
6/20/2041(a)
1,271,980
1,281,171
SoFi
Consumer
Loan
Program
Trust
Series
2025-1,
Class
A,
4.80%,
2/27/2034(a)
598,679
599,934
Series
2025-2,
Class
A,
4.82%,
6/25/2034(a)
690,516
692,761
Stream
Innovations
Issuer
Trust,
Series
2024-
1A,
Class
A,
6.27%,
7/15/2044(a)
224,610
231,208
Trafigura
Securitisation
Finance
plc,
Series
2024-
1A,
Class
A2,
5.98%,
11/15/2027(a)
2,675,000
2,679,645
Tricon
American
Homes
Trust,
Series
2020-SFR2,
Class
C,
2.03%,
11/17/2039(a)
1,000,000
952,688
Tricon
Residential
Trust,
Series
2022-SFR1,
Class
D,
4.75%,
4/17/2039(a)
2,250,000
2,233,873
Verizon
Master
Trust
Series
2024-4,
Class
A1A,
5.21%,
6/20/2029
5,866,000
5,882,388
Series
2025-7,
Class
A1A,
3.96%,
8/20/2031
2,025,000
2,015,817
37,823,512
Total
Asset-Backed
Securities
(cost
$274,272,797)
275,073,457
Collateralized
Mortgage
Obligations
0
.0
%
†
GSAA
Trust,
Series
2004-
NC1,
Class
AF6,
5.26%,
11/25/2033(c)
589
582
Towd
Point
Mortgage
Trust,
Series
2018-3,
Class
A1,
3.75%,
5/25/2058(a)(b)
190,596
186,949
Total
Collateralized
Mortgage
Obligations
(cost
$194,711)
187,531
Commercial
Mortgage-Backed
Securities
2
.5
%
ALA
Trust,
Series
2025-
OANA,
Class
A,
5.42%,
6/15/2040(a)(b)
795,000
796,987
BANK5
Series
2023-5YR3,
Class
A3,
6.72%,
9/15/2056(b)
1,520,000
1,589,110
Series
2023-5YR4,
Class
A3,
6.50%,
12/15/2056
562,649
584,320
BBCMS
Mortgage
Trust,
Series
2024-5C25,
Class
A3,
5.95%,
3/15/2057
1,485,000
1,533,837
NVIT
Loomis
Short
Term
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
63
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
Benchmark
Mortgage
Trust,
Series
2023-V2,
Class
A3,
5.81%,
5/15/2055(b)
2,590,000
2,645,522
BFLD
Commercial
Mortgage
Trust,
Series
2025-
660F,
Class
A,
5.17%,
11/15/2042(a)(b)
1,370,000
1,368,291
BX
Trust
Series
2024-VLT4,
Class
A,
5.16%,
6/15/2041(a)(b)
1,665,000
1,654,594
Series
2025-DELC,
Class
A,
5.22%,
12/15/2042(a)(b)
710,000
710,597
Series
2025-VLT7,
Class
A,
5.37%,
7/15/2044(a)(b)
2,870,000
2,857,444
COMM
Mortgage
Trust,
Series
2024-CBM,
Class
A2,
5.87%,
12/10/2041(a)(b)
210,000
210,586
CSMC
OA
LLC
Series
2014-USA,
Class
A1,
3.30%,
9/15/2037(a)
366,176
335,288
Series
2014-USA,
Class
A2,
3.95%,
9/15/2037(a)
1,545,000
1,414,667
DC
Commercial
Mortgage
Trust,
Series
2023-
DC,
Class
A,
6.31%,
9/12/2040(a)
1,190,000
1,212,896
Extended
Stay
America
Trust
Series
2025-ESH,
Class
A,
4.97%,
10/15/2042(a)(b)
440,000
440,000
Series
2026-ESH2,
Class
A,
4.87%,
2/15/2043(a)(b)
1,654,434
1,654,434
FHLMC
Multifamily
Structured
Pass-Through
Certificates
REMICS,
Series
K531,
Class
AS,
4.20%,
9/25/2029(b)
7,499,862
7,480,441
GS
Mortgage
Securities
Corp.
Trust
Series
2013-PEMB,
Class
A,
3.55%,
3/5/2033(a)(b)
380,000
294,538
Series
2012-BWTR,
Class
A,
2.95%,
11/5/2034(a)
957,729
837,345
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2025-BMS,
Class
A,
5.27%,
1/15/2042(a)(b)
1,660,000
1,655,850
SCOTT
Trust,
Series
2023-
SFS,
Class
A,
5.91%,
3/10/2040(a)
115,000
117,066
TCO
Commercial
Mortgage
Trust,
Series
2024-
DPM,
Class
A,
4.92%,
12/15/2039(a)(b)
1,055,000
1,053,352
Total
Commercial
Mortgage-Backed
Securities
(cost
$30,123,545)
30,447,165
Corporate
Bonds
58
.8
%
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
0
.7
%
Boeing
Co.
(The)
,
6.30%,
5/1/2029(d)
1,970,000
2,068,176
Honeywell
Aerospace,
Inc.
,
4.30%,
3/16/2031(a)
3,180,000
3,145,607
Lockheed
Martin
Corp.
,
4.15%,
8/15/2028
2,880,000
2,882,105
8,095,888
Automobile
Components
0
.1
%
ZF
North
America
Capital,
Inc.
,
7.50%,
3/24/2031(a)(d)
1,865,000
1,832,018
Automobiles
1
.9
%
Honda
Motor
Co.
Ltd.
,
4.44%,
7/8/2028
2,838,000
2,831,475
Hyundai
Capital
America
,
4.88%,
11/1/2027(a)
895,000
898,711
4.25%,
9/18/2028(a)(d)
375,000
371,598
4.75%,
4/6/2029(a)
2,975,000
2,975,463
5.15%,
3/27/2030(a)(d)
1,915,000
1,935,440
Mercedes-Benz
Finance
North
America
LLC
,
4.65%,
4/1/2027(a)(d)
3,630,000
3,647,123
4.25%,
3/10/2029(a)
5,909,000
5,866,334
Nissan
Motor
Acceptance
Co.
LLC
,
5.30%,
9/13/2027(a)(d)
1,333,000
1,324,076
5.63%,
9/29/2028(a)(d)
1,750,000
1,717,359
Stellantis
Finance
US,
Inc.
,
5.75%,
3/18/2030(a)(d)
2,289,000
2,276,548
23,844,127
Banks
13
.0
%
ABN
AMRO
Bank
NV
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.65%),
6.34%,
9/18/2027(a)(d)(e)
1,800,000
1,815,306
ANZ
New
Zealand
International
Ltd.
,
4.00%,
1/22/2029(a)
4,082,000
4,047,828
ASB
Bank
Ltd.
,
5.35%,
6/15/2026(a)
4,110,000
4,118,060
Banco
Bilbao
Vizcaya
Argentaria
SA
,
4.15%,
3/3/2029
3,200,000
3,162,732
Bank
of
Montreal
,
(United
States
SOFR
Compounded
Index
+
0.67%),
5.00%,
1/27/2029(e)
1,160,000
1,170,403
Banque
Federative
du
Credit
Mutuel
SA
,
5.19%,
2/16/2028(a)(d)
2,115,000
2,142,878
4.59%,
10/16/2028(a)
1,825,000
1,826,064
Barclays
plc
,
(SOFR
+
1.08%),
4.48%,
11/11/2029(e)
2,624,000
2,609,606
(SOFR
+
1.14%),
4.52%,
2/24/2032(e)
4,502,000
4,403,377
64
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
BNP
Paribas
SA
,
(SOFR
+
1.45%),
4.79%,
5/9/2029(a)(d)(e)
3,420,000
3,432,158
(SOFR
+
1.28%),
5.28%,
11/19/2030(a)(d)(e)
645,000
654,820
CaixaBank
SA
,
(SOFR
+
1.14%),
4.63%,
7/3/2029(a)(d)(e)
4,365,000
4,372,203
Canadian
Imperial
Bank
of
Commerce
,
5.24%,
6/28/2027(d)
2,335,000
2,360,620
(SOFR
+
1.03%),
4.86%,
3/30/2029(e)
3,105,000
3,129,840
(United
States
SOFR
Compounded
Index
+
0.79%),
4.28%,
1/29/2030(e)
469,000
465,839
Citibank
NA
,
(SOFR
+
0.71%),
4.88%,
11/19/2027(e)
810,000
812,627
Citigroup,
Inc.
,
(SOFR
+
1.14%),
4.64%,
5/7/2028(e)
4,085,000
4,091,758
Credit
Agricole
SA
,
(SOFR
+
1.13%),
5.23%,
1/9/2029(a)(d)(e)
1,091,000
1,102,939
(SOFR
+
1.17%),
4.66%,
1/12/2032(a)(e)
2,694,000
2,656,959
Danske
Bank
A/S
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.98%),
5.00%,
3/27/2032(a)(e)
3,228,000
3,236,030
Depository
Trust
Co.
(The)
,
4.30%,
3/27/2029(a)
2,789,000
2,791,099
DNB
Bank
ASA
,
(SOFR
+
1.13%),
4.83%,
3/30/2032(a)(e)
4,096,000
4,086,240
Fifth
Third
Bank
NA
,
(SOFR
+
0.81%),
4.97%,
1/28/2028(e)
1,830,000
1,836,678
HSBC
Holdings
plc
,
(SOFR
+
1.04%),
5.13%,
11/19/2028(e)
4,440,000
4,472,368
(SOFR
+
1.21%),
4.68%,
3/10/2032(e)
4,650,000
4,588,378
Huntington
Bancshares,
Inc.
,
(SOFR
+
2.02%),
6.21%,
8/21/2029(d)(e)
2,115,000
2,194,141
Huntington
National
Bank
(The)
,
(SOFR
+
0.72%),
4.87%,
4/12/2028(d)(e)
2,980,000
2,990,073
ING
Groep
NV
,
Series
VAR,
(United
States
SOFR
Compounded
Index
+
1.26%),
4.80%,
3/23/2032(e)
6,260,000
6,222,520
JPMorgan
Chase
&
Co.
,
(SOFR
+
0.86%),
4.51%,
10/22/2028(e)
2,915,000
2,914,383
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
JPMorgan
Chase
&
Co.,
(SOFR
+
0.93%),
4.26%,
10/22/2031(d)(e)
2,883,000
2,837,968
Lloyds
Banking
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.60%),
4.24%,
2/10/2030(e)
2,450,000
2,423,611
National
Australia
Bank
Ltd.
,
3.85%,
12/13/2028
6,365,000
6,316,848
National
Bank
of
Canada
,
(SOFR
+
1.04%),
5.60%,
7/2/2027(d)(e)
2,880,000
2,888,479
NatWest
Markets
plc
,
4.79%,
3/21/2028(a)
2,190,000
2,204,701
4.65%,
3/27/2029(a)
4,434,000
4,445,807
Norinchukin
Bank
(The)
,
4.68%,
3/10/2031(a)(d)
2,935,000
2,901,480
PNC
Bank
NA
,
(SOFR
+
0.73%),
4.43%,
7/21/2028(e)
5,085,000
5,083,058
Royal
Bank
of
Canada
,
(United
States
SOFR
Compounded
Index
+
0.86%),
4.52%,
10/18/2028(e)
2,905,000
2,908,222
(SOFR
+
0.89%),
4.50%,
8/6/2029(e)
3,100,000
3,099,995
Santander
UK
Group
Holdings
plc
,
(United
States
SOFR
Compounded
Index
+
1.58%),
5.14%,
9/22/2036(d)(e)
885,000
854,613
Societe
Generale
SA
,
5.25%,
2/19/2027(a)
5,075,000
5,106,524
Standard
Chartered
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.77%),
4.30%,
1/13/2030(a)(d)(e)
2,120,000
2,097,618
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.95%),
4.53%,
6/5/2032(a)(e)
2,310,000
2,255,484
Svenska
Handelsbanken
AB
,
4.38%,
5/23/2028(a)
4,235,000
4,247,254
Swedbank
AB
,
6.14%,
9/12/2026(a)
1,370,000
1,380,821
Toronto-Dominion
Bank
(The)
,
4.57%,
6/2/2028(d)
4,555,000
4,569,038
Truist
Bank
,
(SOFR
+
0.77%),
4.42%,
7/24/2028(e)
4,815,000
4,814,749
US
Bank
NA
,
(SOFR
+
0.69%),
4.51%,
10/22/2027(e)
3,221,000
3,223,651
Wells
Fargo
&
Co.
,
(SOFR
+
1.07%),
5.71%,
4/22/2028(e)
1,925,000
1,949,831
NVIT
Loomis
Short
Term
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
65
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Wells
Fargo
&
Co.,
(SOFR
+
0.74%),
4.18%,
1/23/2030(d)(e)
3,714,000
3,681,093
(SOFR
+
1.50%),
5.15%,
4/23/2031(d)(e)
2,870,000
2,919,037
Wells
Fargo
Bank
NA
,
5.25%,
12/11/2026
2,850,000
2,870,671
Westpac
New
Zealand
Ltd.
,
5.13%,
2/26/2027(a)(d)
2,825,000
2,846,441
161,634,921
Beverages
0
.3
%
Bacardi-Martini
BV
,
5.55%,
2/1/2030(a)
2,235,000
2,281,312
Maple
Parent
Holdings
Corp.
,
5.05%,
3/26/2031(a)
1,022,000
1,017,680
3,298,992
Biotechnology
0
.1
%
AbbVie,
Inc.
,
4.13%,
3/15/2031(d)
1,181,000
1,163,862
Broadline
Retail
0
.3
%
Amazon.com,
Inc.
,
4.25%,
3/13/2031
3,180,000
3,156,562
eBay,
Inc.
,
4.25%,
3/6/2029
960,000
954,952
4,111,514
Capital
Markets
5
.5
%
Antares
Holdings
LP
,
3.75%,
7/15/2027(a)(d)
687,000
667,656
6.35%,
10/23/2029(a)(d)
1,060,000
1,049,270
Apollo
Debt
Solutions
BDC
,
5.88%,
8/30/2030
603,000
593,513
5.70%,
1/23/2031(a)
641,000
625,313
Ares
Capital
Corp.
,
5.25%,
4/12/2031(d)
1,090,000
1,053,691
Ares
Strategic
Income
Fund
,
5.70%,
3/15/2028(d)
1,180,000
1,178,170
Bain
Capital
Specialty
Finance,
Inc.
,
5.95%,
3/15/2030(d)
715,000
692,229
5.95%,
3/1/2031
1,100,000
1,049,429
Bank
of
New
York
Mellon
(The)
,
(SOFR
+
1.14%),
4.73%,
4/20/2029(e)
1,160,000
1,168,251
Bank
of
New
York
Mellon
Corp.
(The)
,
(SOFR
+
0.63%),
4.03%,
1/22/2030(e)
4,479,000
4,434,164
Barings
BDC,
Inc.
,
5.20%,
9/15/2028
1,540,000
1,504,700
Blue
Owl
Capital
Corp.
II
,
8.45%,
11/15/2026
900,000
911,773
Blue
Owl
Credit
Income
Corp.
,
6.60%,
9/15/2029(d)
555,000
552,892
Blue
Owl
Technology
Finance
Corp.
,
6.75%,
4/4/2029(d)
1,365,000
1,343,289
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Cantor
Fitzgerald
LP
,
7.20%,
12/12/2028(a)(d)
1,065,000
1,106,410
Carlyle
Secured
Lending,
Inc.
,
5.75%,
2/15/2031
950,000
897,136
Deutsche
Bank
AG
,
(SOFR
+
1.21%),
5.37%,
1/10/2029(d)(e)
4,150,000
4,197,793
FS
KKR
Capital
Corp.
,
6.13%,
1/15/2030
1,170,000
1,113,792
Goldman
Sachs
Bank
USA
,
(SOFR
+
0.75%),
5.41%,
5/21/2027(d)(e)
3,537,000
3,541,379
Goldman
Sachs
Group,
Inc.
(The)
,
(SOFR
+
0.71%),
4.15%,
1/21/2029(d)(e)
5,602,000
5,567,433
Golub
Capital
BDC,
Inc.
,
2.50%,
8/24/2026(d)
202,000
199,390
7.05%,
12/5/2028
1,044,000
1,067,753
6.00%,
7/15/2029(d)
585,000
583,104
Golub
Capital
Private
Credit
Fund
,
5.45%,
8/15/2028(a)
380,000
374,755
Hercules
Capital,
Inc.
,
3.38%,
1/20/2027
665,000
651,561
5.35%,
2/10/2029
890,000
872,379
HPS
Corporate
Lending
Fund
,
5.45%,
1/14/2028
741,000
735,383
5.65%,
4/2/2031(a)
1,160,000
1,112,782
Jefferies
Financial
Group,
Inc.
,
5.88%,
7/21/2028(d)
1,105,000
1,128,282
5.50%,
2/15/2036(d)
667,000
640,182
Main
Street
Capital
Corp.
,
3.00%,
7/14/2026
1,255,000
1,245,740
6.50%,
6/4/2027
655,000
660,603
Marex
Group
plc
,
5.83%,
5/8/2028(d)
1,295,000
1,308,977
6.40%,
11/4/2029(d)
1,120,000
1,153,455
Morgan
Stanley
,
(SOFR
+
0.86%),
1.51%,
7/20/2027(e)
3,500,000
3,468,074
Series
I,
(SOFR
+
0.91%),
4.13%,
10/18/2029(e)
5,765,000
5,698,116
(SOFR
+
0.80%),
4.24%,
1/9/2030(d)(e)
3,347,000
3,313,224
MSD
Investment
Corp.
,
6.25%,
5/31/2030(d)
535,000
523,046
6.13%,
2/5/2031(a)
389,000
377,226
New
Mountain
Finance
Corp.
,
6.20%,
10/15/2027
660,000
656,816
North
Haven
Private
Income
Fund
LLC
,
5.13%,
9/25/2028(a)
625,000
608,655
Sixth
Street
Lending
Partners
,
6.50%,
3/11/2029
1,295,000
1,312,850
UBS
AG
,
(SOFR
+
0.81%),
4.30%,
3/16/2029(d)(e)
4,523,000
4,517,150
USAA
Capital
Corp.
,
4.38%,
6/1/2028(a)(d)
2,855,000
2,863,257
68,321,043
66
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Chemicals
1
.2
%
Eastman
Chemical
Co.
,
5.00%,
8/1/2029(d)
960,000
968,807
4.50%,
2/20/2031(d)
2,954,000
2,888,332
LYB
International
Finance
III
LLC
,
5.13%,
1/15/2031
591,000
591,719
Methanex
US
Operations,
Inc.
,
6.25%,
3/15/2032(a)(d)
1,435,000
1,468,100
Mosaic
Co.
(The)
,
4.35%,
1/15/2029
699,000
695,301
Orbia
Advance
Corp.
SAB
de
CV
,
6.80%,
5/13/2030(a)(d)
1,239,000
1,217,689
Sherwin-Williams
Co.
(The)
,
4.30%,
8/15/2028(d)
3,985,000
3,976,418
Syensqo
Finance
America
LLC
,
5.65%,
6/4/2029(a)
2,945,000
3,014,062
14,820,428
Commercial
Services
&
Supplies
0
.3
%
Element
Fleet
Management
Corp.
,
5.64%,
3/13/2027(a)(d)
3,045,000
3,070,120
4.64%,
11/24/2030(a)(d)
585,000
576,752
3,646,872
Construction
&
Engineering
0
.4
%
WSP
Global,
Inc.
,
5.04%,
9/18/2031(a)(d)
4,450,000
4,411,443
Consumer
Finance
3
.2
%
AerCap
Ireland
Capital
DAC
,
4.88%,
4/1/2028(d)
4,100,000
4,128,290
4.13%,
2/28/2029
875,000
863,164
Ally
Financial,
Inc.
,
(United
States
SOFR
Compounded
Index
+
1.96%),
5.74%,
5/15/2029(d)(e)
965,000
980,050
American
Express
Co.
,
(SOFR
+
0.81%),
4.35%,
7/20/2029(e)
2,815,000
2,812,990
American
Honda
Finance
Corp.
,
4.15%,
1/8/2029(d)
3,583,000
3,539,220
Avolon
Holdings
Funding
Ltd.
,
4.95%,
1/15/2028(a)
1,513,000
1,517,980
4.20%,
4/15/2029(a)
1,897,000
1,861,454
Capital
One
Financial
Corp.
,
(SOFR
+
2.44%),
7.15%,
10/29/2027(d)(e)
780,000
790,667
(SOFR
+
1.15%),
4.72%,
1/30/2032(d)(e)
1,871,000
1,842,624
Caterpillar
Financial
Services
Corp.
,
3.95%,
11/14/2028
5,775,000
5,747,352
Gabx
Leasing
LLC
,
4.63%,
4/15/2031(a)
4,451,000
4,387,859
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
General
Motors
Financial
Co.,
Inc.
,
5.05%,
4/4/2028(d)
1,135,000
1,144,853
Macquarie
Airfinance
Holdings
Ltd.
,
5.20%,
3/27/2028(a)(d)
1,190,000
1,194,290
OneMain
Finance
Corp.
,
6.63%,
5/15/2029
720,000
720,699
Stellantis
Financial
Services
US
Corp.
,
4.95%,
9/15/2028(a)
1,665,000
1,655,841
Synchrony
Financial
,
(SOFR
+
1.68%),
5.45%,
3/6/2031(e)
720,000
719,404
(SOFR
+
1.53%),
4.95%,
2/25/2032(e)
454,000
440,608
Takeoff
Merger
Sub,
Inc.
,
4.50%,
3/24/2029(a)(d)
5,793,000
5,755,718
40,103,063
Consumer
Staples
Distribution
&
Retail
0
.3
%
Albertsons
Cos.,
Inc.
,
5.75%,
3/31/2034(a)(d)
1,872,000
1,831,464
Alimentation
Couche-Tard,
Inc.
,
4.15%,
9/29/2028(a)
1,835,000
1,822,166
3,653,630
Containers
&
Packaging
0
.3
%
Amcor
Flexibles
North
America,
Inc.
,
4.80%,
3/17/2028
2,630,000
2,645,885
5.13%,
3/12/2036(d)
1,115,000
1,084,023
3,729,908
Diversified
REITs
0
.1
%
VICI
Properties
LP
,
4.75%,
4/1/2028(d)
630,000
630,642
Diversified
Telecommunication
Services
0
.1
%
Sitios
Latinoamerica
SAB
de
CV
,
6.00%,
11/25/2029(a)(d)
1,208,000
1,216,456
Electric
Utilities
4
.2
%
Alliant
Energy
Finance
LLC
,
5.40%,
6/6/2027(a)
2,545,000
2,566,338
Capital
Power
US
Holdings,
Inc.
,
5.26%,
6/1/2028(a)
550,000
553,275
Duke
Energy
Corp.
,
4.85%,
1/5/2027(d)
3,020,000
3,033,405
Evergy,
Inc.
,
4.25%,
3/15/2029
2,750,000
2,729,005
Exelon
Corp.
,
4.95%,
3/15/2036
1,639,000
1,589,625
Fells
Point
Funding
Trust
,
3.05%,
1/31/2027(a)
4,310,000
4,261,434
Georgia
Power
Co.
,
4.00%,
10/1/2028
4,425,000
4,399,079
ITC
Holdings
Corp.
,
4.95%,
9/22/2027(a)
4,180,000
4,199,660
NVIT
Loomis
Short
Term
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
67
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Jersey
Central
Power
&
Light
Co.
,
4.15%,
1/15/2029(a)(d)
5,785,000
5,747,634
NextEra
Energy
Capital
Holdings,
Inc.
,
4.69%,
9/1/2027
1,960,000
1,969,456
4.85%,
2/4/2028
4,065,000
4,102,587
Pacific
Gas
and
Electric
Co.
,
5.00%,
6/4/2028
435,000
438,685
6.10%,
1/15/2029
902,000
933,372
PacifiCorp
,
4.25%,
3/15/2029
2,335,000
2,308,541
5.10%,
4/15/2031(d)
883,000
885,237
Pinnacle
West
Capital
Corp.
,
4.90%,
5/15/2028(d)
3,965,000
3,994,817
Public
Service
Co.
of
Colorado
,
4.15%,
3/13/2029
1,181,000
1,177,621
Public
Service
Co.
of
New
Hampshire
,
4.40%,
7/1/2028
2,310,000
2,313,029
Southern
California
Edison
Co.
,
5.15%,
6/1/2029
2,139,000
2,169,049
Vistra
Operations
Co.
LLC
,
5.63%,
2/15/2027(a)
1,750,000
1,749,999
Xcel
Energy,
Inc.
,
4.75%,
3/21/2028
350,000
351,796
51,473,644
Electrical
Equipment
0
.4
%
Molex
Electronic
Technologies
LLC
,
4.75%,
4/30/2028(a)(d)
2,555,000
2,565,901
Vertiv
Holdings
Co.
,
4.85%,
3/15/2036(d)
1,933,000
1,879,586
4,445,487
Electronic
Equipment,
Instruments
&
Components
0
.4
%
Flex
Ltd.
,
6.00%,
1/15/2028
2,845,000
2,903,127
Jabil,
Inc.
,
4.20%,
2/1/2029
991,000
978,978
TD
SYNNEX
Corp.
,
4.30%,
1/17/2029
835,000
825,722
4,707,827
Energy
Equipment
&
Services
0
.4
%
Helmerich
&
Payne,
Inc.
,
4.85%,
12/1/2029(d)
2,990,000
2,989,765
Kodiak
Gas
Services
LLC
,
5.88%,
4/1/2031(a)
1,520,000
1,527,527
4,517,292
Entertainment
0
.1
%
Discovery
Global
Holdings,
Inc.
,
3.76%,
3/15/2027(d)
397,000
392,133
Corporate
Bonds
Principal
Amount
($)
Value
($)
Entertainment
Take-Two
Interactive
Software,
Inc.
,
5.40%,
6/12/2029(d)
760,000
776,649
1,168,782
Financial
Services
2
.7
%
Atlas
Warehouse
Lending
Co.
LP
,
6.05%,
1/15/2028(a)(d)
2,105,000
2,133,276
4.63%,
11/15/2028(a)
955,000
940,548
Enact
Holdings,
Inc.
,
6.25%,
5/28/2029
2,389,000
2,458,739
Equitable
America
Global
Funding
,
4.65%,
6/9/2028(a)
4,000,000
3,992,860
Essent
Group
Ltd.
,
6.25%,
7/1/2029
1,125,000
1,163,728
Fidelity
National
Information
Services,
Inc.
,
4.55%,
3/10/2029
4,412,000
4,391,197
Global
Payments,
Inc.
,
4.50%,
11/15/2028
4,416,000
4,372,760
Lseg
US
Fin
Corp.
,
4.25%,
3/23/2029(a)
6,260,000
6,214,375
National
Rural
Utilities
Cooperative
Finance
Corp.
,
Series
D,
4.05%,
2/9/2029(d)
4,253,000
4,224,855
Nationwide
Building
Society
,
(SOFR
+
1.91%),
6.56%,
10/18/2027(a)(e)
1,645,000
1,663,519
Rocket
Cos.,
Inc.
,
6.50%,
8/1/2029(a)
261,000
263,938
Western
Union
Co.
(The)
,
4.75%,
6/15/2029
1,258,000
1,246,795
33,066,590
Food
Products
0
.9
%
Campbell's
Co.
(The)
,
4.55%,
3/21/2031(d)
2,833,000
2,746,529
Conagra
Brands,
Inc.
,
5.30%,
10/1/2026(d)
4,125,000
4,143,766
General
Mills,
Inc.
,
4.70%,
1/30/2027
2,175,000
2,178,007
McCormick
&
Co.,
Inc.
,
4.15%,
2/15/2029(d)
1,800,000
1,782,535
10,850,837
Ground
Transportation
0
.6
%
Canadian
Pacific
Railway
Co.
,
4.00%,
3/15/2029
1,388,000
1,372,821
Fedex
Freight
Holding
Co.,
Inc.
,
4.30%,
3/15/2029(a)(d)
6,360,000
6,283,736
7,656,557
Health
Care
Equipment
&
Supplies
0
.6
%
Baxter
International,
Inc.
,
4.90%,
12/15/2030(d)
3,140,000
3,099,519
GE
HealthCare
Technologies,
Inc.
,
4.15%,
12/15/2028(d)
460,000
456,996
68
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Equipment
&
Supplies
Smith
&
Nephew
plc
,
5.15%,
3/20/2027
3,040,000
3,055,487
Solventum
Corp.
,
5.45%,
2/25/2027(d)
1,208,000
1,217,197
7,829,199
Health
Care
Providers
&
Services
1
.4
%
Cencora,
Inc.
,
4.25%,
11/15/2030(d)
6,345,000
6,229,054
Elevance
Health,
Inc.
,
4.00%,
9/15/2028(d)
2,570,000
2,547,681
Molina
Healthcare,
Inc.
,
6.50%,
2/15/2031(a)(d)
2,050,000
2,015,366
UnitedHealth
Group,
Inc.
,
4.40%,
6/15/2028(d)
5,765,000
5,783,726
Universal
Health
Services,
Inc.
,
4.63%,
10/15/2029(d)
1,310,000
1,294,731
17,870,558
Health
Care
Technology
0
.1
%
IQVIA,
Inc.
,
6.25%,
2/1/2029(d)
1,295,000
1,345,940
Hotel
&
Resort
REITs
0
.1
%
Host
Hotels
&
Resorts
LP
,
4.25%,
12/15/2028(d)
945,000
933,801
Hotels,
Restaurants
&
Leisure
1
.4
%
Carnival
Corp.
,
5.75%,
3/15/2030(a)(d)
4,095,000
4,127,481
Darden
Restaurants,
Inc.
,
4.35%,
10/15/2027
2,985,000
2,978,068
Hyatt
Hotels
Corp.
,
5.75%,
1/30/2027(d)
1,840,000
1,856,114
5.25%,
6/30/2029(d)
1,000,000
1,015,608
Las
Vegas
Sands
Corp.
,
5.63%,
6/15/2028
2,125,000
2,152,671
Marriott
International,
Inc.
,
4.20%,
7/15/2027(d)
5,790,000
5,781,093
17,911,035
Insurance
6
.6
%
American
National
Global
Funding
,
4.63%,
12/15/2028(a)
840,000
833,550
5.25%,
6/3/2030(a)
2,885,000
2,873,243
Athene
Global
Funding
,
4.83%,
5/9/2028(a)(d)
2,913,000
2,902,579
Brighthouse
Financial
Global
Funding
,
5.55%,
4/9/2027(a)(d)
3,055,000
3,074,655
Brown
&
Brown,
Inc.
,
4.70%,
6/23/2028(d)
1,940,000
1,945,614
CNO
Global
Funding
,
5.88%,
6/4/2027(a)
1,020,000
1,033,947
4.38%,
9/8/2028(a)(d)
1,815,000
1,799,527
Corebridge
Global
Funding
,
4.25%,
8/21/2028(a)
5,790,000
5,748,910
F&G
Global
Funding
,
4.65%,
9/8/2028(a)
262,000
258,708
4.50%,
1/9/2029(a)(d)
2,795,000
2,737,780
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Fortitude
Global
Funding
,
4.63%,
10/6/2028(a)
1,190,000
1,177,920
GA
Global
Funding
Trust
,
4.40%,
9/23/2027(a)(d)
2,845,000
2,826,847
Grand
River
Funding
Trust
I
,
6.31%,
2/15/2036(a)
328,000
330,898
Jackson
National
Life
Global
Funding
,
5.25%,
4/12/2028(a)(d)
1,495,000
1,505,586
4.70%,
6/5/2028(a)(d)
1,335,000
1,334,338
Lincoln
Financial
Global
Funding
,
4.63%,
5/28/2028(a)
2,388,000
2,388,345
4.20%,
1/12/2029(a)(d)
740,000
731,722
MassMutual
Global
Funding
II
,
4.00%,
1/22/2029(a)
3,562,000
3,524,390
Met
Tower
Global
Funding
,
4.00%,
1/14/2029(a)
4,208,000
4,163,888
Mutual
of
Omaha
Cos.
Global
Funding
,
5.35%,
4/9/2027(a)
4,850,000
4,892,642
New
York
Life
Global
Funding
,
4.15%,
7/25/2028(a)(d)
2,880,000
2,870,529
4.05%,
2/2/2029(a)(d)
1,552,000
1,540,063
Nippon
Life
Insurance
Co.
,
4.75%,
4/2/2031(a)
1,112,000
1,114,782
NLG
Global
Funding
,
4.35%,
9/15/2030(a)
4,045,000
3,972,900
Northwestern
Mutual
Global
Funding
,
4.13%,
8/25/2028(a)
5,790,000
5,770,870
Principal
Life
Global
Funding
II
,
4.80%,
1/9/2028(a)(d)
4,145,000
4,170,610
Progressive
Corp.
(The)
,
4.60%,
3/26/2031
4,382,000
4,392,007
Protective
Life
Corp.
,
4.70%,
1/15/2031(a)
1,671,000
1,654,901
RGA
Global
Funding
,
4.60%,
11/25/2030(a)(d)
1,151,000
1,137,521
Sammons
Financial
Group
Global
Funding
,
5.05%,
1/10/2028(a)(d)
2,000,000
2,017,466
SBL
Holdings,
Inc.
,
5.90%,
9/26/2028(a)
2,591,000
2,445,287
SiriusPoint
Ltd.
,
7.00%,
4/5/2029
1,296,000
1,352,483
Western-Southern
Global
Funding
,
4.50%,
7/16/2028(a)
3,142,000
3,140,980
81,665,488
Interactive
Media
&
Services
0
.3
%
Meta
Platforms,
Inc.
,
4.20%,
11/15/2030(d)
3,151,000
3,120,425
IT
Services
0
.6
%
CGI,
Inc.
,
4.95%,
3/14/2030(d)
2,528,000
2,541,096
NVIT
Loomis
Short
Term
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
69
Corporate
Bonds
Principal
Amount
($)
Value
($)
IT
Services
Gartner,
Inc.
,
4.95%,
3/20/2031(d)
4,419,000
4,310,783
6,851,879
Leisure
Products
0
.1
%
Hasbro,
Inc.
,
4.65%,
3/12/2031
845,000
834,455
Polaris,
Inc.
,
5.60%,
3/1/2031
779,000
772,022
1,606,477
Life
Sciences
Tools
&
Services
0
.2
%
Illumina,
Inc.
,
4.65%,
9/9/2026
2,585,000
2,585,317
Machinery
0
.5
%
CNH
Industrial
Capital
LLC
,
4.50%,
10/8/2027(d)
2,920,000
2,918,714
4.75%,
3/21/2028(d)
1,395,000
1,400,842
Weir
Group,
Inc.
,
5.35%,
5/6/2030(a)(d)
1,370,000
1,388,157
5,707,713
Media
0
.2
%
Charter
Communications
Operating
LLC
,
6.10%,
6/1/2029(d)
1,605,000
1,662,541
Omnicom
Group,
Inc.
,
5.00%,
6/2/2033
1,228,000
1,199,426
2,861,967
Metals
&
Mining
0
.1
%
Mineral
Resources
Ltd.
,
9.25%,
10/1/2028(a)(d)
1,485,000
1,538,642
Multi-Utilities
1
.6
%
Ameren
Corp.
,
5.70%,
12/1/2026(d)
4,175,000
4,205,167
Dominion
Energy,
Inc.
,
4.60%,
5/15/2028
3,390,000
3,400,663
DTE
Energy
Co.
,
4.95%,
7/1/2027(d)
2,505,000
2,521,202
Sempra
,
5.40%,
8/1/2026(d)
2,260,000
2,263,605
WEC
Energy
Group,
Inc.
,
5.60%,
9/12/2026
1,439,000
1,446,250
4.75%,
1/15/2028(d)
6,360,000
6,406,538
20,243,425
Office
REITs
0
.1
%
Cousins
Properties
LP
,
4.88%,
3/1/2033(d)
1,095,000
1,054,233
Oil,
Gas
&
Consumable
Fuels
1
.3
%
Crescent
Energy
Finance
LLC
,
7.63%,
4/1/2032(a)
855,000
867,679
8.38%,
1/15/2034(a)(d)
835,000
872,909
CVR
Energy,
Inc.
,
7.50%,
2/15/2031(a)
1,355,000
1,365,118
Enbridge,
Inc.
,
4.60%,
6/20/2028(d)
2,817,000
2,824,360
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Hess
Midstream
Operations
LP
,
5.88%,
3/1/2028(a)
3,540,000
3,562,713
Kinetik
Holdings
LP
,
6.63%,
12/15/2028(a)
3,215,000
3,269,407
SM
Energy
Co.
,
6.63%,
4/15/2034(a)
1,775,000
1,769,985
Targa
Resources
Corp.
,
4.35%,
1/15/2029
1,144,000
1,139,208
15,671,379
Other
Specialized
Funds
0
.2
%
Prologis
Targeted
US
Logistics
Fund
LP
,
4.63%,
3/15/2033(a)
2,704,000
2,629,561
Paper
&
Forest
Products
0
.2
%
Georgia-Pacific
LLC
,
4.40%,
6/30/2028(a)(d)
2,765,000
2,768,178
Passenger
Airlines
0
.3
%
Air
Canada
,
3.88%,
8/15/2026(a)
595,000
592,034
Southwest
Airlines
Co.
,
4.38%,
11/15/2028
640,000
631,705
United
Airlines
Holdings,
Inc.
,
4.88%,
3/1/2029
2,930,000
2,865,779
United
Airlines,
Inc.
,
4.63%,
4/15/2029(a)
255,000
250,187
4,339,705
Pharmaceuticals
0
.7
%
EMD
Finance
LLC
,
4.13%,
8/15/2028(a)(d)
4,055,000
4,036,022
Sanofi
SA
,
3.80%,
11/3/2028(d)
4,055,000
4,026,810
8,062,832
Professional
Services
0
.1
%
Jacobs
Solutions,
Inc.
,
4.75%,
3/3/2031
1,715,000
1,690,994
Residential
REITs
0
.1
%
Camden
Property
Trust
,
4.90%,
2/28/2036(d)
886,000
859,334
Mid-America
Apartments
LP
,
4.65%,
1/15/2033(d)
480,000
471,417
1,330,751
Retail
REITs
0
.2
%
Realty
Income
Corp.
,
4.75%,
4/15/2033
1,430,000
1,410,568
Regency
Centers
LP
,
4.50%,
3/15/2033
473,000
461,240
1,871,808
Semiconductors
&
Semiconductor
Equipment
0
.4
%
Microchip
Technology,
Inc.
,
4.90%,
3/15/2028
4,140,000
4,165,063
NXP
BV
,
4.30%,
8/19/2028
1,210,000
1,204,155
5,369,218
70
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Software
0
.7
%
Oracle
Corp.
,
4.45%,
9/26/2030(d)
1,728,000
1,665,242
4.95%,
2/4/2031(d)
4,631,000
4,531,155
Roper
Technologies,
Inc.
,
4.25%,
9/15/2028(d)
895,000
889,161
Salesforce,
Inc.
,
4.90%,
9/15/2031
2,186,000
2,182,904
9,268,462
Specialized
REITs
0
.7
%
EPR
Properties
,
4.75%,
11/15/2030
1,877,000
1,831,932
Extra
Space
Storage
LP
,
5.70%,
4/1/2028(d)
1,010,000
1,031,264
Public
Storage
Operating
Co.
,
(United
States
SOFR
Compounded
Index
+
0.70%),
4.36%,
4/16/2027(e)
6,145,000
6,154,591
9,017,787
Specialty
Retail
0
.3
%
AutoNation,
Inc.
,
4.45%,
1/15/2029
1,248,000
1,237,625
Lowe's
Cos.,
Inc.
,
4.80%,
4/1/2026(d)
2,910,000
2,910,000
4,147,625
Technology
Hardware,
Storage
&
Peripherals
0
.9
%
Dell
International
LLC
,
4.75%,
4/1/2028(d)
4,035,000
4,063,356
Hewlett
Packard
Enterprise
Co.
,
4.15%,
9/15/2028(d)
2,888,000
2,864,886
4.55%,
10/15/2029(d)
2,930,000
2,915,440
5.25%,
4/1/2033
1,685,000
1,675,001
11,518,683
Textiles,
Apparel
&
Luxury
Goods
0
.1
%
PVH
Corp.
,
5.50%,
6/13/2030(d)
1,664,000
1,676,362
Tobacco
0
.1
%
Imperial
Brands
Finance
plc
,
4.50%,
6/30/2028(a)
1,460,000
1,461,077
Trading
Companies
&
Distributors
0
.6
%
Aircastle
Ltd.
,
6.50%,
7/18/2028(a)(d)
1,010,000
1,047,125
Aviation
Capital
Group
LLC
,
4.25%,
4/30/2029(a)
747,000
736,110
GATX
Corp.
,
5.40%,
3/15/2027
1,490,000
1,500,918
TTX
Co.
,
5.50%,
9/25/2026(a)
3,965,000
3,987,240
7,271,393
Water
Utilities
0
.2
%
Essential
Utilities,
Inc.
,
4.80%,
8/15/2027
2,445,000
2,454,302
Corporate
Bonds
Principal
Amount
($)
Value
($)
Wireless
Telecommunication
Services
0
.3
%
Vmed
O2
UK
Financing
I
plc
,
6.75%,
1/15/2033(a)
3,960,000
3,538,043
Total
Corporate
Bonds
(cost
$731,263,067)
729,616,082
Mortgage-Backed
Securities
0
.8
%
FHLMC
Non
Gold
Pool
Pool#
1Q0648
6.10%,
6/1/2037(b)
51,530
53,120
Pool#
1B3601
6.82%,
10/1/2037(b)
77,264
79,486
FNMA
Pool
Pool#
747271
6.54%,
7/1/2034(b)
112,350
115,456
Pool#
886345
6.31%,
8/1/2036(b)
23,642
24,230
FNMA
UMBS
Pool
Pool#
MA4582
2.00%,
4/1/2037
2,028,657
1,866,377
Pool#
BN0906
4.00%,
11/1/2048
2,244,735
2,149,246
Pool#
MA4700
4.00%,
8/1/2052
3,141,076
2,965,615
Pool#
MA4803
3.50%,
11/1/2052
2,944,990
2,702,482
Total
Mortgage-Backed
Securities
(cost
$9,911,857)
9,956,012
U.S.
Treasury
Obligations
14
.8
%
U.S.
Treasury
Notes
4.63%,
6/30/2026
(f)
3,955,000
3,963,528
3.50%,
10/31/2027
81,069,000
80,635,154
3.38%,
2/29/2028
(d)
89,223,000
88,518,975
3.50%,
2/28/2031
10,468,000
10,265,183
Total
U.S.
Treasury
Obligations
(cost
$183,830,530)
183,382,840
Repurchase
Agreements
2
.3
%
BNP
Paribas
Securities
Corp.
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$17,001,724,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
4.88%,
maturing
4/30/2026
-
11/15/2052;
total
market
value
$17,340,002.
(g)
17,000,000
17,000,000
NVIT
Loomis
Short
Term
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
71
Repurchase
Agreements
Principal
Amount
($)
Value
($)
CF
Secured,
LLC
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,792,836,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$2,848,692.
(g)
2,792,553
2,792,553
MetLife,
Inc.
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$9,000,915,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$9,184,608.
(g)
9,000,000
9,000,000
Total
Repurchase
Agreements
(cost
$28,792,553)
28,792,553
Total
Investments
(cost
$1,258,389,060)
—
101.4%
1,257,455,640
Liabilities
in
excess
of
other
assets
—
(1.4)%
(
17,774,665
)
NET
ASSETS
—
100.0%
$
1,239,680,975
†
Amount
rounds
to
less
than
0.1%.
(a)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$483,808,629
which
represents
39.03%
of
net
assets.
(b)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.  The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(c)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
March
31,
2026.
(d)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$236,861,605,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$28,792,553
and
by
$214,657,802
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
4/14/2026
-
11/15/2055,
a
total
value
of
$243,450,355.
(e)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(f)
Security
or
a
portion
of
the
security
was
used
to
cover
the
margin
requirement
for
futures
contracts.
(g)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$28,792,553.
CLO
Collateralized
Loan
Obligations
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage-Backed
Securities
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
110
6/2026
USD
22,818,984
(166,059)
Total
long
contracts
(166,059)
Short
Contracts
U.S.
Treasury
10
Year
Note
(
391
)
6/2026
USD
(43,419,328)
762,858
U.S.
Treasury
10
Year
Ultra
Note
(
31
)
6/2026
USD
(3,518,984)
21,868
Total
short
contracts
784,726
Net
contracts
618,667
Currency:
USD
United
States
Dollar
72
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
Bond
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
NVIT
Loomis
Short
Term
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
73
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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
Fund
either
(i)
receives
from
the
counterparty
an
amount
equal
to
the
notional
amount
of
the
swap
and
the
counterparty
takes
delivery
of
the
referenced
obligation,
other
deliverable
obligations
or
underlying
securities
comprising
the
referenced
index,
or
(ii)
receives
from
the
counterparty
a
net
settlement
amount
in
the
form
of
cash
or
securities
to
the
notional
amount
of
the
swap
and
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
As
the
purchaser
in
a
credit
default
swap
contract,
the
Fund’s
investment
would
generate
income
only
in
the
event
of
an
actual
default
(or
similar
event)
by
the
issuer
of
the
underlying
obligation. 
Credit
default
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
independent
pricing
services.
Credit
default
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
Implied
credit
spreads
are
utilized
in
determining
the
market
value
of
credit
default
swap
agreements
on
credit
indices
and
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
Implied
credit
spreads
utilized
in
valuing
the
Fund’s
investments
as
of
March
31,
2026
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.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
275,073,457
$
–
$
275,073,457
Collateralized
Mortgage
Obligations
–
187,531
–
187,531
Commercial
Mortgage-Backed
Securities
–
30,447,165
–
30,447,165
Corporate
Bonds
–
729,616,082
–
729,616,082
Futures
Contracts
784,726
–
–
784,726
Mortgage-Backed
Securities
–
9,956,012
–
9,956,012
Repurchase
Agreements
–
28,792,553
–
28,792,553
U.S.
Treasury
Obligations
–
183,382,840
–
183,382,840
Total
Assets
$
784,726
$
1,257,455,640
$
–
$
1,258,240,366
Liabilities:
Futures
Contracts
$
(
166,059
)
$
–
$
–
$
(
166,059
)
Total
Liabilities
$
(
166,059
)
$
–
$
–
$
(
166,059
)
Total
$
618,667
$
1,257,455,640
$
–
$
1,258,074,307
74
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Loomis
Short
Term
Bond
Fund
Certain
clearinghouses
currently
offer
clearing
for
limited
types
of
derivatives
transactions,
such
as
credit
derivatives.
In
a
centrally
cleared
credit
default
swap
contract,
immediately
following
execution
of
the
swap
agreement,
the
swap
agreement
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
Fund’s
counterparty
on
the
swap
agreement
becomes
the
CCP.
The
Fund
is
required
to
interface
with
the
CCP
through
a
broker.
Upon
entering
into
a
centrally
cleared
swap
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
and
cash
pledged
as
collateral
are
designated
on
the
Statement
of
Investments,
as
applicable.
The
daily
change
in
valuation
of
centrally
cleared
credit
default
swap
contracts
is
recorded
as
a
receivable
or
payable
for
variation
margin
on
centrally
cleared
credit
default
swap
contracts.
Payments
received
from
(paid
to)
the
counterparty,
including
at
termination,
are
recorded
as
realized
gains
(losses).
As
of March
31,
2026,
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
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”)
NVIT
Loomis
Short
Term
Bond
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
75
guidelines, the
Fund
will
not
enter
into
any
options
transactions
unless
it
owns
either
(i)
an
offsetting
(“covered”)
position
in
securities,
other
options,
or
futures
or
(ii)
cash
and
liquid
obligations
with
a
value
sufficient
at
all
times
to
cover
its
potential
obligations
to
the
extent
not
covered
as
provided
in
(i)
above.
A
Fund
will
also
earmark
or
set
aside
cash
and/or
appropriate
liquid
assets
in
a
segregated
custodial
account
as
required
by
SEC
and
U.S.
Commodity
Futures
Trading
Commission
regulations.
Assets
used
as
cover
or
held
in
a
segregated
account
cannot
be
sold
while
the
position
in
the
corresponding
option
or
futures
contract
is
open,
unless
they
are
replaced
with
similar
assets.
As
a
result,
the
commitment
of
a
large
portion
of the
Fund’s
assets
to
earmarking
or
segregated
accounts
as
a
cover
could
impede
portfolio
management
or the
Fund’s
ability
to
meet
redemption
requests
or
other
current
obligations.
As
of March
31,
2026,
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.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Assets:
Fair
Value
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
$
784,726
Total
$
784,726
Liabilities:
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(
166,059
)
Total
$
(
166,059
)
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.
76
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Inflation
Managed
Fund
Asset-Backed
Securities
5.0%
Principal
Amount
($)
Value
($)
Airlines
0.1%
American
Airlines
Pass-
Through
Trust,
Series
2021-1,
Class
B,
3.95%,
7/11/2030
226,050
215,571
Automobiles
3.6%
American
Credit
Acceptance
Receivables
Trust,
Series
2026-1,
Class
D,
5.10%,
1/12/2033(a)
370,000
367,251
AmeriCredit
Automobile
Receivables
Trust,
Series
2023-2,
Class
B,
5.84%,
7/18/2029
430,000
436,156
Avis
Budget
Rental
Car
Funding
AESOP
LLC
Series
2022-1A,
Class
A,
3.83%,
8/21/2028(a)
500,000
497,248
Series
2024-2A,
Class
B,
5.57%,
10/20/2028(a)
500,000
505,775
Series
2024-1A,
Class
A,
5.36%,
6/20/2030(a)
100,000
102,197
Bridgecrest
Lending
Auto
Securitization
Trust
Series
2024-3,
Class
A3,
5.34%,
4/17/2028
7,782
7,785
Series
2024-1,
Class
C,
5.65%,
4/16/2029
270,000
271,863
Series
2025-2,
Class
C,
5.17%,
3/17/2031
40,000
40,211
Series
2025-3,
Class
C,
4.81%,
5/15/2031
55,000
55,080
Series
2026-1,
Class
C,
4.44%,
11/17/2031
140,000
138,827
CarMax
Auto
Owner
Trust,
Series
2025-3,
Class
A3,
4.35%,
7/15/2030
30,000
30,068
Carvana
Auto
Receivables
Trust,
Series
2025-
P3,
Class
A3,
4.04%,
11/11/2030
35,000
34,893
Credit
Acceptance
Auto
Loan
Trust
Series
2024-2A,
Class
A,
5.95%,
6/15/2034(a)
500,000
505,494
Series
2025-1A,
Class
C,
5.71%,
7/16/2035(a)
100,000
101,015
Series
2025-2A,
Class
A,
4.50%,
11/15/2035(a)
50,000
49,967
Drive
Auto
Receivables
Trust
Series
2024-2,
Class
B,
4.52%,
7/16/2029
475,000
475,919
Series
2025-2,
Class
C,
4.39%,
9/15/2032
20,000
19,909
Series
2025-1,
Class
C,
4.99%,
9/15/2032
17,000
17,132
Exeter
Automobile
Receivables
Trust
Series
2024-1A,
Class
C,
5.41%,
5/15/2030
410,000
412,954
Series
2026-2A,
Class
B,
4.66%,
1/15/2031
200,000
200,273
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Series
2025-4A,
Class
C,
4.57%,
6/16/2031
60,000
59,695
Series
2025-3A,
Class
C,
5.09%,
10/15/2031
27,000
27,148
Series
2025-5A,
Class
C,
4.68%,
3/15/2032
25,000
24,898
Series
2026-1A,
Class
C,
4.40%,
5/17/2032
135,000
133,287
Ford
Credit
Auto
Owner
Trust,
Series
2026-1,
Class
A,
4.32%,
8/15/2038(a)(b)
365,000
362,222
GLS
Auto
Receivables
Issuer
Trust,
Series
2025-4A,
Class
C,
4.74%,
8/15/2031(a)
25,000
24,868
GM
Financial
Automobile
Leasing
Trust,
Series
2025-3,
Class
A3,
4.17%,
8/21/2028
100,000
100,050
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2023-1,
Class
A4,
4.59%,
7/17/2028
142,000
142,375
Series
2026-1,
Class
A3,
3.84%,
5/16/2031
290,000
288,764
Hertz
Vehicle
Financing
III
LLC,
Series
2025-3A,
Class
A,
5.06%,
12/26/2029(a)
100,000
101,047
Honda
Auto
Receivables
Owner
Trust,
Series
2025-3,
Class
A3,
4.04%,
2/21/2030
100,000
99,719
Hyundai
Auto
Lease
Securitization
Trust,
Series
2026-A,
Class
A3,
3.97%,
12/15/2028(a)
190,000
189,320
M&T
Bank
RV
Trust,
Series
2026-1A,
Class
A,
4.35%,
1/15/2046(a)
95,710
94,627
Mercedes-Benz
Auto
Lease
Trust,
Series
2025-A,
Class
A4,
4.69%,
2/18/2031
15,000
15,147
Nissan
Auto
Receivables
Owner
Trust,
Series
2025-A,
Class
A3,
4.49%,
12/17/2029
100,000
100,633
OneMain
Direct
Auto
Receivables
Trust,
Series
2026-1A,
Class
C,
4.86%,
5/15/2034(a)
195,000
192,982
Santander
Drive
Auto
Receivables
Trust
Series
2024-4,
Class
A3,
4.85%,
1/16/2029
49,607
49,695
Series
2024-4,
Class
C,
4.95%,
4/15/2030
550,000
552,911
Series
2024-2,
Class
C,
5.84%,
6/17/2030
500,000
508,924
Series
2024-3,
Class
C,
5.64%,
8/15/2030
456,000
463,402
NVIT
J.P.
Morgan
Inflation
Managed
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
77
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Series
2025-4,
Class
C,
4.52%,
1/15/2032
5,000
4,978
Series
2026-1,
Class
C,
4.26%,
4/15/2032
185,000
182,595
SFS
Auto
Receivables
Securitization
Trust
Series
2024-1A,
Class
A4,
4.94%,
1/21/2031(a)
120,000
121,149
Series
2024-1A,
Class
B,
5.38%,
1/21/2031(a)
535,000
543,351
Toyota
Auto
Receivables
Owner
Trust,
Series
2026-A,
Class
A3,
3.86%,
9/16/2030
170,000
168,875
Toyota
Lease
Owner
Trust,
Series
2025-B,
Class
A3,
3.96%,
11/20/2028(a)
45,000
44,784
Veros
Auto
Receivables
Trust,
Series
2026-1,
Class
B,
4.84%,
5/15/2029(a)
45,000
44,974
Volkswagen
Auto
Lease
Trust,
Series
2025-B,
Class
A3,
4.01%,
1/22/2029
50,000
49,929
8,962,366
Equipment
Loans
&
Leases
0.0%
†
SCF
Equipment
Leasing
LLC,
Series
2024-1A,
Class
B,
5.56%,
4/20/2032(a)
100,000
102,744
Other
1.3%
AMSR
Trust
Series
2026-SFR1,
Class
B,
3.78%,
4/17/2031
750,000
696,382
Series
2021-SFR3,
Class
E1,
2.33%,
10/17/2038(a)
100,000
98,189
Hilton
Grand
Vacations
Trust,
Series
2025-3EXT,
Class
B,
4.90%,
10/25/2044(a)
98,971
98,255
Lendmark
Funding
Trust,
Series
2024-2A,
Class
A,
4.47%,
2/21/2034(a)
607,000
605,756
NMABS
Issuer
I
LLC,
Series
2025-1A,
Class
A,
5.14%,
11/22/2055(a)
559,533
547,906
Oportun
Issuance
Trust,
Series
2026-A,
Class
B,
5.06%,
1/9/2034(a)
190,000
189,528
Purchasing
Power
Funding
LLC,
Series
2026-A,
Class
A,
4.37%,
8/15/2030(a)
225,000
223,700
Reach
Abs
Trust,
Series
2026-1A,
Class
C,
4.80%,
2/15/2033(a)
235,000
233,344
Stream
Innovations
Issuer
Trust,
Series
2025-
1A,
Class
A,
5.05%,
9/15/2045(a)
73,057
73,290
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Westgate
Resorts
LLC,
Series
2026-1A,
Class
B,
5.47%,
10/20/2039(a)
320,000
320,305
3,086,655
Total
Asset-Backed
Securities
(cost
$12,413,050)
12,367,336
Collateralized
Mortgage
Obligations
0.1%
FHLMC
REMICS,
Series
4995,
Class
QE,
1.25%,
7/25/2050
356,666
276,255
LHOME
Mortgage
Trust,
Series
2026-RTL1,
Class
A1,
4.91%,
1/25/2041(a)(b)
100,000
99,616
Total
Collateralized
Mortgage
Obligations
(cost
$370,045)
375,871
Corporate
Bonds
29.1%
Aerospace
&
Defense
0.8%
Boeing
Co.
(The)
,
6.39%,
5/1/2031
720,000
767,766
Honeywell
Aerospace,
Inc.
,
4.95%,
3/16/2036(a)
250,000
248,051
L3Harris
Technologies,
Inc.
,
3.85%,
12/15/2026
190,000
189,263
Leidos,
Inc.
,
2.30%,
2/15/2031
230,000
204,680
RTX
Corp.
,
5.75%,
1/15/2029
640,000
663,938
2,073,698
Automobiles
0.3%
Hyundai
Capital
America
,
2.38%,
10/15/2027(a)
550,000
532,267
1.80%,
1/10/2028(a)
100,000
95,236
Stellantis
Finance
US,
Inc.
,
2.69%,
9/15/2031(a)
200,000
169,031
796,534
Banks
9.4%
ABN
AMRO
Bank
NV
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%),
2.47%,
12/13/2029(a)(c)
300,000
283,957
AIB
Group
plc
,
(United
States
SOFR
Compounded
Index
+
1.91%),
5.87%,
3/28/2035(a)(c)
360,000
372,010
Australia
&
New
Zealand
Banking
Group
Ltd.
,
4.40%,
5/19/2026(a)
470,000
470,147
Banco
Santander
SA
,
2.75%,
12/3/2030
600,000
537,451
78
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Inflation
Managed
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Bank
of
America
Corp.
,
(CME
Term
SOFR
3
Month
+
1.84%),
3.82%,
1/20/2028(c)
280,000
278,604
(SOFR
+
1.53%),
1.90%,
7/23/2031(c)
2,260,000
2,012,855
(SOFR
+
1.65%),
5.47%,
1/23/2035(c)
520,000
530,815
Bank
of
Ireland
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%),
2.03%,
9/30/2027(a)(c)
520,000
513,308
Banque
Federative
du
Credit
Mutuel
SA
,
5.54%,
1/22/2030(a)
260,000
267,264
Barclays
plc
,
(SOFR
+
1.74%),
5.69%,
3/12/2030(c)
540,000
554,882
(SOFR
+
1.23%),
5.37%,
2/25/2031(c)
200,000
203,473
BNP
Paribas
SA
,
(SOFR
+
1.28%),
5.28%,
11/19/2030(a)(c)
500,000
507,613
(SOFR
+
1.29%),
4.92%,
1/15/2034(a)(c)
250,000
244,455
BPCE
SA
,
(SOFR
+
1.09%),
2.05%,
10/19/2027(a)(c)
660,000
650,815
(SOFR
+
1.31%),
2.28%,
1/20/2032(a)(c)
660,000
581,811
CaixaBank
SA
,
(SOFR
+
1.79%),
5.58%,
7/3/2036(a)(c)
620,000
623,527
Citibank
NA
,
5.80%,
9/29/2028
970,000
1,007,241
Citigroup,
Inc.
,
(SOFR
+
1.17%),
2.56%,
5/1/2032(c)
900,000
805,089
Cooperatieve
Rabobank
UA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.40%),
5.56%,
2/28/2029(a)(c)
300,000
305,703
Credit
Agricole
SA
,
(SOFR
+
1.13%),
5.23%,
1/9/2029(a)(c)
250,000
252,736
(SOFR
+
1.69%),
5.34%,
1/10/2030(a)(c)
250,000
254,475
Danske
Bank
A/S
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.40%),
5.71%,
3/1/2030(a)(c)
240,000
246,843
DNB
Bank
ASA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.68%),
1.61%,
3/30/2028(a)(c)
300,000
291,527
Fifth
Third
Bancorp
,
2.55%,
5/5/2027
100,000
98,007
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Fifth
Third
Bancorp,
3.95%,
3/14/2028
240,000
238,437
HSBC
Holdings
plc
,
(CME
Term
SOFR
3
Month
+
1.87%),
3.97%,
5/22/2030(c)
510,000
499,331
(SOFR
+
2.39%),
2.85%,
6/4/2031(c)
980,000
905,668
Huntington
Bancshares,
Inc.
,
(SOFR
+
1.28%),
5.27%,
1/15/2031(c)
395,000
400,986
ING
Groep
NV
,
(SOFR
+
1.01%),
1.73%,
4/1/2027(c)
260,000
260,000
KeyCorp
,
(United
States
SOFR
Compounded
Index
+
1.23%),
5.12%,
4/4/2031(c)
260,000
262,565
Lloyds
Banking
Group
plc
,
3.75%,
1/11/2027
200,000
199,172
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.60%),
4.24%,
2/10/2030(c)
235,000
232,469
M&T
Bank
Corp.
,
(SOFR
+
1.40%),
5.18%,
7/8/2031(c)
205,000
207,148
Mitsubishi
UFJ
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.17%),
5.16%,
4/24/2031(c)
240,000
243,415
Mizuho
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.12%),
5.38%,
5/26/2030(c)
590,000
603,423
National
Bank
of
Canada
,
5.60%,
12/18/2028
250,000
257,534
NatWest
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.50%),
5.78%,
3/1/2035(c)
600,000
620,240
PNC
Financial
Services
Group,
Inc.
(The)
,
(SOFR
+
1.34%),
5.30%,
1/21/2028(c)
125,000
125,855
(SOFR
+
1.07%),
5.22%,
1/29/2031(c)
420,000
428,440
Royal
Bank
of
Canada
,
(SOFR
+
0.98%),
4.31%,
11/3/2031(c)
280,000
275,254
Santander
UK
Group
Holdings
plc
,
(SOFR
+
2.60%),
6.53%,
1/10/2029(c)
430,000
443,677
NVIT
J.P.
Morgan
Inflation
Managed
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
79
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Societe
Generale
SA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.60%),
6.10%,
4/13/2033(a)(c)
1,200,000
1,246,709
Standard
Chartered
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%),
5.40%,
8/12/2036(a)(c)
220,000
216,863
Sumitomo
Mitsui
Financial
Group,
Inc.
,
1.90%,
9/17/2028
810,000
760,730
Toronto-Dominion
Bank
(The)
,
4.41%,
1/13/2031
250,000
247,595
Truist
Financial
Corp.
,
(SOFR
+
1.62%),
5.44%,
1/24/2030(c)
575,000
588,546
US
Bancorp
,
(SOFR
+
1.56%),
5.38%,
1/23/2030(c)
90,000
92,169
(SOFR
+
1.86%),
5.68%,
1/23/2035(c)
100,000
103,286
Wells
Fargo
&
Co.
,
(SOFR
+
1.50%),
5.20%,
1/23/2030(c)
980,000
995,361
(CME
Term
SOFR
3
Month
+
1.43%),
2.88%,
10/30/2030(c)
440,000
415,131
(SOFR
+
1.99%),
5.56%,
7/25/2034(c)
120,000
122,984
(SOFR
+
1.10%),
4.96%,
1/23/2037(c)
225,000
219,182
23,106,778
Beverages
0.1%
Constellation
Brands,
Inc.
,
2.88%,
5/1/2030
150,000
140,361
Maple
Parent
Holdings
Corp.
,
5.70%,
3/26/2036(a)
50,000
49,680
190,041
Biotechnology
0.3%
AbbVie,
Inc.
,
3.20%,
11/21/2029
545,000
525,416
Amgen,
Inc.
,
5.25%,
3/2/2030
60,000
61,610
4.85%,
2/19/2036
115,000
112,991
Regeneron
Pharmaceuticals,
Inc.
,
1.75%,
9/15/2030
140,000
124,090
824,107
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
4.88%,
3/13/2036
250,000
247,722
Capital
Markets
2.5%
Brookfield
Finance,
Inc.
,
4.25%,
6/2/2026
110,000
109,902
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Deutsche
Bank
AG
,
(SOFR
+
1.32%),
2.55%,
1/7/2028(c)
440,000
433,155
(SOFR
+
3.04%),
3.55%,
9/18/2031(c)
150,000
141,018
(SOFR
+
1.72%),
3.04%,
5/28/2032(c)
340,000
307,864
Goldman
Sachs
Group,
Inc.
(The)
,
3.50%,
11/16/2026
540,000
537,394
(SOFR
+
1.09%),
1.99%,
1/27/2032(c)
450,000
394,935
(SOFR
+
1.28%),
2.62%,
4/22/2032(c)
910,000
817,410
(SOFR
+
1.19%),
5.07%,
1/21/2037(c)
85,000
83,102
Macquarie
Group
Ltd.
,
(CME
Term
SOFR
3
Month
+
2.01%),
5.03%,
1/15/2030(a)(c)
210,000
211,973
Morgan
Stanley
,
(SOFR
+
1.45%),
5.17%,
1/16/2030(c)
1,295,000
1,313,214
(SOFR
+
1.20%),
4.71%,
3/12/2032(c)
135,000
134,091
(SOFR
+
1.02%),
1.93%,
4/28/2032(c)
550,000
476,749
(SOFR
+
1.18%),
5.07%,
1/30/2037(c)
115,000
112,668
Nomura
Holdings,
Inc.
,
2.33%,
1/22/2027
500,000
491,633
2.68%,
7/16/2030
230,000
210,424
UBS
Group
AG
,
(SOFR
+
1.06%),
4.40%,
9/23/2031(a)(c)
480,000
471,234
6,246,766
Chemicals
0.1%
RPM
International,
Inc.
,
2.95%,
1/15/2032
130,000
116,865
Westlake
Corp.
,
3.60%,
8/15/2026
120,000
119,564
236,429
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
,
2.35%,
1/15/2032
130,000
113,231
5.10%,
8/9/2035
25,000
24,657
137,888
Consumer
Finance
2.0%
AerCap
Ireland
Capital
DAC
,
2.45%,
10/29/2026
175,000
173,072
3.00%,
10/29/2028
1,100,000
1,058,843
Aircastle
Ltd.
,
5.25%,
3/15/2030(a)
200,000
201,645
5.75%,
10/1/2031(a)
150,000
153,588
American
Express
Co.
,
(SOFR
+
0.93%),
5.04%,
7/26/2028(c)
125,000
126,076
80
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Inflation
Managed
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
American
Express
Co.,
(United
States
SOFR
Compounded
Index
+
1.02%),
5.09%,
1/30/2031(c)
100,000
101,691
(SOFR
+
0.87%),
4.46%,
2/10/2032(c)
400,000
395,858
Avolon
Holdings
Funding
Ltd.
,
4.38%,
5/1/2026(a)
250,000
249,987
2.53%,
11/18/2027(a)
810,000
782,550
4.85%,
4/1/2033(a)
307,000
294,096
Capital
One
Financial
Corp.
,
(SOFR
+
1.56%),
5.46%,
7/26/2030(c)
550,000
561,393
General
Motors
Financial
Co.,
Inc.
,
4.90%,
10/6/2029
450,000
452,242
2.35%,
1/8/2031
75,000
66,813
Synchrony
Financial
,
(United
States
SOFR
Compounded
Index
+
2.13%),
5.94%,
8/2/2030(c)
100,000
101,605
Toyota
Motor
Credit
Corp.
,
Series
B,
4.60%,
3/11/2033
300,000
295,367
5,014,826
Consumer
Staples
Distribution
&
Retail
0.1%
Kroger
Co.
(The)
,
5.00%,
9/15/2034
150,000
148,104
Containers
&
Packaging
0.3%
Amcor
Flexibles
North
America,
Inc.
,
5.13%,
3/12/2036
45,000
43,750
Graphic
Packaging
International
LLC
,
1.51%,
4/15/2026(a)
140,000
139,798
Smurfit
Westrock
Financing
DAC
,
5.42%,
1/15/2035
200,000
201,606
Sonoco
Products
Co.
,
5.00%,
9/1/2034
240,000
234,760
619,914
Diversified
REITs
0.2%
WP
Carey,
Inc.
,
2.40%,
2/1/2031
580,000
518,964
Diversified
Telecommunication
Services
0.6%
AT&T,
Inc.
,
1.65%,
2/1/2028
475,000
452,615
Comcast
Corp.
,
5.17%,
1/15/2037(a)
697,000
678,699
NBN
Co.
Ltd.
,
2.63%,
5/5/2031(a)
210,000
191,508
Verizon
Communications,
Inc.
,
4.78%,
2/15/2035
120,000
116,147
5.40%,
7/2/2037
108,000
107,606
1,546,575
Electric
Utilities
3.0%
Atlantic
City
Electric
Co.
,
4.00%,
10/15/2028
125,000
124,088
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Baltimore
Gas
and
Electric
Co.
,
5.30%,
6/1/2034
200,000
205,107
CenterPoint
Energy
Houston
Electric
LLC
,
Series
AA,
3.00%,
2/1/2027
190,000
188,248
Cleveland
Electric
Illuminating
Co.
(The)
,
3.50%,
4/1/2028(a)
475,000
465,218
Duke
Energy
Carolinas
LLC
,
6.45%,
10/15/2032
425,000
462,077
Duquesne
Light
Holdings,
Inc.
,
2.53%,
10/1/2030(a)
350,000
318,543
Edison
International
,
5.25%,
11/15/2028
380,000
383,054
Evergy,
Inc.
,
2.90%,
9/15/2029
200,000
189,550
Fells
Point
Funding
Trust
,
3.05%,
1/31/2027(a)
385,000
380,662
Fortis,
Inc.
,
3.06%,
10/4/2026
410,000
407,129
Georgia
Power
Co.
,
4.85%,
3/15/2031
455,000
460,658
ITC
Holdings
Corp.
,
2.95%,
5/14/2030(a)
140,000
131,005
NextEra
Energy
Capital
Holdings,
Inc.
,
2.25%,
6/1/2030
725,000
660,665
Niagara
Mohawk
Power
Corp.
,
1.96%,
6/27/2030(a)
150,000
134,919
NRG
Energy,
Inc.
,
2.45%,
12/2/2027(a)
240,000
231,184
5.41%,
10/15/2035(a)
5,000
4,904
Pacific
Gas
and
Electric
Co.
,
4.55%,
7/1/2030
590,000
582,003
5.70%,
3/1/2035
125,000
126,707
5.20%,
5/1/2036
500,000
487,314
PPL
Capital
Funding,
Inc.
,
5.25%,
9/1/2034
150,000
151,062
SCE
Recovery
Funding
LLC
,
4.45%,
3/15/2036
175,000
173,113
Southern
California
Edison
Co.
,
5.45%,
3/1/2035
425,000
426,584
Southwestern
Electric
Power
Co.
,
Series
M,
4.10%,
9/15/2028
400,000
397,237
Virginia
Electric
and
Power
Co.
,
5.15%,
3/15/2035
150,000
149,701
Vistra
Operations
Co.
LLC
,
5.70%,
12/30/2034(a)
190,000
191,143
7,431,875
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
4.40%,
2/15/2033
260,000
253,754
Energy
Equipment
&
Services
0.1%
Halliburton
Co.
,
2.92%,
3/1/2030
120,000
113,110
NVIT
J.P.
Morgan
Inflation
Managed
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
81
Corporate
Bonds
Principal
Amount
($)
Value
($)
Energy
Equipment
&
Services
Schlumberger
Holdings
Corp.
,
3.90%,
5/17/2028(a)
160,000
158,771
271,881
Entertainment
0.1%
Take-Two
Interactive
Software,
Inc.
,
5.60%,
6/12/2034
210,000
213,696
Financial
Services
0.7%
Corebridge
Financial,
Inc.
,
3.65%,
4/5/2027
90,000
89,184
Fiserv,
Inc.
,
5.35%,
3/15/2031
360,000
363,536
Global
Payments,
Inc.
,
2.15%,
1/15/2027
665,000
652,924
LSEG
Finance
plc
,
2.00%,
4/6/2028(a)
270,000
257,137
Nationwide
Building
Society
,
5.13%,
7/29/2029(a)
270,000
274,325
1,637,106
Food
Products
0.5%
Bimbo
Bakeries
USA,
Inc.
,
6.05%,
1/15/2029(a)
210,000
216,979
Bunge
Ltd.
Finance
Corp.
,
4.20%,
9/17/2029
330,000
326,878
5.15%,
8/4/2035
50,000
49,785
JBS
NV
,
5.50%,
1/15/2036
255,000
255,117
Kraft
Heinz
Foods
Co.
,
5.00%,
7/15/2035
200,000
194,277
Mars,
Inc.
,
5.00%,
3/1/2032(a)
130,000
131,544
1,174,580
Gas
Utilities
0.0%
†
ONE
Gas,
Inc.
,
2.00%,
5/15/2030
70,000
63,610
Ground
Transportation
0.1%
Canadian
Pacific
Railway
Co.
,
2.05%,
3/5/2030
60,000
54,878
Penske
Truck
Leasing
Co.
LP
,
5.55%,
5/1/2028(a)
100,000
101,659
Uber
Technologies,
Inc.
,
4.80%,
9/15/2034
190,000
186,012
4.80%,
9/15/2035
10,000
9,703
352,252
Health
Care
Equipment
&
Supplies
0.1%
Solventum
Corp.
,
5.60%,
3/23/2034
125,000
127,789
Zimmer
Biomet
Holdings,
Inc.
,
5.50%,
2/19/2035
170,000
173,526
301,315
Health
Care
Providers
&
Services
0.7%
Cencora,
Inc.
,
4.60%,
2/13/2033
20,000
19,665
5.15%,
2/15/2035
200,000
201,429
Cigna
Group
(The)
,
5.25%,
1/15/2036
205,000
205,264
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
Cigna
Group
(The),
3.20%,
3/15/2040
54,000
41,835
CVS
Health
Corp.
,
1.88%,
2/28/2031
230,000
200,806
HCA,
Inc.
,
4.13%,
6/15/2029
415,000
409,263
3.50%,
9/1/2030
300,000
284,892
Humana,
Inc.
,
3.95%,
3/15/2027
150,000
149,334
Quest
Diagnostics,
Inc.
,
2.95%,
6/30/2030
170,000
159,267
1,671,755
Health
Care
REITs
0.3%
Alexandria
Real
Estate
Equities,
Inc.
,
3.38%,
8/15/2031
260,000
239,794
Healthpeak
OP
LLC
,
2.13%,
12/1/2028
280,000
263,714
Welltower
OP
LLC
,
2.75%,
1/15/2032
270,000
242,791
746,299
Hotels,
Restaurants
&
Leisure
0.2%
Expedia
Group,
Inc.
,
3.25%,
2/15/2030
480,000
453,571
Industrial
REITs
0.1%
Goodman
US
Finance
Three
LLC
,
3.70%,
3/15/2028(a)
110,000
108,237
Prologis
LP
,
4.75%,
6/15/2033
210,000
208,235
316,472
Insurance
0.5%
Aon
North
America,
Inc.
,
5.45%,
3/1/2034
240,000
245,096
Athene
Global
Funding
,
2.72%,
1/7/2029(a)
320,000
299,173
CNO
Global
Funding
,
1.75%,
10/7/2026(a)
200,000
197,469
F&G
Global
Funding
,
2.30%,
4/11/2027(a)
360,000
351,018
Five
Corners
Funding
Trust
II
,
2.85%,
5/15/2030(a)
120,000
111,785
1,204,541
Interactive
Media
&
Services
0.2%
Alphabet,
Inc.
,
4.80%,
2/15/2036
350,000
348,501
Meta
Platforms,
Inc.
,
4.60%,
11/15/2032
10,000
9,902
4.88%,
11/15/2035
135,000
132,440
490,843
Leisure
Products
0.1%
Hasbro,
Inc.
,
3.90%,
11/19/2029
180,000
175,674
Life
Sciences
Tools
&
Services
0.1%
Thermo
Fisher
Scientific,
Inc.
,
4.55%,
6/15/2033
125,000
123,505
82
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Inflation
Managed
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Life
Sciences
Tools
&
Services
Thermo
Fisher
Scientific,
Inc.,
4.90%,
2/12/2036
55,000
54,609
178,114
Media
0.2%
Time
Warner
Cable
Enterprises
LLC
,
8.38%,
7/15/2033
405,000
458,572
Metals
&
Mining
0.1%
Glencore
Funding
LLC
,
2.50%,
9/1/2030(a)
380,000
345,550
Multi-Utilities
0.6%
Ameren
Corp.
,
5.00%,
1/15/2029
200,000
203,155
Consumers
Energy
Co.
,
4.63%,
5/15/2033
90,000
89,128
DTE
Energy
Co.
,
5.20%,
4/1/2030
210,000
214,172
NiSource,
Inc.
,
5.25%,
3/30/2028
170,000
172,680
Public
Service
Enterprise
Group,
Inc.
,
1.60%,
8/15/2030
90,000
79,166
Puget
Energy,
Inc.
,
2.38%,
6/15/2028
280,000
266,869
Sempra
,
3.70%,
4/1/2029
365,000
356,511
1,381,681
Office
REITs
0.2%
COPT
Defense
Properties
LP
,
2.00%,
1/15/2029
140,000
130,574
Kilroy
Realty
LP
,
2.65%,
11/15/2033
330,000
262,116
392,690
Oil,
Gas
&
Consumable
Fuels
1.4%
APA
Infrastructure
Ltd.
,
5.13%,
9/16/2034(a)
70,000
69,398
Cheniere
Energy
Partners
LP
,
5.55%,
10/30/2035
20,000
20,367
Cheniere
Energy,
Inc.
,
5.65%,
4/15/2034
150,000
154,429
Columbia
Pipelines
Holding
Co.
LLC
,
5.68%,
1/15/2034(a)
530,000
542,306
Coterra
Energy,
Inc.
,
3.90%,
5/15/2027
220,000
218,423
Enbridge,
Inc.
,
5.70%,
3/8/2033
340,000
352,201
Energy
Transfer
LP
,
5.25%,
7/1/2029
210,000
214,593
5.70%,
4/1/2035
330,000
338,920
Eni
SpA
,
4.25%,
5/9/2029(a)
260,000
258,544
Enterprise
Products
Operating
LLC
,
3.95%,
2/15/2027
120,000
119,756
MPLX
LP
,
4.13%,
3/1/2027
140,000
139,639
4.25%,
12/1/2027
100,000
99,707
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
MPLX
LP,
2.65%,
8/15/2030
90,000
82,956
NGPL
PipeCo
LLC
,
3.25%,
7/15/2031(a)
140,000
128,659
ONEOK,
Inc.
,
4.95%,
10/15/2032
270,000
267,813
Plains
All
American
Pipeline
LP
,
3.55%,
12/15/2029
210,000
203,215
Sabine
Pass
Liquefaction
LLC
,
4.50%,
5/15/2030
170,000
168,766
Shell
Finance
US,
Inc.
,
4.75%,
1/6/2036
50,000
49,154
3,428,846
Pharmaceuticals
0.1%
Novartis
Capital
Corp.
,
4.90%,
3/18/2036
125,000
124,701
Takeda
Pharmaceutical
Co.
Ltd.
,
2.05%,
3/31/2030
200,000
181,721
306,422
Real
Estate
Management
&
Development
0.1%
Mitsui
Fudosan
Co.
Ltd.
,
3.65%,
7/20/2027(a)
200,000
197,916
Residential
REITs
0.3%
Essex
Portfolio
LP
,
1.65%,
1/15/2031
260,000
225,448
Mid-America
Apartments
LP
,
1.70%,
2/15/2031
210,000
183,056
UDR,
Inc.
,
3.20%,
1/15/2030
160,000
152,531
2.10%,
8/1/2032
100,000
84,610
645,645
Retail
REITs
0.4%
Brixmor
Operating
Partnership
LP
,
2.25%,
4/1/2028
230,000
220,749
NNN
REIT,
Inc.
,
4.30%,
10/15/2028
260,000
259,033
4.60%,
2/15/2031
50,000
49,698
Realty
Income
Corp.
,
4.13%,
10/15/2026
180,000
179,862
Regency
Centers
LP
,
2.95%,
9/15/2029
100,000
95,318
3.70%,
6/15/2030
110,000
106,726
911,386
Semiconductors
&
Semiconductor
Equipment
0.3%
Broadcom,
Inc.
,
4.80%,
2/15/2036
53,000
51,672
Marvell
Technology,
Inc.
,
2.95%,
4/15/2031
340,000
312,029
5.45%,
7/15/2035
32,000
32,515
NXP
BV
,
2.50%,
5/11/2031
420,000
376,999
773,215
NVIT
J.P.
Morgan
Inflation
Managed
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
83
Corporate
Bonds
Principal
Amount
($)
Value
($)
Software
0.4%
Cadence
Design
Systems,
Inc.
,
4.70%,
9/10/2034
40,000
39,270
Oracle
Corp.
,
4.50%,
5/6/2028
230,000
228,936
2.88%,
3/25/2031
300,000
266,458
4.80%,
9/26/2032
100,000
95,235
5.70%,
2/4/2036
110,000
105,764
Roper
Technologies,
Inc.
,
4.90%,
10/15/2034
180,000
173,798
Synopsys,
Inc.
,
5.15%,
4/1/2035
200,000
200,383
1,109,844
Specialized
REITs
0.4%
American
Tower
Corp.
,
1.45%,
9/15/2026
600,000
592,178
Equinix,
Inc.
,
2.90%,
11/18/2026
180,000
178,361
Extra
Space
Storage
LP
,
2.20%,
10/15/2030
300,000
268,409
1,038,948
Specialty
Retail
0.2%
AutoZone,
Inc.
,
1.65%,
1/15/2031
170,000
147,564
O'Reilly
Automotive,
Inc.
,
3.60%,
9/1/2027
240,000
237,517
385,081
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
Dell
International
LLC
,
5.30%,
4/1/2032
110,000
111,708
Tobacco
0.3%
Altria
Group,
Inc.
,
2.45%,
2/4/2032
350,000
307,122
BAT
Capital
Corp.
,
2.26%,
3/25/2028
400,000
383,920
691,042
Trading
Companies
&
Distributors
0.0%
†
Aviation
Capital
Group
LLC
,
5.13%,
4/10/2030(a)
120,000
120,625
Water
Utilities
0.1%
American
Water
Capital
Corp.
,
5.25%,
3/1/2035
250,000
254,020
Wireless
Telecommunication
Services
0.2%
T-Mobile
USA,
Inc.
,
4.95%,
3/15/2028
190,000
191,974
3.88%,
4/15/2030
360,000
350,594
542,568
Total
Corporate
Bonds
(cost
$72,305,346)
71,741,443
Foreign
Government
Securities
0.3%
Principal
Amount
($)
Value
($)
MEXICO
0.2%
United
Mexican
States
,
6.00%,
5/13/2030
200,000
206,500
5.63%,
2/9/2034
287,000
280,686
487,186
PANAMA
0.1%
Republic
of
Panama
,
5.23%,
2/23/2034
200,000
192,800
Total
Foreign
Government
Securities
(cost
$690,767)
679,986
Mortgage-Backed
Securities
12.8%
FHLMC
Pool
Gold
Pool
Pool#
WN1011
2.21%,
7/1/2029
1,000,000
945,185
Pool#
WN4013
4.47%,
12/1/2033
625,000
623,266
FHLMC
UMBS
Pool
Pool#
SD8157
3.00%,
7/1/2051
278,431
245,867
Pool#
RA6606
3.00%,
1/1/2052
102,612
91,212
Pool#
SD1549
3.50%,
4/1/2052
194,594
179,273
Pool#
RA7779
4.50%,
8/1/2052
138,339
133,968
Pool#
SD8267
5.00%,
11/1/2052
85,236
84,678
FNMA
Pool
Pool#
BS6526
3.50%,
10/1/2029
1,691,000
1,658,522
Pool#
AN9043
3.44%,
5/1/2030
1,542,343
1,499,139
Pool#
BZ5419
4.17%,
11/1/2030
1,656,000
1,652,582
Pool#
BZ3977
4.42%,
6/1/2032
500,000
499,837
Pool#
BZ3982
4.66%,
6/1/2032
396,336
400,747
Pool#
BZ5943
4.78%,
6/1/2032
500,000
506,273
Pool#
BZ4488
4.42%,
8/1/2032
205,000
204,735
Pool#
BZ4871
4.23%,
10/1/2032
205,000
202,924
Pool#
AN8880
3.69%,
6/1/2033
1,400,000
1,338,899
Pool#
CB5339
5.00%,
11/1/2052
473,080
469,416
FNMA
UMBS
Pool
Pool#
FM4389
3.50%,
9/1/2050
113,633
105,293
Pool#
MA4468
3.50%,
11/1/2051
116,970
108,045
Pool#
CB2523
2.50%,
1/1/2052
39,836
33,849
Pool#
MA4655
4.00%,
7/1/2052
47,329
44,725
84
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Inflation
Managed
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
CB6031
5.00%,
4/1/2053
193,507
192,177
Pool#
FS6259
4.50%,
6/1/2053
195,068
189,892
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
Conventional
Pool
TBA
6.00%,
4/25/2056
75,000
76,450
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
3.00%,
4/25/2056
3,350,000
2,941,901
3.50%,
4/25/2056
2,500,000
2,291,610
4.00%,
4/25/2056
500,000
471,762
5.00%,
4/25/2056
8,775,000
8,653,261
5.50%,
4/25/2056
4,160,000
4,179,161
GNMA
II
Pool
Pool#
MA6868
4.00%,
9/20/2050
192,959
183,061
Pool#
786082
3.00%,
11/20/2051
56,731
50,075
Pool#
MA8148
3.00%,
7/20/2052
249,655
223,294
Pool#
788066
4.00%,
7/20/2065
1,069,495
1,009,150
Total
Mortgage-Backed
Securities
(cost
$31,686,807)
31,490,229
U.S.
Treasury
Obligations
51.5%
U.S.
Treasury
Inflation
Linked
Notes
0.38%,
7/15/2027
6,741,224
6,738,252
1.25%,
4/15/2028
26,241,512
26,339,935
2.38%,
10/15/2028
26,749,261
27,690,409
1.88%,
7/15/2035
22,851,926
22,739,603
1.88%,
1/15/2036
4,214,126
4,163,244
U.S.
Treasury
Notes
3.50%,
3/15/2029
4,205,000
4,167,878
3.50%,
2/28/2031
35,870,000
35,175,018
Total
U.S.
Treasury
Obligations
(cost
$127,213,116)
127,014,339
Total
Investments
(cost
$244,679,131)
—
98.8%
243,669,204
Other
assets
in
excess
of
liabilities
—
1.2%
2,866,563
NET
ASSETS
—
100.0%
$
246,535,767
†
Amount
rounds
to
less
than
0.1%.
(a)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$23,968,683
which
represents
9.72%
of
net
assets.
(b)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
March
31,
2026.
(c)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
REIT
Real
Estate
Investment
Trust
UMBS
Uniform
Mortgage-Backed
Securities
NVIT
J.P.
Morgan
Inflation
Managed
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
85
Centrally
Cleared
Credit
default
swap
contracts
outstanding
-
buy
protection
as
of
March
31,
2026
1
:
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
(%)
Payment
Frequency
Maturity
Date
Implied
Credit
Spread
(%)
2
Notional
Amount
3
Upfront
Payments
(Receipts)
($)
4
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Markit
CDX
North
American
Investment
Grade
Index
Series
46-V1
1.00
Quarterly
6/20/2031
0.63
USD
29,170,000
(477,189)
(36,828)
(514,017)
(477,189)
(36,828)
(514,017)
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
March
31,
2026
:
Floating
Rate
Index
Fixed
Rate
Pay/
Receive
Floating
Rate
Maturity
Date
Notional
Amount
Upfront
Payment
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
1
month
USCPI
At
Termination
2.40%
At
Termination
Rec
12/2/2035
USD
2,555,000
–
1,822
1,822
1
month
USCPI
At
Termination
2.49%
At
Termination
Rec
3/25/2031
USD
4,240,000
(2,220)
8,003
5,783
Total
unrealized
appreciation
(2,220)
9,825
7,605
1
month
USCPI
At
Termination
2.42%
At
Termination
Rec
12/23/2035
USD
880,000
1,997
(3,961)
(1,964)
1
month
USCPI
At
Termination
2.42%
At
Termination
Rec
1/13/2036
USD
1,190,000
–
(1,822)
(1,822)
1
month
USCPI
At
Termination
2.45%
At
Termination
Rec
2/17/2036
USD
3,830,000
–
(6,998)
(6,998)
1
month
USCPI
At
Termination
2.49%
At
Termination
Rec
2/4/2036
USD
885,000
–
(4,631)
(4,631)
1
month
USCPI
At
Termination
2.50%
At
Termination
Rec
2/3/2036
USD
2,950,000
(819)
(18,089)
(18,908)
1
month
USCPI
At
Termination
2.54%
At
Termination
Rec
3/19/2031
USD
32,960,000
28,547
(61,796)
(33,249)
1
month
USCPI
At
Termination
2.62%
At
Termination
Rec
3/18/2029
USD
10,335,000
12,621
(1,797)
10,824
1
month
USCPI
At
Termination
2.54%
At
Termination
Rec
3/18/2031
USD
23,980,000
–
(15,398)
(15,398)
1
month
USCPI
At
Termination
2.48%
At
Termination
Rec
11/18/2035
USD
40,800,000
–
(216,310)
(216,310)
86
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Inflation
Managed
Fund
Floating
Rate
Index
Fixed
Rate
Pay/
Receive
Floating
Rate
Maturity
Date
Notional
Amount
Upfront
Payment
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
1
month
USCPI
At
Termination
2.44%
At
Termination
Rec
3/30/2036
USD
1,235,000
–
(1,956)
(1,956)
1
month
USCPI
At
Termination
2.71%
At
Termination
Rec
3/20/2029
USD
24,900,000
9,003
(46,529)
(37,526)
Total
unrealized
depreciation
51,349
(379,287)
(327,938)
Net
unrealized
depreciation
49,129
(369,462)
(320,333)
–
–
–
Currency:
USD
United
States
dollar
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Index
Reference
Rate
1
Month
United
States
Consumer
Price
Index
(USCPI)
3.30%
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
53
6/2026
USD
10,994,601
11,107
U.S.
Treasury
10
Year
Note
343
6/2026
USD
38,089,078
(769,626)
U.S.
Treasury
10
Year
Ultra
Note
131
6/2026
USD
14,870,547
(225,895)
Total
long
contracts
(984,414)
Short
Contracts
U.S.
Treasury
5
Year
Note
(15)
6/2026
USD
(1,622,695)
1,064
U.S.
Treasury
Long
Bond
(27)
6/2026
USD
(3,074,625)
98,680
U.S.
Treasury
Ultra
Bond
(4)
6/2026
USD
(466,250)
13,751
Total
short
contracts
113,495
Net
contracts
(870,919)
Currency:
USD
United
States
Dollar
NVIT
J.P.
Morgan
Inflation
Managed
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
87
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
12,367,336
$
–
$
12,367,336
Collateralized
Mortgage
Obligations
–
375,871
–
375,871
Corporate
Bonds
–
71,741,443
–
71,741,443
Foreign
Government
Securities
–
679,986
–
679,986
Futures
Contracts
124,602
–
–
124,602
Inflation-linked
Swaps†
–
9,825
–
9,825
Mortgage-Backed
Securities
–
31,490,229
–
31,490,229
U.S.
Treasury
Obligations
–
127,014,339
–
127,014,339
Total
Assets
$
124,602
$
243,679,029
$
–
$
243,803,631
88
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Inflation
Managed
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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.
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
Level
1
Level
2
Level
3
Total
Liabilities:
Credit
Default
Swaps†
$
–
$
(36,828)
$
–
$
(36,828)
Futures
Contracts
(995,521)
–
–
(995,521)
Inflation-linked
Swaps†
–
(379,287)
–
(379,287)
Total
Liabilities
$
(995,521)
$
(416,115)
$
–
$
(1,411,636)
Total
$
(870,919)
$
243,262,914
$
–
$
242,391,995
†
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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
89
including
a
fixed
spread
and
standard
maturity
dates.
An
index
credit
default
swap
contract
references
all
the
names
in
the
index,
and
if
there
is
a
default,
the
credit
event
is
settled
based
on
the
name’s
weight
in
the
index.
For
most
indices,
each
name
has
an
equal
weight
in
the
index.
The
composition
of
the
indices
changes
periodically.
The
use
of
credit
default
swap
contracts
on
indices
is
often
less
expensive
than
it
would
be
to
buy
many
issuer-specific
credit
default
swap
contracts
to
achieve
a
similar
effect.
Credit
default
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
independent
pricing
services.
Credit
default
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
Implied
credit
spreads
are
utilized
in
determining
the
market
value
of
credit
default
swap
agreements
on
credit
indices
and
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
Implied
credit
spreads
utilized
in
valuing
the
Fund’s
investments
as
of
March
31,
2026
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.
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
90
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
J.P.
Morgan
Inflation
Managed
Fund
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Assets:
Fair
Value
Swap
Contracts†
Interest
rate
risk
Unrealized
appreciation
on
centrally
cleared
swap
contracts
$
9,825
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
124,602
Total
$
134,427
Liabilities:
Swap
Contracts†
Credit
risk
Unrealized
depreciation
on
centrally
cleared
swap
contracts
$
(36,828)
Interest
rate
risk
Unrealized
depreciation
on
centrally
cleared
swap
contracts
(379,287)
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
(995,521)
Total
$
(1,411,636)
†
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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
1
Asset-Backed
Securities
0
.2
%
Principal
Amount
($)
Value
($)
Airlines
0
.0
%
†
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A,
5.88%,
10/15/2027
43,957
44,691
Series
2023-1,
Class
A,
5.80%,
1/15/2036
71,029
73,109
Series
2024-1,
Class
A,
5.88%,
2/15/2037
23,494
24,138
141,938
Automobiles
0
.1
%
Nissan
Auto
Receivables
Owner
Trust,
Series
2025-A,
Class
A4,
4.57%,
11/15/2030
400,000
403,607
Toyota
Auto
Receivables
Owner
Trust,
Series
2025-B,
Class
A3,
4.34%,
11/15/2029
100,000
100,374
World
Omni
Auto
Receivables
Trust,
Series
2025-C,
Class
A3,
4.08%,
11/15/2030
300,000
299,543
803,524
Credit
Card
0
.1
%
American
Express
Credit
Account
Master
Trust
Series
2023-4,
Class
A,
5.15%,
9/16/2030
500,000
512,437
Series
2025-3,
Class
A,
4.51%,
4/15/2032
100,000
100,976
BA
Credit
Card
Trust,
Series
2025-A1,
Class
A,
4.31%,
5/15/2030
500,000
501,880
Synchrony
Card
Issuance
Trust,
Series
2025-A3,
Class
A,
4.06%,
11/15/2031
70,000
69,733
1,185,026
Total
Asset-Backed
Securities
(cost
$2,120,587)
2,130,488
Commercial
Mortgage-Backed
Securities
1
.4
%
BANK
Series
2022-BNK43,
Class
A5,
4.40%,
8/15/2055
550,000
533,986
Series
2018-BN12,
Class
AS,
4.34%,
5/15/2061(a)
250,000
245,309
Series
2020-BN25,
Class
C,
3.35%,
1/15/2063(a)
100,000
87,272
BBCMS
Mortgage
Trust,
Series
2024-5C25,
Class
C,
6.64%,
3/15/2057(a)
250,000
254,876
Benchmark
Mortgage
Trust
Series
2018-B4,
Class
A5,
4.12%,
7/15/2051(a)
1,000,000
988,929
Series
2019-B11,
Class
A4,
3.28%,
5/15/2052
2,794,926
2,705,006
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
Series
2024-V5,
Class
B,
6.06%,
1/10/2057(a)
100,000
101,510
BMO
Mortgage
Trust
Series
2024-C9,
Class
C,
6.38%,
7/15/2057(a)
200,000
201,124
Series
2025-C11,
Class
A5,
5.69%,
2/15/2058
500,000
520,580
CSAIL
Commercial
Mortgage
Trust,
Series
2018-
CX11,
Class
B,
4.45%,
4/15/2051(a)
250,000
238,969
FHLMC
Multifamily
Structured
Pass-Through
Certificates
REMICS
Series
K517,
Class
A2,
5.36%,
1/25/2029(a)
1,000,000
1,029,594
Series
K094,
Class
A2,
2.90%,
6/25/2029
500,000
481,840
Series
K112,
Class
A2,
1.31%,
5/25/2030
1,000,000
893,035
Series
K115,
Class
A2,
1.38%,
6/25/2030
960,000
857,466
Series
K120,
Class
A2,
1.50%,
10/25/2030
2,000,000
1,777,539
Series
K-154,
Class
A2,
4.35%,
1/25/2033(a)
1,000,000
995,084
Series
K-159,
Class
A2,
4.50%,
7/25/2033(a)
200,000
200,028
Series
K-165,
Class
A2,
4.49%,
9/25/2034
500,000
497,655
FNMA
ACES
REMICS
Series
2017-M12,
Class
A2,
3.07%,
6/25/2027(a)
240,295
237,555
Series
2018-M14,
Class
A2,
3.58%,
8/25/2028(a)
1,266,622
1,250,946
Morgan
Stanley
Capital
I
Trust
Series
2020-L4,
Class
AS,
2.88%,
2/15/2053
500,000
456,357
Series
2021-L7,
Class
A5,
2.57%,
10/15/2054
1,000,000
883,921
Wells
Fargo
Commercial
Mortgage
Trust
Series
2018-C43,
Class
AS,
4.15%,
3/15/2051(a)
100,000
98,297
Series
2025-5C6,
Class
A3,
5.19%,
10/15/2058
500,000
507,925
Series
2025-5C6,
Class
B,
5.98%,
10/15/2058(a)
250,000
254,265
Total
Commercial
Mortgage-Backed
Securities
(cost
$16,642,519)
16,299,068
Corporate
Bonds
24
.2
%
Aerospace
&
Defense
0
.6
%
Boeing
Co.
(The)
,
6.26%,
5/1/2027(b)
100,000
101,727
3.20%,
3/1/2029(b)
150,000
144,674
6.30%,
5/1/2029(b)
80,000
83,987
2.95%,
2/1/2030(b)
85,000
79,991
5.15%,
5/1/2030
75,000
76,256
2
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
Boeing
Co.
(The),
6.39%,
5/1/2031(b)
80,000
85,307
3.60%,
5/1/2034(b)
100,000
89,517
6.53%,
5/1/2034(b)
50,000
54,467
3.25%,
2/1/2035
100,000
85,716
5.71%,
5/1/2040
175,000
175,275
3.90%,
5/1/2049
100,000
73,069
3.75%,
2/1/2050(b)
200,000
141,873
5.81%,
5/1/2050(b)
200,000
193,345
6.86%,
5/1/2054
20,000
22,012
5.93%,
5/1/2060
160,000
153,582
General
Dynamics
Corp.
,
2.63%,
11/15/2027
300,000
293,259
2.25%,
6/1/2031(b)
30,000
27,004
2.85%,
6/1/2041(b)
50,000
37,328
4.25%,
4/1/2050(b)
75,000
62,588
General
Electric
Co.
,
4.30%,
7/29/2030(b)
25,000
24,940
Series
A,
6.75%,
3/15/2032(b)
225,000
250,999
4.90%,
1/29/2036(b)
50,000
50,040
5.88%,
1/14/2038(b)
90,000
95,745
Honeywell
Aerospace,
Inc.
,
3.90%,
3/16/2028(c)
50,000
49,632
4.00%,
3/16/2029(c)
50,000
49,533
4.30%,
3/16/2031(c)
75,000
74,189
4.60%,
3/16/2033(c)
50,000
49,426
4.95%,
3/16/2036(c)
90,000
89,298
5.62%,
3/16/2046(c)
50,000
49,274
5.73%,
3/16/2056(c)
55,000
54,365
5.85%,
3/16/2066(c)
50,000
49,596
Huntington
Ingalls
Industries,
Inc.
,
3.48%,
12/1/2027
100,000
98,418
5.35%,
1/15/2030(b)
25,000
25,485
5.75%,
1/15/2035(b)
25,000
25,855
L3Harris
Technologies,
Inc.
,
5.05%,
6/1/2029
50,000
50,869
2.90%,
12/15/2029
25,000
23,612
1.80%,
1/15/2031
185,000
162,049
5.25%,
6/1/2031
45,000
46,045
5.35%,
6/1/2034
35,000
35,576
4.85%,
4/27/2035
90,000
88,283
5.50%,
8/15/2054(b)
25,000
23,929
Leidos,
Inc.
,
4.10%,
3/15/2029(b)
25,000
24,752
2.30%,
2/15/2031(b)
98,000
87,212
5.00%,
3/15/2036(b)
25,000
24,170
Lockheed
Martin
Corp.
,
4.15%,
8/15/2028
50,000
50,037
4.50%,
2/15/2029(b)
45,000
45,367
4.40%,
8/15/2030
45,000
45,035
4.70%,
12/15/2031(b)
30,000
30,393
3.90%,
6/15/2032(b)
50,000
48,586
5.25%,
1/15/2033
25,000
26,026
4.80%,
8/15/2034
50,000
49,956
3.60%,
3/1/2035(b)
85,000
77,510
4.07%,
12/15/2042
93,000
78,689
4.70%,
5/15/2046
75,000
66,435
4.09%,
9/15/2052
50,000
39,024
4.15%,
6/15/2053
50,000
39,472
5.70%,
11/15/2054(b)
25,000
24,960
Corporate
Bonds
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
Lockheed
Martin
Corp.,
5.20%,
2/15/2055(b)
40,000
37,199
4.30%,
6/15/2062
100,000
77,929
5.90%,
11/15/2063
30,000
30,673
Northrop
Grumman
Corp.
,
3.25%,
1/15/2028(b)
75,000
73,660
4.60%,
2/1/2029(b)
50,000
50,322
4.65%,
7/15/2030
75,000
75,429
4.90%,
6/1/2034
50,000
49,896
5.25%,
7/15/2035
40,000
40,761
4.75%,
6/1/2043(b)
150,000
135,435
4.03%,
10/15/2047
75,000
59,035
4.95%,
3/15/2053(b)
50,000
44,286
5.20%,
6/1/2054(b)
50,000
46,070
RTX
Corp.
,
4.13%,
11/16/2028
250,000
248,950
5.75%,
1/15/2029(b)
75,000
77,805
6.00%,
3/15/2031(b)
75,000
79,718
1.90%,
9/1/2031(b)
50,000
43,513
2.38%,
3/15/2032(b)
60,000
52,823
5.15%,
2/27/2033(b)
50,000
50,993
6.10%,
3/15/2034(b)
85,000
91,532
4.70%,
12/15/2041
50,000
45,341
4.50%,
6/1/2042(b)
150,000
133,110
3.75%,
11/1/2046(b)
100,000
76,058
4.63%,
11/16/2048(b)
175,000
148,986
3.03%,
3/15/2052
95,000
60,315
5.38%,
2/27/2053(b)
95,000
89,215
6.40%,
3/15/2054(b)
50,000
53,916
Textron,
Inc.
,
6.10%,
11/15/2033
75,000
79,121
4.95%,
3/15/2036(b)
25,000
24,306
6,282,156
Air
Freight
&
Logistics
0
.1
%
FedEx
Corp.
,
4.90%,
1/15/2034
200,000
197,620
4.75%,
11/15/2045
100,000
85,405
4.55%,
4/1/2046
100,000
83,290
4.05%,
2/15/2048
50,000
38,123
5.25%,
5/15/2050(b)
60,000
54,985
GXO
Logistics,
Inc.
,
6.25%,
5/6/2029(b)
25,000
25,917
6.50%,
5/6/2034(b)
25,000
26,234
United
Parcel
Service,
Inc.
,
3.05%,
11/15/2027(b)
100,000
98,404
4.65%,
10/15/2030(b)
50,000
50,738
5.25%,
5/14/2035(b)
35,000
35,768
6.20%,
1/15/2038(b)
95,000
103,649
3.40%,
9/1/2049
170,000
118,250
5.30%,
4/1/2050(b)
75,000
70,245
5.05%,
3/3/2053(b)
60,000
53,377
5.50%,
5/22/2054
50,000
47,701
5.95%,
5/14/2055(b)
35,000
35,350
5.60%,
5/22/2064(b)
25,000
23,606
6.05%,
5/14/2065(b)
25,000
25,175
1,173,837
Automobile
Components
0
.0
%
†
Aptiv
Swiss
Holdings
Ltd.
,
3.25%,
3/1/2032
110,000
102,951
5.40%,
3/15/2049
50,000
45,825
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
3
Corporate
Bonds
Principal
Amount
($)
Value
($)
Automobile
Components
Aptiv
Swiss
Holdings
Ltd.,
3.10%,
12/1/2051
32,000
19,741
4.15%,
5/1/2052(b)
50,000
37,228
BorgWarner,
Inc.
,
2.65%,
7/1/2027
55,000
53,748
Lear
Corp.
,
2.60%,
1/15/2032
50,000
44,179
5.25%,
5/15/2049(b)
25,000
22,250
Magna
International,
Inc.
,
5.05%,
3/14/2029
25,000
25,331
5.50%,
3/21/2033
20,000
20,506
371,759
Automobiles
0
.1
%
Ford
Motor
Co.
,
3.25%,
2/12/2032
300,000
260,565
6.10%,
8/19/2032(b)
100,000
100,820
4.75%,
1/15/2043(b)
200,000
151,075
General
Motors
Co.
,
6.80%,
10/1/2027
100,000
102,853
5.63%,
4/15/2030(b)
25,000
25,704
6.25%,
4/15/2035
100,000
103,989
6.60%,
4/1/2036(b)
106,000
112,716
5.15%,
4/1/2038(b)
100,000
93,810
6.25%,
10/2/2043(b)
50,000
49,101
5.20%,
4/1/2045
75,000
65,095
Honda
Motor
Co.
Ltd.
,
4.44%,
7/8/2028
75,000
74,827
4.69%,
7/8/2030(b)
50,000
49,616
2.97%,
3/10/2032(b)
25,000
22,319
5.34%,
7/8/2035(b)
25,000
24,734
Mercedes-Benz
Finance
North
America
LLC
,
8.50%,
1/18/2031(b)
75,000
86,851
Toyota
Motor
Corp.
,
4.19%,
6/30/2027
50,000
50,051
5.12%,
7/13/2028
25,000
25,454
4.45%,
6/30/2030
25,000
25,021
5.12%,
7/13/2033(b)
25,000
25,528
5.05%,
6/30/2035
25,000
25,286
1,475,415
Banks
4
.1
%
Banco
Santander
SA
,
5.29%,
8/18/2027(b)
400,000
403,849
5.59%,
8/8/2028
200,000
204,865
5.44%,
7/15/2031
200,000
205,718
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.60%),
3.23%,
11/22/2032(d)
200,000
179,519
6.94%,
11/7/2033(b)
200,000
224,298
Bank
of
America
Corp.
,
(SOFR
+
2.04%),
4.95%,
7/22/2028(b)(d)
150,000
150,969
(SOFR
+
1.99%),
6.20%,
11/10/2028(d)
70,000
71,911
(CME
Term
SOFR
3
Month
+
1.30%),
3.42%,
12/20/2028(d)
200,000
196,474
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Bank
of
America
Corp.,
Series
FIX,
(SOFR
+
0.83%),
4.98%,
1/24/2029(d)
225,000
226,753
(SOFR
+
1.63%),
5.20%,
4/25/2029(b)(d)
215,000
218,061
(SOFR
+
1.11%),
4.62%,
5/9/2029(d)
240,000
241,043
(SOFR
+
1.06%),
2.09%,
6/14/2029(b)(d)
100,000
95,144
(CME
Term
SOFR
3
Month
+
1.57%),
4.27%,
7/23/2029(d)
100,000
99,592
(CME
Term
SOFR
3
Month
+
1.47%),
3.97%,
2/7/2030(d)
300,000
295,872
(SOFR
+
2.15%),
2.59%,
4/29/2031(d)
300,000
277,151
(SOFR
+
1.37%),
1.92%,
10/24/2031(d)
400,000
354,498
(SOFR
+
0.87%),
4.46%,
2/6/2032(d)
125,000
123,436
(SOFR
+
1.32%),
2.69%,
4/22/2032(d)
330,000
299,052
(SOFR
+
1.21%),
2.57%,
10/20/2032(d)
280,000
249,121
(SOFR
+
1.33%),
2.97%,
2/4/2033(b)(d)
350,000
316,825
(SOFR
+
1.83%),
4.57%,
4/27/2033(b)(d)
140,000
137,552
(SOFR
+
2.16%),
5.02%,
7/22/2033(d)
190,000
191,122
(SOFR
+
1.91%),
5.29%,
4/25/2034(b)(d)
180,000
182,188
(SOFR
+
1.84%),
5.87%,
9/15/2034(d)
100,000
104,716
(SOFR
+
1.65%),
5.47%,
1/23/2035(d)
210,000
214,368
(SOFR
+
1.74%),
5.52%,
10/25/2035(b)(d)
100,000
99,998
(SOFR
+
1.31%),
5.51%,
1/24/2036(b)(d)
245,000
249,846
(SOFR
+
1.70%),
5.74%,
2/12/2036(d)
180,000
183,109
(SOFR
+
1.64%),
5.46%,
5/9/2036(b)(d)
90,000
91,795
(SOFR
+
1.13%),
5.05%,
2/6/2037(b)(d)
125,000
123,337
(CME
Term
SOFR
3
Month
+
2.08%),
4.24%,
4/24/2038(d)
150,000
135,863
(CME
Term
SOFR
3
Month
+
1.58%),
4.08%,
4/23/2040(d)
100,000
87,029
(SOFR
+
1.93%),
2.68%,
6/19/2041(b)(d)
250,000
179,163
5.88%,
2/7/2042
125,000
128,732
(SOFR
+
1.58%),
3.31%,
4/22/2042(d)
125,000
95,322
5.00%,
1/21/2044(b)
50,000
46,518
4
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Bank
of
America
Corp.,
(CME
Term
SOFR
3
Month
+
1.78%),
4.33%,
3/15/2050(b)(d)
200,000
162,152
(CME
Term
SOFR
3
Month
+
3.41%),
4.08%,
3/20/2051(b)(d)
300,000
232,052
(SOFR
+
1.56%),
2.97%,
7/21/2052(b)(d)
50,000
31,608
Bank
of
Montreal
,
Series
H,
4.70%,
9/14/2027
150,000
150,820
(United
States
SOFR
Compounded
Index
+
0.75%),
4.06%,
9/22/2028(d)
75,000
74,567
5.72%,
9/25/2028
100,000
102,973
Series
J,
(SOFR
+
0.89%),
4.34%,
3/19/2030(b)(d)
25,000
24,891
(SOFR
+
1.25%),
4.64%,
9/10/2030(b)(d)
85,000
85,157
5.51%,
6/4/2031(b)
75,000
77,781
(United
States
SOFR
Compounded
Index
+
1.08%),
4.35%,
9/22/2031(b)(d)
75,000
73,930
Series
J,
(SOFR
+
0.97%),
4.44%,
1/14/2032(b)(d)
25,000
24,615
Bank
of
Nova
Scotia
(The)
,
5.40%,
6/4/2027
25,000
25,319
(SOFR
+
1.00%),
4.40%,
9/8/2028(d)
25,000
24,973
(SOFR
+
0.76%),
4.04%,
9/15/2028(d)
50,000
49,682
(SOFR
+
0.89%),
4.93%,
2/14/2029(b)(d)
50,000
50,420
5.45%,
8/1/2029(b)
25,000
25,793
4.85%,
2/1/2030(b)
60,000
60,687
(SOFR
+
0.73%),
4.25%,
2/2/2030(d)
25,000
24,772
(SOFR
+
1.07%),
5.13%,
2/14/2031(b)(d)
50,000
50,828
(SOFR
+
1.09%),
4.34%,
9/15/2031(d)
50,000
49,330
2.45%,
2/2/2032(b)
50,000
44,160
(SOFR
+
1.44%),
4.74%,
11/10/2032(b)(d)
25,000
24,938
(SOFR
+
1.05%),
4.81%,
2/2/2034(d)
25,000
24,645
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.05%),
4.59%,
5/4/2037(d)
92,000
88,010
Barclays
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.65%),
5.50%,
8/9/2028(b)(d)
200,000
202,287
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.30%),
7.39%,
11/2/2028(d)
200,000
208,293
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Barclays
plc,
(SOFR
+
0.96%),
5.09%,
2/25/2029(b)(d)
200,000
201,637
+
1.90%),
4.97%,
5/16/2029(b)(d)
200,000
201,217
(SOFR
+
1.56%),
4.94%,
9/10/2030(d)
200,000
201,031
(SOFR
+
1.23%),
5.37%,
2/25/2031(d)
200,000
203,473
(SOFR
+
1.91%),
5.34%,
9/10/2035(b)(d)
200,000
198,200
5.25%,
8/17/2045(b)
205,000
189,324
4.95%,
1/10/2047(b)
200,000
176,318
Canadian
Imperial
Bank
of
Commerce
,
3.45%,
4/7/2027(b)
80,000
79,418
5.24%,
6/28/2027(b)
50,000
50,548
5.00%,
4/28/2028
60,000
60,742
(United
States
SOFR
Compounded
Index
+
0.60%),
4.24%,
9/8/2028(b)
(d)
25,000
24,935
5.99%,
10/3/2028
50,000
51,820
(SOFR
+
1.03%),
4.86%,
3/30/2029(b)(d)
50,000
50,400
5.26%,
4/8/2029
75,000
76,636
(United
States
SOFR
Compounded
Index
+
0.79%),
4.28%,
1/29/2030(d)
25,000
24,831
(SOFR
+
1.34%),
4.63%,
9/11/2030(d)
50,000
50,055
(SOFR
+
1.11%),
5.25%,
1/13/2031(d)
25,000
25,497
(United
States
SOFR
Compounded
Index
+
1.17%),
4.58%,
9/8/2031(b)
(d)
35,000
34,851
6.09%,
10/3/2033
50,000
53,491
Citibank
NA
,
4.58%,
5/29/2027
250,000
250,995
5.80%,
9/29/2028(b)
250,000
259,598
Citigroup,
Inc.
,
4.45%,
9/29/2027
100,000
100,003
(SOFR
+
1.14%),
4.64%,
5/7/2028(d)
75,000
75,124
(SOFR
+
0.87%),
4.79%,
3/4/2029(d)
200,000
201,009
(SOFR
+
1.36%),
5.17%,
2/13/2030(d)
105,000
106,619
(CME
Term
SOFR
3
Month
+
1.60%),
3.98%,
3/20/2030(d)
250,000
245,965
(SOFR
+
1.34%),
4.54%,
9/19/2030(b)(d)
100,000
99,653
(SOFR
+
1.42%),
2.98%,
11/5/2030(b)(d)
200,000
188,901
(SOFR
+
1.15%),
2.67%,
1/29/2031(d)
100,000
92,769
(SOFR
+
3.91%),
4.41%,
3/31/2031(d)
175,000
173,000
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
5
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Citigroup,
Inc.,
(SOFR
+
2.11%),
2.57%,
6/3/2031(d)
300,000
275,004
(SOFR
+
1.17%),
4.50%,
9/11/2031(b)(d)
120,000
118,636
(SOFR
+
1.17%),
2.56%,
5/1/2032(d)
245,000
219,163
(SOFR
+
1.94%),
3.79%,
3/17/2033(b)(d)
265,000
248,584
(SOFR
+
2.09%),
4.91%,
5/24/2033(d)
335,000
333,483
(SOFR
+
2.66%),
6.17%,
5/25/2034(d)
145,000
150,092
(SOFR
+
1.45%),
5.45%,
6/11/2035(b)(d)
200,000
202,781
(SOFR
+
1.83%),
6.02%,
1/24/2036(d)
195,000
199,081
(SOFR
+
1.47%),
5.33%,
3/27/2036(d)
155,000
155,472
(SOFR
+
1.49%),
5.17%,
9/11/2036(b)(d)
120,000
118,955
(SOFR
+
4.55%),
5.32%,
3/26/2041(b)(d)
200,000
193,187
4.65%,
7/23/2048(b)
200,000
169,275
(SOFR
+
1.75%),
5.61%,
3/4/2056(b)(d)
70,000
67,230
Citizens
Financial
Group,
Inc.
,
2.50%,
2/6/2030(b)
120,000
110,579
(SOFR
+
1.26%),
5.25%,
3/5/2031(d)
25,000
25,298
(SOFR
+
1.91%),
5.72%,
7/23/2032(d)
50,000
51,395
(SOFR
+
2.33%),
6.65%,
4/25/2035(b)(d)
25,000
26,794
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%),
5.64%,
5/21/2037(d)
40,000
39,911
Cooperatieve
Rabobank
UA
,
5.25%,
5/24/2041
175,000
169,531
Fifth
Third
Bancorp
,
(SOFR
+
1.36%),
4.06%,
4/25/2028(d)
40,000
39,776
(United
States
SOFR
Compounded
Index
+
2.19%),
6.36%,
10/27/2028(b)(d)
60,000
61,696
(SOFR
+
2.34%),
6.34%,
7/27/2029(d)
106,000
109,887
(United
States
SOFR
Compounded
Index
+
2.13%),
4.77%,
7/28/2030(b)(d)
60,000
60,009
(SOFR
+
1.84%),
5.63%,
1/29/2032(b)(d)
100,000
103,081
(SOFR
+
1.66%),
4.34%,
4/25/2033(d)
40,000
38,547
Fifth
Third
Financial
Corp.
,
4.00%,
2/1/2029
200,000
197,040
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
HSBC
Holdings
plc
,
(SOFR
+
3.35%),
7.39%,
11/3/2028(d)
215,000
224,110
(SOFR
+
1.03%),
4.90%,
3/3/2029(d)
200,000
201,092
(SOFR
+
1.97%),
6.16%,
3/9/2029(b)(d)
400,000
411,494
(SOFR
+
1.29%),
2.21%,
8/17/2029(d)
200,000
189,318
(CME
Term
SOFR
3
Month
+
1.87%),
3.97%,
5/22/2030(d)
200,000
195,816
(SOFR
+
1.95%),
2.36%,
8/18/2031(b)(d)
300,000
270,598
(SOFR
+
1.19%),
4.62%,
11/6/2031(b)(d)
200,000
197,222
(SOFR
+
1.52%),
5.73%,
5/17/2032(b)(d)
200,000
206,771
(SOFR
+
2.53%),
4.76%,
3/29/2033(d)
200,000
194,994
(SOFR
+
1.56%),
5.45%,
3/3/2036(d)
200,000
200,583
6.50%,
5/2/2036
100,000
105,022
(SOFR
+
1.88%),
5.79%,
5/13/2036(d)
200,000
205,588
(SOFR
+
1.96%),
5.74%,
9/10/2036(b)(d)
200,000
200,222
(SOFR
+
1.43%),
5.13%,
11/6/2036(d)
200,000
195,631
(SOFR
+
2.65%),
6.33%,
3/9/2044(d)
200,000
210,801
Huntington
Bancshares,
Inc.
,
(SOFR
+
1.97%),
4.44%,
8/4/2028(d)
30,000
29,978
(SOFR
+
0.99%),
4.62%,
1/28/2032(b)(d)
50,000
49,270
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%),
2.49%,
8/15/2036(d)
175,000
150,027
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.35%),
5.61%,
1/28/2041(d)
25,000
24,398
ING
Groep
NV
,
4.55%,
10/2/2028(b)
200,000
200,230
(SOFR
+
1.77%),
5.55%,
3/19/2035(b)(d)
200,000
203,139
JPMorgan
Chase
&
Co.
,
4.25%,
10/1/2027(b)
500,000
500,264
(SOFR
+
0.93%),
4.98%,
7/22/2028(d)
50,000
50,336
(SOFR
+
1.99%),
4.85%,
7/25/2028(d)
180,000
180,886
(SOFR
+
0.86%),
4.51%,
10/22/2028(b)(d)
110,000
109,977
(SOFR
+
1.02%),
2.07%,
6/1/2029(d)
100,000
95,150
(SOFR
+
1.45%),
5.30%,
7/24/2029(b)(d)
85,000
86,586
6
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
JPMorgan
Chase
&
Co.,
(SOFR
+
1.57%),
6.09%,
10/23/2029(b)(d)
165,000
171,448
(SOFR
+
1.31%),
5.01%,
1/23/2030(d)
175,000
177,448
(CME
Term
SOFR
3
Month
+
1.42%),
3.70%,
5/6/2030(b)(d)
150,000
146,285
(SOFR
+
1.75%),
4.57%,
6/14/2030(d)
200,000
200,188
(CME
Term
SOFR
3
Month
+
1.51%),
2.74%,
10/15/2030(d)
300,000
282,543
(SOFR
+
1.04%),
4.60%,
10/22/2030(d)
200,000
200,427
(SOFR
+
1.01%),
5.14%,
1/24/2031(d)
225,000
229,118
(CME
Term
SOFR
3
Month
+
3.79%),
4.49%,
3/24/2031(d)
300,000
298,380
(SOFR
+
2.04%),
2.52%,
4/22/2031(b)(d)
100,000
92,411
(SOFR
+
1.44%),
5.10%,
4/22/2031(b)(d)
135,000
137,451
(SOFR
+
0.93%),
4.26%,
10/22/2031(b)(d)
135,000
132,891
(SOFR
+
0.84%),
4.35%,
1/22/2032(b)(d)
75,000
73,942
(SOFR
+
1.18%),
2.55%,
11/8/2032(b)(d)
210,000
186,672
(SOFR
+
1.26%),
2.96%,
1/25/2033(d)
130,000
117,939
(SOFR
+
1.80%),
4.59%,
4/26/2033(d)
35,000
34,534
(SOFR
+
2.08%),
4.91%,
7/25/2033(d)
115,000
115,079
(SOFR
+
2.58%),
5.72%,
9/14/2033(b)(d)
100,000
103,537
(SOFR
+
1.85%),
5.35%,
6/1/2034(b)(d)
150,000
153,043
(SOFR
+
1.81%),
6.25%,
10/23/2034(d)
135,000
145,154
(SOFR
+
1.62%),
5.34%,
1/23/2035(d)
100,000
101,535
(SOFR
+
1.49%),
5.77%,
4/22/2035(d)
150,000
156,238
(SOFR
+
1.46%),
5.29%,
7/22/2035(d)
150,000
151,857
(SOFR
+
1.34%),
4.95%,
10/22/2035(d)
125,000
123,629
(SOFR
+
1.32%),
5.50%,
1/24/2036(d)
140,000
143,295
(SOFR
+
1.68%),
5.57%,
4/22/2036(d)
235,000
242,164
(SOFR
+
1.19%),
4.81%,
10/22/2036(d)
195,000
189,338
(SOFR
+
1.07%),
4.90%,
1/22/2037(b)(d)
105,000
102,744
(SOFR
+
1.30%),
5.19%,
2/5/2037(d)
50,000
49,133
6.40%,
5/15/2038
175,000
192,207
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
JPMorgan
Chase
&
Co.,
(CME
Term
SOFR
3
Month
+
1.62%),
3.88%,
7/24/2038(d)
150,000
131,565
5.60%,
7/15/2041
100,000
100,192
(CME
Term
SOFR
3
Month
+
1.51%),
2.53%,
11/19/2041(d)
125,000
87,346
4.85%,
2/1/2044
150,000
137,479
(SOFR
+
1.55%),
5.53%,
11/29/2045(b)(d)
150,000
147,330
(CME
Term
SOFR
3
Month
+
1.84%),
4.26%,
2/22/2048(d)
150,000
122,628
(CME
Term
SOFR
3
Month
+
1.64%),
3.96%,
11/15/2048(d)
100,000
77,582
(SOFR
+
2.44%),
3.11%,
4/22/2051(d)
200,000
130,567
(SOFR
+
1.58%),
3.33%,
4/22/2052(b)(d)
150,000
102,110
Keybank
National
Association
,
5.85%,
11/15/2027(b)
250,000
255,257
KeyCorp
,
2.25%,
4/6/2027
50,000
48,920
(United
States
SOFR
Compounded
Index
+
2.42%),
6.40%,
3/6/2035(b)
(d)
80,000
84,819
Korea
Development
Bank
(The)
,
4.38%,
2/15/2033
200,000
198,720
Kreditanstalt
fuer
Wiederaufbau
,
3.88%,
6/15/2028
1,200,000
1,201,735
4.63%,
3/18/2030(b)
80,000
82,149
3.75%,
7/15/2030(b)
50,000
49,663
4.13%,
7/15/2033
400,000
398,799
0.00%,
6/29/2037(e)
250,000
151,707
Lloyds
Banking
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%),
5.87%,
3/6/2029(d)
300,000
307,412
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.75%),
5.68%,
1/5/2035(b)(d)
200,000
205,490
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.50%),
3.37%,
12/14/2046(b)(d)
300,000
216,442
M&T
Bank
Corp.
,
(United
States
SOFR
Compounded
Index
+
1.78%),
4.55%,
8/16/2028(b)(d)
40,000
39,972
(SOFR
+
1.40%),
5.18%,
7/8/2031(b)(d)
30,000
30,314
(SOFR
+
1.85%),
5.05%,
1/27/2034(b)(d)
88,000
86,920
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
7
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
M&T
Bank
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.43%),
5.40%,
7/30/2035(d)
25,000
24,920
(SOFR
+
1.61%),
5.39%,
1/16/2036(b)(d)
50,000
49,588
Mitsubishi
UFJ
Financial
Group,
Inc.
,
3.74%,
3/7/2029(b)
400,000
393,582
3.20%,
7/18/2029(b)
300,000
287,676
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.95%),
2.31%,
7/20/2032(d)
300,000
264,249
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%),
2.85%,
1/19/2033(b)(d)
200,000
178,919
3.75%,
7/18/2039(b)
200,000
168,692
Mizuho
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%),
4.71%,
7/8/2031(d)
200,000
199,670
(CME
Term
SOFR
3
Month
+
1.77%),
2.20%,
7/10/2031(d)
200,000
180,147
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%),
5.75%,
7/6/2034(b)(d)
200,000
207,750
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.07%),
5.32%,
7/8/2036(b)(d)
200,000
200,885
Morgan
Stanley
Bank
NA
,
(SOFR
+
0.91%),
5.02%,
1/12/2029(b)(d)
250,000
252,676
Morgan
Stanley
Private
Bank
NA
,
(SOFR
+
0.77%),
4.47%,
7/6/2028(d)
250,000
249,991
(SOFR
+
0.78%),
4.20%,
11/17/2028(d)
250,000
249,134
(SOFR
+
1.02%),
4.47%,
11/19/2031(d)
250,000
246,120
National
Australia
Bank
Ltd.
,
3.91%,
6/9/2027(b)
250,000
249,467
4.79%,
1/10/2029(b)
250,000
254,718
NatWest
Group
plc
,
+
1.75%),
4.89%,
5/18/2029(b)(d)
200,000
201,398
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%),
5.12%,
5/23/2031(d)
200,000
201,993
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.50%),
5.78%,
3/1/2035(b)(d)
200,000
206,747
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Oesterreichische
Kontrollbank
AG
,
4.13%,
1/18/2029(b)
460,000
462,890
PNC
Financial
Services
Group,
Inc.
(The)
,
(SOFR
+
1.62%),
5.35%,
12/2/2028(b)(d)
135,000
137,103
3.45%,
4/23/2029
100,000
97,781
(SOFR
+
1.20%),
5.49%,
5/14/2030(b)(d)
100,000
102,843
(SOFR
+
1.07%),
5.22%,
1/29/2031(b)(d)
90,000
91,809
(SOFR
+
1.33%),
4.90%,
5/13/2031(d)
50,000
50,306
(SOFR
+
0.98%),
2.31%,
4/23/2032(d)
75,000
66,798
(SOFR
+
1.26%),
4.81%,
10/21/2032(b)(d)
75,000
74,751
(United
States
SOFR
Compounded
Index
+
2.14%),
6.04%,
10/28/2033(b)(d)
100,000
105,762
(SOFR
+
1.93%),
5.07%,
1/24/2034(d)
125,000
124,974
(SOFR
+
1.95%),
5.94%,
8/18/2034(d)
50,000
52,366
(SOFR
+
2.28%),
6.88%,
10/20/2034(d)
85,000
93,905
(SOFR
+
1.90%),
5.68%,
1/22/2035(b)(d)
100,000
102,871
(SOFR
+
1.60%),
5.40%,
7/23/2035(b)(d)
50,000
50,635
(SOFR
+
1.39%),
5.58%,
1/29/2036(d)
50,000
51,045
Regions
Financial
Corp.
,
(SOFR
+
1.49%),
5.72%,
6/6/2030(d)
50,000
51,277
Royal
Bank
of
Canada
,
3.63%,
5/4/2027
40,000
39,760
4.24%,
8/3/2027
90,000
89,968
6.00%,
11/1/2027
46,000
47,187
(United
States
SOFR
Compounded
Index
+
0.86%),
4.52%,
10/18/2028(d)
50,000
50,055
(SOFR
+
0.70%),
4.00%,
11/3/2028(b)(d)
75,000
74,463
(SOFR
+
0.89%),
4.50%,
8/6/2029(d)
100,000
100,000
(United
States
SOFR
Compounded
Index
+
1.08%),
4.65%,
10/18/2030(d)
125,000
125,293
(SOFR
+
1.03%),
5.15%,
2/4/2031(d)
125,000
127,045
(SOFR
+
1.06%),
4.70%,
8/6/2031(d)
75,000
74,833
(SOFR
+
0.98%),
4.31%,
11/3/2031(b)(d)
75,000
73,729
3.88%,
5/4/2032(b)
40,000
38,392
5.00%,
5/2/2033
55,000
55,487
8
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Royal
Bank
of
Canada,
5.15%,
2/1/2034(b)
100,000
102,248
Santander
Holdings
USA,
Inc.
,
4.40%,
7/13/2027
78,000
77,834
(SOFR
+
2.36%),
6.50%,
3/9/2029(b)(d)
60,000
61,871
(SOFR
+
2.70%),
6.57%,
6/12/2029(b)(d)
24,000
24,832
(SOFR
+
2.50%),
6.17%,
1/9/2030(d)
40,000
41,330
(SOFR
+
1.88%),
5.74%,
3/20/2031(d)
50,000
51,304
(SOFR
+
3.28%),
7.66%,
11/9/2031(b)(d)
25,000
27,501
(SOFR
+
2.14%),
6.34%,
5/31/2035(b)(d)
35,000
36,606
Santander
UK
Group
Holdings
plc
,
(SOFR
+
2.60%),
6.53%,
1/10/2029(b)(d)
200,000
206,361
Sumitomo
Mitsui
Financial
Group,
Inc.
,
3.36%,
7/12/2027(b)
300,000
296,714
5.72%,
9/14/2028
200,000
205,620
1.90%,
9/17/2028
200,000
187,835
2.75%,
1/15/2030
200,000
186,723
(SOFR
+
1.50%),
5.25%,
7/8/2036(d)
200,000
200,486
2.93%,
9/17/2041
300,000
212,967
Toronto-Dominion
Bank
(The)
,
4.98%,
4/5/2027
75,000
75,547
4.11%,
6/8/2027
100,000
99,738
4.69%,
9/15/2027
90,000
90,472
4.86%,
1/31/2028
50,000
50,403
5.52%,
7/17/2028
75,000
76,851
4.11%,
10/13/2028
50,000
49,731
4.78%,
12/17/2029
50,000
50,553
4.81%,
6/3/2030(b)
75,000
75,620
2.45%,
1/12/2032
100,000
88,397
5.30%,
1/30/2032
50,000
51,356
3.20%,
3/10/2032(b)
75,000
68,981
4.46%,
6/8/2032(b)
55,000
54,075
4.93%,
10/15/2035
25,000
24,596
Truist
Financial
Corp.
,
1.13%,
8/3/2027
300,000
287,556
(SOFR
+
1.37%),
4.12%,
6/6/2028(d)
65,000
64,719
(SOFR
+
1.44%),
4.87%,
1/26/2029(b)(d)
80,000
80,526
(SOFR
+
2.45%),
7.16%,
10/30/2029(d)
30,000
31,885
(SOFR
+
1.31%),
5.07%,
5/20/2031(b)(d)
100,000
101,090
(SOFR
+
2.30%),
6.12%,
10/28/2033(b)(d)
100,000
105,721
(SOFR
+
1.85%),
5.12%,
1/26/2034(d)
30,000
29,919
(SOFR
+
2.36%),
5.87%,
6/8/2034(d)
45,000
46,887
(SOFR
+
1.92%),
5.71%,
1/24/2035(b)(d)
160,000
165,047
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Truist
Financial
Corp.,
(SOFR
+
1.40%),
4.96%,
10/23/2036(b)(d)
75,000
72,646
US
Bancorp
,
Series
X,
3.15%,
4/27/2027(b)
300,000
296,636
(SOFR
+
2.02%),
5.78%,
6/12/2029(b)(d)
40,000
41,143
(SOFR
+
1.25%),
5.10%,
7/23/2030(b)(d)
115,000
117,028
(SOFR
+
1.06%),
5.05%,
2/12/2031(d)
50,000
50,728
(SOFR
+
0.87%),
4.48%,
1/26/2032(b)(d)
25,000
24,737
(SOFR
+
1.02%),
2.68%,
1/27/2033(b)(d)
100,000
88,900
(SOFR
+
2.09%),
5.85%,
10/21/2033(b)(d)
200,000
210,134
(SOFR
+
2.26%),
5.84%,
6/12/2034(b)(d)
75,000
78,280
(SOFR
+
1.86%),
5.68%,
1/23/2035(d)
100,000
103,286
(SOFR
+
1.41%),
5.42%,
2/12/2036(b)(d)
50,000
51,092
(SOFR
+
1.10%),
5.03%,
1/26/2037(b)(d)
25,000
24,632
Wells
Fargo
&
Co.
,
4.30%,
7/22/2027
50,000
49,936
(SOFR
+
1.07%),
5.71%,
4/22/2028(d)
170,000
172,193
(SOFR
+
1.98%),
4.81%,
7/25/2028(b)(d)
125,000
125,519
(SOFR
+
1.37%),
4.97%,
4/23/2029(d)
225,000
226,951
(SOFR
+
0.88%),
4.08%,
9/15/2029(d)
225,000
222,525
(SOFR
+
0.74%),
4.18%,
1/23/2030(b)(d)
60,000
59,468
(SOFR
+
1.50%),
5.20%,
1/23/2030(d)
140,000
142,195
(CME
Term
SOFR
3
Month
+
1.43%),
2.88%,
10/30/2030(b)(d)
100,000
94,348
(SOFR
+
1.11%),
5.24%,
1/24/2031(d)
95,000
96,841
(CME
Term
SOFR
3
Month
+
1.26%),
2.57%,
2/11/2031(b)(d)
125,000
115,622
(CME
Term
SOFR
3
Month
+
4.03%),
4.48%,
4/4/2031(d)
250,000
247,840
(SOFR
+
1.50%),
5.15%,
4/23/2031(b)(d)
200,000
203,417
(SOFR
+
1.50%),
3.35%,
3/2/2033(b)(d)
150,000
137,728
(SOFR
+
2.10%),
4.90%,
7/25/2033(d)
175,000
174,105
(SOFR
+
2.02%),
5.39%,
4/24/2034(d)
240,000
243,594
(SOFR
+
1.99%),
5.56%,
7/25/2034(b)(d)
140,000
143,481
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
9
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Wells
Fargo
&
Co.,
(SOFR
+
2.06%),
6.49%,
10/23/2034(d)
140,000
151,586
(SOFR
+
1.78%),
5.50%,
1/23/2035(d)
110,000
111,974
(SOFR
+
1.38%),
5.21%,
12/3/2035(d)
200,000
199,115
(SOFR
+
1.34%),
4.89%,
9/15/2036(d)
225,000
218,904
(SOFR
+
1.10%),
4.96%,
1/23/2037(b)(d)
100,000
97,414
(SOFR
+
2.53%),
3.07%,
4/30/2041(d)
175,000
131,382
4.65%,
11/4/2044
250,000
209,612
4.40%,
6/14/2046
200,000
159,229
(SOFR
+
1.23%),
5.43%,
1/23/2047(d)
100,000
94,755
(CME
Term
SOFR
3
Month
+
4.50%),
5.01%,
4/4/2051(d)
225,000
198,223
(SOFR
+
2.13%),
4.61%,
4/25/2053(b)(d)
100,000
82,912
Westpac
Banking
Corp.
,
5.46%,
11/18/2027(b)
200,000
204,083
4.35%,
7/1/2030(b)
75,000
74,993
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%),
4.11%,
7/24/2034(b)(d)
300,000
292,512
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%),
3.02%,
11/18/2036(d)
85,000
76,038
2.96%,
11/16/2040
50,000
37,046
3.13%,
11/18/2041
65,000
47,747
46,221,372
Beverages
0
.5
%
Anheuser-Busch
Cos.
LLC
,
4.70%,
2/1/2036
210,000
204,534
4.90%,
2/1/2046(b)
470,000
423,551
Anheuser-Busch
InBev
Finance,
Inc.
,
4.63%,
2/1/2044
100,000
87,883
Anheuser-Busch
InBev
Worldwide,
Inc.
,
4.75%,
1/23/2029(b)
150,000
151,907
3.50%,
6/1/2030(b)
125,000
120,792
5.00%,
6/15/2034
50,000
50,572
4.44%,
10/6/2048(b)
100,000
83,844
5.55%,
1/23/2049(b)
200,000
194,234
4.75%,
4/15/2058
75,000
63,342
5.80%,
1/23/2059(b)
50,000
50,121
Brown-Forman
Corp.
,
4.75%,
4/15/2033(b)
40,000
39,679
Coca-Cola
Co.
(The)
,
3.45%,
3/25/2030(b)
50,000
48,688
2.00%,
3/5/2031(b)
45,000
40,432
2.25%,
1/5/2032(b)
300,000
268,566
5.00%,
5/13/2034
50,000
51,504
2.88%,
5/5/2041(b)
75,000
56,585
3.00%,
3/5/2051(b)
85,000
55,564
Corporate
Bonds
Principal
Amount
($)
Value
($)
Beverages
Coca-Cola
Co.
(The),
2.50%,
3/15/2051
56,000
32,901
5.30%,
5/13/2054(b)
75,000
71,884
5.20%,
1/14/2055(b)
50,000
47,347
5.40%,
5/13/2064
100,000
95,117
Coca-Cola
Consolidated,
Inc.
,
5.25%,
6/1/2029
50,000
51,110
Coca-Cola
Femsa
SAB
de
CV
,
2.75%,
1/22/2030
150,000
140,669
Constellation
Brands,
Inc.
,
4.80%,
1/15/2029(b)
25,000
25,147
2.88%,
5/1/2030(b)
100,000
93,574
4.80%,
5/1/2030
25,000
25,145
2.25%,
8/1/2031(b)
105,000
92,616
4.90%,
5/1/2033(b)
60,000
59,191
4.95%,
11/1/2035(b)
25,000
24,133
Diageo
Capital
plc
,
2.00%,
4/29/2030
200,000
181,226
Diageo
Investment
Corp.
,
7.45%,
4/15/2035(b)
150,000
174,712
Fomento
Economico
Mexicano
SAB
de
CV
,
3.50%,
1/16/2050(b)
150,000
107,654
Keurig
Dr
Pepper,
Inc.
,
4.35%,
5/15/2028
25,000
24,911
4.60%,
5/25/2028
54,000
53,983
5.05%,
3/15/2029
25,000
25,272
3.95%,
4/15/2029
50,000
48,981
3.20%,
5/1/2030(b)
100,000
93,764
4.60%,
5/15/2030
25,000
24,740
4.05%,
4/15/2032(b)
50,000
47,302
5.30%,
3/15/2034
100,000
99,148
5.15%,
5/15/2035
25,000
24,366
4.50%,
4/15/2052(b)
50,000
39,004
Molson
Coors
Beverage
Co.
,
5.00%,
5/1/2042(b)
75,000
67,389
4.20%,
7/15/2046(b)
50,000
39,047
Pepsico
Singapore
Financing
I
Pte.
Ltd.
,
4.55%,
2/16/2029
25,000
25,254
4.70%,
2/16/2034
25,000
24,867
PepsiCo,
Inc.
,
3.00%,
10/15/2027(b)
300,000
295,432
4.45%,
2/7/2028
25,000
25,200
3.60%,
2/18/2028(b)
25,000
24,806
4.10%,
1/15/2029(b)
50,000
49,971
4.50%,
7/17/2029
50,000
50,480
4.60%,
2/7/2030
25,000
25,325
2.75%,
3/19/2030(b)
200,000
189,017
1.40%,
2/25/2031(b)
125,000
109,052
3.90%,
7/18/2032(b)
35,000
33,900
4.45%,
2/15/2033
60,000
60,209
4.80%,
7/17/2034
50,000
50,347
5.00%,
7/23/2035(b)
50,000
50,599
2.63%,
10/21/2041
50,000
35,810
4.45%,
4/14/2046(b)
50,000
43,412
2.88%,
10/15/2049
50,000
32,241
3.63%,
3/19/2050
75,000
55,322
2.75%,
10/21/2051
50,000
30,685
4.65%,
2/15/2053
60,000
51,820
10
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Beverages
PepsiCo,
Inc.,
5.25%,
7/17/2054
50,000
48,078
5,113,958
Biotechnology
0
.4
%
AbbVie,
Inc.
,
3.78%,
3/3/2028
40,000
39,731
4.80%,
3/15/2029(b)
50,000
50,803
3.20%,
11/21/2029(b)
125,000
120,508
4.88%,
3/15/2030(b)
100,000
101,995
4.13%,
3/15/2031(b)
30,000
29,565
4.95%,
3/15/2031(b)
95,000
97,046
4.40%,
3/15/2033
50,000
49,084
5.05%,
3/15/2034(b)
25,000
25,374
4.55%,
3/15/2035
120,000
116,512
4.50%,
5/14/2035
175,000
169,241
4.75%,
3/15/2036
35,000
34,339
4.05%,
11/21/2039(b)
180,000
157,990
4.40%,
11/6/2042
125,000
109,797
5.35%,
3/15/2044(b)
55,000
53,534
4.75%,
3/15/2045
143,000
127,855
4.70%,
5/14/2045
132,000
117,722
4.88%,
11/14/2048(b)
75,000
67,252
4.25%,
11/21/2049(b)
175,000
142,053
5.40%,
3/15/2054(b)
90,000
85,937
5.60%,
3/15/2055(b)
40,000
39,403
5.50%,
3/15/2064
45,000
42,911
5.65%,
3/15/2066(b)
45,000
43,823
Amgen,
Inc.
,
5.15%,
3/2/2028
90,000
91,319
1.65%,
8/15/2028
200,000
188,578
2.45%,
2/21/2030(b)
100,000
92,866
5.25%,
3/2/2030(b)
125,000
128,354
3.35%,
2/22/2032(b)
55,000
51,213
4.20%,
3/1/2033(b)
95,000
91,685
3.15%,
2/21/2040(b)
100,000
77,777
2.80%,
8/15/2041(b)
50,000
36,032
5.60%,
3/2/2043(b)
190,000
187,271
4.40%,
5/1/2045(b)
150,000
126,519
5.50%,
2/19/2046(b)
25,000
24,006
4.56%,
6/15/2048
174,000
145,831
4.66%,
6/15/2051
118,000
98,998
3.00%,
1/15/2052(b)
25,000
16,064
4.20%,
2/22/2052
25,000
19,425
4.88%,
3/1/2053(b)
55,000
47,645
5.65%,
3/2/2053(b)
155,000
150,124
4.40%,
2/22/2062(b)
115,000
88,955
Biogen,
Inc.
,
2.25%,
5/1/2030(b)
125,000
114,179
3.15%,
5/1/2050(b)
80,000
50,416
3.25%,
2/15/2051(b)
130,000
82,253
Gilead
Sciences,
Inc.
,
4.80%,
11/15/2029
45,000
45,837
1.65%,
10/1/2030(b)
65,000
57,897
4.00%,
9/1/2036
50,000
46,099
5.65%,
12/1/2041(b)
75,000
76,316
4.80%,
4/1/2044(b)
150,000
135,366
4.75%,
3/1/2046(b)
125,000
110,753
4.15%,
3/1/2047(b)
125,000
101,126
5.55%,
10/15/2053(b)
45,000
43,757
5.50%,
11/15/2054(b)
25,000
24,236
5.60%,
11/15/2064(b)
25,000
24,214
Corporate
Bonds
Principal
Amount
($)
Value
($)
Biotechnology
Regeneron
Pharmaceuticals,
Inc.
,
2.80%,
9/15/2050
65,000
39,343
4,436,929
Broadline
Retail
0
.4
%
Alibaba
Group
Holding
Ltd.
,
3.40%,
12/6/2027(b)
200,000
197,662
4.00%,
12/6/2037
200,000
181,273
4.20%,
12/6/2047(b)
200,000
165,082
Amazon.com,
Inc.
,
4.55%,
12/1/2027(b)
100,000
100,883
3.85%,
3/13/2028
100,000
99,681
3.90%,
11/20/2028(b)
125,000
124,466
4.00%,
3/13/2029(b)
100,000
99,495
3.45%,
4/13/2029
80,000
78,437
4.65%,
12/1/2029
80,000
81,197
1.50%,
6/3/2030(b)
125,000
111,656
4.10%,
11/20/2030
150,000
148,242
4.25%,
3/13/2031
130,000
129,042
2.10%,
5/12/2031(b)
150,000
134,422
3.60%,
4/13/2032
70,000
66,698
4.70%,
12/1/2032(b)
80,000
80,917
4.55%,
3/13/2033
60,000
59,423
4.35%,
3/20/2033(b)
110,000
108,002
4.80%,
12/5/2034(b)
100,000
101,087
4.65%,
11/20/2035
190,000
186,304
4.88%,
3/13/2036
120,000
118,906
3.88%,
8/22/2037(b)
125,000
112,500
2.88%,
5/12/2041
125,000
92,097
5.65%,
3/13/2046
75,000
74,741
4.05%,
8/22/2047(b)
100,000
79,961
2.50%,
6/3/2050
100,000
58,377
3.10%,
5/12/2051
125,000
81,684
3.95%,
4/13/2052(b)
140,000
107,344
5.45%,
11/20/2055
100,000
95,527
5.80%,
3/13/2056
185,000
184,851
4.25%,
8/22/2057(b)
100,000
78,022
2.70%,
6/3/2060
50,000
27,298
3.25%,
5/12/2061
50,000
31,015
4.10%,
4/13/2062
100,000
74,585
5.55%,
11/20/2065
150,000
141,726
5.95%,
3/13/2066
50,000
50,164
6.05%,
3/13/2076
100,000
99,414
eBay,
Inc.
,
3.60%,
6/5/2027
200,000
198,218
4.25%,
3/6/2029
25,000
24,869
2.70%,
3/11/2030
38,000
35,355
5.13%,
11/6/2035(b)
25,000
24,656
3.65%,
5/10/2051(b)
50,000
35,153
JD.com,
Inc.
,
3.38%,
1/14/2030
200,000
193,424
4,273,856
Building
Products
0
.1
%
Amrize
Finance
US
LLC
,
4.60%,
4/7/2027
25,000
25,063
4.70%,
4/7/2028
25,000
25,148
5.40%,
4/7/2035
50,000
50,844
Carlisle
Cos.,
Inc.
,
2.75%,
3/1/2030(b)
74,000
69,157
2.20%,
3/1/2032(b)
100,000
86,150
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
11
Corporate
Bonds
Principal
Amount
($)
Value
($)
Building
Products
Carrier
Global
Corp.
,
2.72%,
2/15/2030
50,000
46,696
3.58%,
4/5/2050(b)
135,000
96,484
Fortune
Brands
Innovations,
Inc.
,
4.00%,
3/25/2032
50,000
47,072
4.50%,
3/25/2052(b)
30,000
23,330
Johnson
Controls
International
plc
,
5.50%,
4/19/2029
25,000
25,827
1.75%,
9/15/2030
100,000
88,758
4.63%,
7/2/2044(b)(f)
25,000
21,721
4.50%,
2/15/2047
50,000
42,053
Masco
Corp.
,
3.13%,
2/15/2051
60,000
38,128
Owens
Corning
,
5.70%,
6/15/2034
35,000
36,181
4.30%,
7/15/2047
100,000
79,340
Trane
Technologies
Financing
Ltd.
,
4.50%,
3/21/2049(b)
100,000
84,509
886,461
Capital
Markets
1
.6
%
Ameriprise
Financial,
Inc.
,
5.70%,
12/15/2028
25,000
25,831
4.50%,
5/13/2032(b)
50,000
49,578
5.20%,
4/15/2035(b)
50,000
49,865
Apollo
Debt
Solutions
BDC
,
5.88%,
8/30/2030
25,000
24,606
Series
WI*,
6.70%,
7/29/2031
50,000
50,584
6.55%,
3/15/2032(b)
50,000
50,192
Ares
Capital
Corp.
,
2.88%,
6/15/2027
100,000
97,360
5.88%,
3/1/2029(b)
35,000
35,248
5.95%,
7/15/2029
50,000
50,247
5.50%,
9/1/2030
45,000
44,198
5.10%,
1/15/2031(b)
25,000
24,037
3.20%,
11/15/2031
50,000
43,268
5.80%,
3/8/2032(b)
50,000
49,332
Ares
Management
Corp.
,
5.60%,
10/11/2054(b)
25,000
22,021
Ares
Strategic
Income
Fund
,
5.45%,
9/9/2028(c)
25,000
24,740
4.85%,
1/15/2029(c)
25,000
24,206
5.60%,
2/15/2030(b)
60,000
58,383
5.80%,
9/9/2030(b)(c)
25,000
24,310
5.15%,
1/15/2031(c)
25,000
23,612
6.20%,
3/21/2032(b)
50,000
49,005
Bank
of
New
York
Mellon
Corp.
(The)
,
(United
States
SOFR
Compounded
Index
+
1.80%),
5.80%,
10/25/2028(d)
25,000
25,559
Series
J,
1.90%,
1/25/2029
50,000
46,938
(SOFR
+
1.17%),
4.54%,
2/1/2029(b)(d)
50,000
50,249
3.85%,
4/26/2029
90,000
89,129
(SOFR
+
1.60%),
6.32%,
10/25/2029(b)(d)
75,000
78,524
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Bank
of
New
York
Mellon
Corp.
(The),
(SOFR
+
0.63%),
4.03%,
1/22/2030(d)
30,000
29,700
(SOFR
+
0.89%),
4.94%,
2/11/2031(d)
50,000
50,660
1.80%,
7/28/2031
100,000
87,177
(SOFR
+
1.42%),
4.29%,
6/13/2033(d)
40,000
38,946
(United
States
SOFR
Compounded
Index
+
2.07%),
5.83%,
10/25/2033(b)(d)
55,000
58,300
(SOFR
+
1.51%),
4.71%,
2/1/2034(d)
75,000
74,109
Series
J,
(SOFR
+
1.61%),
4.97%,
4/26/2034(d)
30,000
30,077
(SOFR
+
1.85%),
6.47%,
10/25/2034(d)
35,000
38,256
(SOFR
+
1.42%),
5.19%,
3/14/2035(b)(d)
50,000
50,696
(SOFR
+
1.25%),
5.23%,
11/20/2035(d)
50,000
50,709
(SOFR
+
1.77%),
5.61%,
7/21/2039(d)
25,000
25,442
BGC
Group,
Inc.
,
6.60%,
6/10/2029
25,000
25,793
6.15%,
4/2/2030
25,000
25,428
Blackstone
Private
Credit
Fund
,
7.30%,
11/27/2028
25,000
25,512
5.95%,
7/16/2029(b)
25,000
24,631
5.60%,
11/22/2029
50,000
48,636
5.05%,
9/10/2030(b)
25,000
23,570
6.25%,
1/25/2031
25,000
24,694
6.00%,
11/22/2034
50,000
46,743
Blackstone
Reg
Finance
Co.
LLC
,
4.30%,
11/3/2030(b)
45,000
44,292
5.00%,
12/6/2034
25,000
24,473
4.95%,
2/15/2036(b)
35,000
33,779
Blackstone
Secured
Lending
Fund
,
5.88%,
11/15/2027
25,000
25,082
2.85%,
9/30/2028
50,000
46,510
5.30%,
6/30/2030(b)
25,000
24,193
5.13%,
1/31/2031
25,000
23,942
Blue
Owl
Capital
Corp.
,
2.88%,
6/11/2028
230,000
213,806
Blue
Owl
Credit
Income
Corp.
,
6.60%,
9/15/2029
125,000
124,525
5.80%,
3/15/2030(b)
75,000
72,318
Blue
Owl
Finance
LLC
,
6.25%,
4/18/2034
100,000
96,138
Brookfield
Asset
Management
Ltd.
,
4.65%,
11/15/2030
25,000
24,778
5.80%,
4/24/2035(b)
25,000
25,473
5.30%,
1/15/2036(b)
25,000
24,427
6.08%,
9/15/2055(b)
50,000
49,396
12
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Brookfield
Finance
LLC
,
3.45%,
4/15/2050
200,000
131,462
Brookfield
Finance,
Inc.
,
3.90%,
1/25/2028(b)
40,000
39,561
5.68%,
1/15/2035
50,000
50,431
3.50%,
3/30/2051
35,000
23,256
3.63%,
2/15/2052(b)
15,000
10,140
Carlyle
Group,
Inc.
(The)
,
5.05%,
9/19/2035(b)
45,000
43,418
Cboe
Global
Markets,
Inc.
,
1.63%,
12/15/2030
50,000
43,908
Charles
Schwab
Corp.
(The)
,
(SOFR
+
2.21%),
5.64%,
5/19/2029(b)(d)
300,000
308,235
(SOFR
+
1.88%),
6.20%,
11/17/2029(b)(d)
75,000
78,386
(SOFR
+
0.94%),
4.34%,
11/14/2031(b)(d)
55,000
54,388
1.95%,
12/1/2031
100,000
87,035
(SOFR
+
2.01%),
6.14%,
8/24/2034(d)
120,000
127,726
(SOFR
+
1.23%),
4.91%,
11/14/2036(b)(d)
50,000
48,601
CI
Financial
Corp.
,
4.10%,
6/15/2051
30,000
19,896
CME
Group,
Inc.
,
4.40%,
3/15/2030(b)
25,000
25,076
2.65%,
3/15/2032(b)
50,000
45,270
5.30%,
9/15/2043
80,000
78,719
Deutsche
Bank
AG
,
(SOFR
+
3.18%),
6.72%,
1/18/2029(b)(d)
300,000
310,814
(SOFR
+
1.70%),
5.00%,
9/11/2030(b)(d)
150,000
150,706
(SOFR
+
1.72%),
3.04%,
5/28/2032(b)(d)
150,000
135,822
(SOFR
+
2.26%),
3.74%,
1/7/2033(d)
200,000
182,284
FactSet
Research
Systems,
Inc.
,
3.45%,
3/1/2032(b)
25,000
22,576
Goldman
Sachs
Group,
Inc.
(The)
,
(SOFR
+
1.73%),
4.48%,
8/23/2028(d)
200,000
199,996
(SOFR
+
0.71%),
4.15%,
1/21/2029(d)
240,000
238,519
(CME
Term
SOFR
3
Month
+
1.56%),
4.22%,
5/1/2029(d)
200,000
198,872
(SOFR
+
0.90%),
4.15%,
10/21/2029(b)(d)
100,000
99,067
(SOFR
+
1.77%),
6.48%,
10/24/2029(d)
125,000
130,768
(SOFR
+
1.27%),
5.73%,
4/25/2030(b)(d)
150,000
154,754
(SOFR
+
1.21%),
5.05%,
7/23/2030(d)
125,000
126,506
(SOFR
+
1.14%),
4.69%,
10/23/2030(d)
110,000
110,086
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Goldman
Sachs
Group,
Inc.
(The),
(SOFR
+
1.08%),
5.21%,
1/28/2031(d)
100,000
101,604
(SOFR
+
1.58%),
5.22%,
4/23/2031(d)
50,000
50,843
(SOFR
+
1.06%),
4.37%,
10/21/2031(d)
200,000
196,105
(SOFR
+
0.96%),
4.52%,
1/21/2032(d)
150,000
147,726
(SOFR
+
1.28%),
2.62%,
4/22/2032(d)
165,000
148,212
(SOFR
+
1.25%),
2.38%,
7/21/2032(d)
105,000
92,691
(SOFR
+
1.26%),
2.65%,
10/21/2032(d)
90,000
79,900
(SOFR
+
1.41%),
3.10%,
2/24/2033(d)
45,000
40,642
(SOFR
+
1.95%),
6.56%,
10/24/2034(d)
75,000
81,539
(SOFR
+
1.55%),
5.33%,
7/23/2035(d)
150,000
150,508
(SOFR
+
1.42%),
5.02%,
10/23/2035(d)
275,000
269,914
(SOFR
+
1.38%),
5.54%,
1/28/2036(d)
100,000
101,649
(SOFR
+
1.33%),
4.94%,
10/21/2036(d)
200,000
193,683
(SOFR
+
1.19%),
5.07%,
1/21/2037(b)(d)
170,000
166,204
6.75%,
10/1/2037
200,000
215,735
(CME
Term
SOFR
3
Month
+
1.63%),
4.02%,
10/31/2038(b)(d)
150,000
130,943
(CME
Term
SOFR
3
Month
+
1.69%),
4.41%,
4/23/2039(d)
150,000
134,337
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.18%),
5.39%,
2/2/2041(d)
75,000
72,461
(SOFR
+
1.51%),
3.21%,
4/22/2042(d)
150,000
111,222
(SOFR
+
1.47%),
2.91%,
7/21/2042(d)
100,000
70,436
(SOFR
+
1.63%),
3.44%,
2/24/2043(d)
185,000
139,208
4.80%,
7/8/2044
125,000
110,207
(SOFR
+
1.58%),
5.56%,
11/19/2045(d)
125,000
120,254
(SOFR
+
1.32%),
5.54%,
1/21/2047(d)
250,000
238,239
(SOFR
+
1.70%),
5.73%,
1/28/2056(b)(d)
80,000
78,106
Goldman
Sachs
Private
Credit
Corp.
,
5.88%,
5/6/2028(c)
25,000
24,934
6.25%,
5/6/2030(c)
25,000
24,697
Intercontinental
Exchange,
Inc.
,
4.35%,
6/15/2029
75,000
74,836
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
13
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Intercontinental
Exchange,
Inc.,
2.10%,
6/15/2030
90,000
81,727
5.25%,
6/15/2031
50,000
51,505
4.25%,
9/21/2048
75,000
59,869
3.00%,
6/15/2050
75,000
47,599
4.95%,
6/15/2052(b)
70,000
61,712
3.00%,
9/15/2060
95,000
54,537
5.20%,
6/15/2062(b)
30,000
26,479
Janus
Henderson
US
Holdings,
Inc.
,
Series
WI*,
5.45%,
9/10/2034
25,000
24,926
Jefferies
Financial
Group,
Inc.
,
2.63%,
10/15/2031(b)
50,000
43,484
6.20%,
4/14/2034(b)
125,000
127,477
5.50%,
2/15/2036(b)
25,000
23,995
KKR
&
Co.,
Inc.
,
5.10%,
8/7/2035(b)
50,000
48,371
Lazard
Group
LLC
,
5.63%,
8/1/2035
25,000
24,946
LPL
Holdings,
Inc.
,
6.00%,
5/20/2034(b)
50,000
50,997
5.65%,
3/15/2035
50,000
49,572
Main
Street
Capital
Corp.
,
6.50%,
6/4/2027
25,000
25,214
6.95%,
3/1/2029(b)
25,000
25,723
Moody's
Corp.
,
3.25%,
1/15/2028
25,000
24,529
2.00%,
8/19/2031(b)
60,000
52,785
5.00%,
8/5/2034
50,000
49,981
2.75%,
8/19/2041(b)
50,000
35,238
3.25%,
5/20/2050
35,000
23,067
3.10%,
11/29/2061
20,000
11,836
Morgan
Stanley
,
(SOFR
+
1.61%),
4.21%,
4/20/2028(b)(d)
80,000
79,780
(CME
Term
SOFR
3
Month
+
1.40%),
3.77%,
1/24/2029(d)
300,000
295,981
(SOFR
+
1.73%),
5.12%,
2/1/2029(b)(d)
90,000
90,984
(SOFR
+
1.38%),
4.99%,
4/12/2029(d)
40,000
40,367
(SOFR
+
1.63%),
5.45%,
7/20/2029(d)
35,000
35,624
Series
I,
(SOFR
+
0.91%),
4.13%,
10/18/2029(d)
60,000
59,304
(SOFR
+
1.83%),
6.41%,
11/1/2029(d)
70,000
73,059
(SOFR
+
0.80%),
4.24%,
1/9/2030(d)
85,000
84,142
Series
I,
(SOFR
+
1.07%),
4.36%,
10/22/2031(d)
150,000
146,998
(SOFR
+
0.95%),
4.49%,
1/16/2032(d)
90,000
88,487
(SOFR
+
1.20%),
4.71%,
3/12/2032(d)
125,000
124,158
(SOFR
+
1.02%),
1.93%,
4/28/2032(d)
500,000
433,408
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Morgan
Stanley,
(SOFR
+
1.18%),
2.24%,
7/21/2032(d)
500,000
437,739
(SOFR
+
1.20%),
2.51%,
10/20/2032(d)
275,000
242,809
(SOFR
+
1.29%),
2.94%,
1/21/2033(d)
70,000
62,940
(SOFR
+
2.56%),
6.34%,
10/18/2033(d)
130,000
139,097
(SOFR
+
1.87%),
5.25%,
4/21/2034(d)
150,000
150,468
(SOFR
+
1.88%),
5.42%,
7/21/2034(d)
160,000
162,346
(SOFR
+
2.05%),
6.63%,
11/1/2034(d)
115,000
125,135
(SOFR
+
1.58%),
5.83%,
4/19/2035(d)
360,000
373,748
(SOFR
+
1.42%),
5.59%,
1/18/2036(d)
125,000
127,441
(SOFR
+
1.76%),
5.66%,
4/17/2036(d)
100,000
102,426
(SOFR
+
1.36%),
2.48%,
9/16/2036(d)
150,000
129,058
Series
I,
(SOFR
+
1.31%),
4.89%,
10/22/2036(b)(d)
155,000
149,839
(SOFR
+
1.18%),
5.07%,
1/30/2037(b)(d)
100,000
97,972
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.43%),
5.95%,
1/19/2038(b)(d)
90,000
92,197
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%),
5.31%,
1/18/2041(d)
30,000
28,960
(SOFR
+
1.49%),
3.22%,
4/22/2042(d)
150,000
113,085
4.30%,
1/27/2045(b)
100,000
82,688
(SOFR
+
1.78%),
5.90%,
3/13/2047(d)
125,000
124,420
(SOFR
+
4.84%),
5.60%,
3/24/2051(b)(d)
100,000
97,007
(SOFR
+
1.43%),
2.80%,
1/25/2052(d)
105,000
64,097
(SOFR
+
1.71%),
5.52%,
11/19/2055(d)
135,000
128,182
MSCI,
Inc.
,
5.25%,
9/1/2035(b)
25,000
24,489
5.15%,
3/15/2036
25,000
24,214
MSD
Investment
Corp.
,
6.25%,
5/31/2030
25,000
24,441
Nasdaq,
Inc.
,
1.65%,
1/15/2031
50,000
43,884
5.55%,
2/15/2034(b)
28,000
28,803
3.95%,
3/7/2052
165,000
121,473
Nomura
Holdings,
Inc.
,
5.61%,
7/6/2029
200,000
205,425
3.10%,
1/16/2030(b)
200,000
188,587
2.61%,
7/14/2031
200,000
178,370
Northern
Trust
Corp.
,
4.00%,
5/10/2027
65,000
64,922
14
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Northern
Trust
Corp.,
4.15%,
11/19/2030
30,000
29,731
6.13%,
11/2/2032
80,000
85,306
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.05%),
5.12%,
11/19/2040(d)
25,000
24,340
Oaktree
Specialty
Lending
Corp.
,
7.10%,
2/15/2029
100,000
100,663
Raymond
James
Financial,
Inc.
,
4.90%,
9/11/2035
25,000
24,346
4.95%,
7/15/2046(b)
125,000
111,110
S&P
Global,
Inc.
,
2.95%,
3/1/2029(f)
100,000
96,316
2.50%,
12/1/2029(b)
80,000
75,114
4.25%,
1/15/2031(c)
25,000
24,677
3.25%,
12/1/2049(b)
65,000
44,030
3.70%,
3/1/2052(b)
69,000
50,148
2.30%,
8/15/2060
40,000
19,324
Sixth
Street
Lending
Partners
,
5.75%,
1/15/2030
50,000
49,250
6.13%,
7/15/2030
50,000
49,707
State
Street
Corp.
,
4.33%,
10/22/2027
75,000
75,139
4.54%,
2/28/2028
50,000
50,335
(SOFR
+
1.72%),
5.82%,
11/4/2028(d)
60,000
61,324
(SOFR
+
1.48%),
5.68%,
11/21/2029(d)
75,000
77,591
2.20%,
3/3/2031(b)
74,000
66,208
(SOFR
+
1.00%),
2.62%,
2/7/2033(d)
20,000
17,799
(SOFR
+
1.57%),
4.82%,
1/26/2034(b)(d)
110,000
109,399
(SOFR
+
1.49%),
3.03%,
11/1/2034(d)
100,000
94,137
(SOFR
+
1.22%),
4.78%,
10/23/2036(b)(d)
50,000
48,597
UBS
Group
AG
,
4.88%,
5/15/2045
400,000
354,174
17,639,234
Chemicals
0
.3
%
Air
Products
and
Chemicals,
Inc.
,
4.60%,
2/8/2029
25,000
25,244
2.05%,
5/15/2030
45,000
40,974
4.75%,
2/8/2031(b)
100,000
101,387
2.70%,
5/15/2040(b)
65,000
47,817
2.80%,
5/15/2050
40,000
24,752
Cabot
Corp.
,
5.00%,
6/30/2032
30,000
29,972
CF
Industries,
Inc.
,
5.15%,
3/15/2034(b)
150,000
149,063
5.30%,
11/26/2035(b)
50,000
49,798
Dow
Chemical
Co.
(The)
,
4.80%,
1/15/2031
50,000
49,376
6.30%,
3/15/2033(b)
25,000
26,218
5.15%,
2/15/2034(b)
25,000
24,388
5.35%,
3/15/2035(b)
50,000
49,294
Corporate
Bonds
Principal
Amount
($)
Value
($)
Chemicals
Dow
Chemical
Co.
(The),
5.65%,
3/15/2036
50,000
49,531
4.38%,
11/15/2042
125,000
97,962
4.80%,
5/15/2049
100,000
77,363
6.90%,
5/15/2053(b)
25,000
25,520
5.60%,
2/15/2054(b)
25,000
21,498
5.95%,
3/15/2055(b)
20,000
18,111
DuPont
de
Nemours,
Inc.
,
4.73%,
11/15/2028(c)
172,000
172,649
5.42%,
11/15/2048(b)
65,000
60,154
Eastman
Chemical
Co.
,
5.00%,
8/1/2029(b)
50,000
50,459
4.50%,
2/20/2031(b)
25,000
24,444
5.75%,
3/8/2033(b)
35,000
36,177
4.65%,
10/15/2044(b)
75,000
62,836
Ecolab,
Inc.
,
5.25%,
1/15/2028(b)
75,000
76,360
1.30%,
1/30/2031(b)
25,000
21,606
2.13%,
8/15/2050
150,000
80,451
International
Flavors
&
Fragrances,
Inc.
,
5.00%,
9/26/2048
70,000
60,564
Lubrizol
Corp.
(The)
,
6.50%,
10/1/2034
47,000
52,538
LYB
International
Finance
III
LLC
,
2.25%,
10/1/2030
135,000
120,534
5.63%,
5/15/2033
40,000
40,323
4.20%,
10/15/2049
100,000
70,758
4.20%,
5/1/2050
60,000
42,336
LyondellBasell
Industries
NV
,
4.63%,
2/26/2055
50,000
37,409
Mosaic
Co.
(The)
,
4.05%,
11/15/2027(b)
250,000
248,359
Nutrien
Ltd.
,
4.90%,
3/27/2028
25,000
25,206
5.25%,
3/12/2032
50,000
51,034
5.40%,
6/21/2034
50,000
50,877
5.88%,
12/1/2036
100,000
102,942
5.25%,
1/15/2045(b)
104,000
95,785
PPG
Industries,
Inc.
,
2.80%,
8/15/2029
50,000
47,614
4.38%,
3/15/2031
25,000
24,615
RPM
International,
Inc.
,
2.95%,
1/15/2032(b)
45,000
40,453
Sherwin-Williams
Co.
(The)
,
4.30%,
8/15/2028
50,000
49,892
2.95%,
8/15/2029(b)
50,000
47,655
4.50%,
8/15/2030(b)
50,000
49,908
4.50%,
6/1/2047(b)
100,000
83,242
2.90%,
3/15/2052
80,000
48,353
Westlake
Corp.
,
2.88%,
8/15/2041
75,000
51,121
4.38%,
11/15/2047(b)
45,000
34,757
6.38%,
11/15/2055
25,000
24,633
2,994,312
Commercial
Services
&
Supplies
0
.1
%
Cintas
Corp.
No.
2
,
4.20%,
5/1/2028
25,000
24,958
4.00%,
5/1/2032(b)
40,000
38,800
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
15
Corporate
Bonds
Principal
Amount
($)
Value
($)
Commercial
Services
&
Supplies
Ford
Foundation
(The)
,
Series
2020,
2.42%,
6/1/2050
25,000
14,736
RELX
Capital,
Inc.
,
4.00%,
3/18/2029(b)
100,000
98,997
4.75%,
3/27/2030
25,000
25,185
Republic
Services,
Inc.
,
4.88%,
4/1/2029(b)
25,000
25,375
5.00%,
11/15/2029
25,000
25,540
4.75%,
7/15/2030(b)
40,000
40,512
1.45%,
2/15/2031(b)
165,000
143,063
5.20%,
11/15/2034
45,000
45,929
6.20%,
3/1/2040
70,000
75,984
Rollins,
Inc.
,
5.25%,
2/24/2035
25,000
24,983
Veralto
Corp.
,
5.35%,
9/18/2028
50,000
51,098
5.45%,
9/18/2033(b)
25,000
25,529
Waste
Connections,
Inc.
,
4.25%,
12/1/2028
100,000
99,861
3.20%,
6/1/2032(b)
50,000
46,197
5.25%,
9/1/2035(b)
45,000
45,914
4.80%,
7/15/2036
25,000
24,494
2.95%,
1/15/2052
70,000
44,415
Waste
Management,
Inc.
,
4.95%,
7/3/2027
40,000
40,387
4.88%,
2/15/2029
75,000
76,257
2.00%,
6/1/2029
35,000
32,663
4.63%,
2/15/2030
50,000
50,452
4.65%,
3/15/2030
75,000
75,686
4.95%,
7/3/2031
35,000
35,798
4.63%,
2/15/2033(b)
50,000
50,107
2.95%,
6/1/2041
85,000
63,399
4.15%,
7/15/2049(b)
100,000
81,128
5.35%,
10/15/2054(b)
60,000
57,233
1,484,680
Communications
Equipment
0
.1
%
Cisco
Systems,
Inc.
,
4.85%,
2/26/2029(b)
125,000
127,289
4.95%,
2/26/2031(b)
168,000
172,121
4.95%,
2/24/2032(b)
75,000
76,539
5.05%,
2/26/2034
30,000
30,434
5.10%,
2/24/2035(b)
50,000
50,682
5.50%,
1/15/2040(b)
100,000
101,761
5.30%,
2/26/2054(b)
70,000
65,652
5.50%,
2/24/2055(b)
35,000
33,935
5.35%,
2/26/2064
50,000
46,286
Motorola
Solutions,
Inc.
,
5.00%,
4/15/2029
25,000
25,327
2.30%,
11/15/2030(b)
300,000
270,405
5.40%,
4/15/2034(b)
25,000
25,300
5.55%,
8/15/2035
25,000
25,560
1,051,291
Construction
&
Engineering
0
.0
%
†
MasTec,
Inc.
,
5.90%,
6/15/2029(b)
25,000
25,832
Quanta
Services,
Inc.
,
4.75%,
8/9/2027
50,000
50,242
2.90%,
10/1/2030
25,000
23,189
4.50%,
1/15/2031
25,000
24,796
Corporate
Bonds
Principal
Amount
($)
Value
($)
Construction
&
Engineering
Quanta
Services,
Inc.,
5.10%,
8/9/2035(b)
25,000
24,657
3.05%,
10/1/2041
55,000
40,215
188,931
Construction
Materials
0
.1
%
Eagle
Materials,
Inc.
,
2.50%,
7/1/2031
65,000
58,053
5.00%,
3/15/2036
25,000
23,938
Martin
Marietta
Materials,
Inc.
,
Series
CB,
2.50%,
3/15/2030(b)
300,000
277,488
2.40%,
7/15/2031
25,000
22,251
5.15%,
12/1/2034(b)
30,000
30,011
3.20%,
7/15/2051
50,000
32,419
Vulcan
Materials
Co.
,
5.35%,
12/1/2034
75,000
76,195
4.50%,
6/15/2047
75,000
62,127
582,482
Consumer
Finance
0
.8
%
AerCap
Ireland
Capital
DAC
,
3.88%,
1/23/2028(b)
250,000
247,504
3.00%,
10/29/2028(b)
300,000
288,775
3.40%,
10/29/2033(b)
150,000
132,712
3.85%,
10/29/2041(b)
150,000
119,518
Ally
Financial,
Inc.
,
4.75%,
6/9/2027
40,000
40,076
7.10%,
11/15/2027
100,000
103,769
2.20%,
11/2/2028
165,000
155,300
(SOFR
+
2.82%),
6.85%,
1/3/2030(d)
50,000
52,151
(SOFR
+
1.78%),
5.55%,
7/31/2033(b)(d)
50,000
49,114
(SOFR
+
2.29%),
6.18%,
7/26/2035(b)(d)
40,000
40,116
American
Express
Co.
,
3.30%,
5/3/2027(b)
100,000
99,158
5.85%,
11/5/2027(b)
95,000
97,255
(SOFR
+
0.93%),
5.04%,
7/26/2028(d)
45,000
45,387
(SOFR
+
0.58%),
4.01%,
2/9/2029(d)
50,000
49,681
(SOFR
+
0.81%),
4.35%,
7/20/2029(d)
125,000
124,911
(SOFR
+
1.94%),
6.49%,
10/30/2031(d)
50,000
53,710
(SOFR
+
0.87%),
4.46%,
2/10/2032(b)(d)
40,000
39,586
(SOFR
+
2.26%),
4.99%,
5/26/2033(d)
25,000
24,871
(SOFR
+
1.22%),
4.92%,
7/20/2033(b)(d)
55,000
55,100
(SOFR
+
1.76%),
4.42%,
8/3/2033(d)
80,000
78,035
(SOFR
+
1.84%),
5.04%,
5/1/2034(d)
120,000
120,182
(SOFR
+
1.42%),
5.28%,
7/26/2035(b)(d)
105,000
105,975
16
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
American
Express
Co.,
(United
States
SOFR
Compounded
Index
+
1.32%),
5.44%,
1/30/2036(d)
75,000
76,347
(SOFR
+
1.79%),
5.67%,
4/25/2036(b)(d)
75,000
77,514
(SOFR
+
1.24%),
4.80%,
10/24/2036(d)
75,000
72,518
4.05%,
12/3/2042
100,000
82,958
American
Honda
Finance
Corp.
,
4.55%,
7/9/2027
25,000
25,010
4.90%,
7/9/2027
50,000
50,228
4.45%,
10/22/2027
50,000
49,929
4.70%,
1/12/2028
20,000
20,036
4.55%,
3/3/2028
25,000
24,989
5.13%,
7/7/2028(b)
75,000
75,799
4.25%,
9/1/2028
50,000
49,586
5.65%,
11/15/2028(b)
50,000
51,219
4.15%,
1/8/2029
25,000
24,695
2.25%,
1/12/2029
50,000
46,868
4.90%,
3/13/2029
50,000
50,331
4.60%,
4/17/2030
35,000
34,702
4.50%,
9/4/2030(b)
50,000
49,259
5.85%,
10/4/2030
50,000
51,919
4.45%,
1/8/2031(b)
25,000
24,504
5.15%,
7/9/2032(b)
25,000
25,048
4.90%,
1/10/2034
35,000
34,037
5.20%,
3/5/2035
25,000
24,526
5.10%,
1/8/2036(b)
25,000
24,121
Capital
One
Financial
Corp.
,
3.65%,
5/11/2027(b)
100,000
99,164
(SOFR
+
1.79%),
3.27%,
3/1/2030(b)(d)
95,000
91,476
(SOFR
+
2.60%),
5.25%,
7/26/2030(b)(d)
60,000
60,811
(SOFR
+
1.56%),
5.46%,
7/26/2030(b)(d)
50,000
51,036
(SOFR
+
1.25%),
4.49%,
9/11/2031(b)(d)
45,000
44,184
(SOFR
+
3.07%),
7.62%,
10/30/2031(d)
150,000
165,674
(SOFR
+
1.15%),
4.72%,
1/30/2032(b)(d)
25,000
24,621
(SOFR
+
1.34%),
2.36%,
7/29/2032(d)
100,000
86,209
(SOFR
+
2.60%),
5.82%,
2/1/2034(b)(d)
40,000
40,927
(SOFR
+
2.86%),
6.38%,
6/8/2034(b)(d)
55,000
57,962
(United
States
SOFR
Compounded
Index
+
3.37%),
7.96%,
11/2/2034(d)
75,000
86,014
(SOFR
+
2.26%),
6.05%,
2/1/2035(d)
100,000
103,342
(SOFR
+
1.99%),
5.88%,
7/26/2035(b)(d)
50,000
51,212
(SOFR
+
2.04%),
6.18%,
1/30/2036(b)(d)
50,000
50,858
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
Capital
One
Financial
Corp.,
(SOFR
+
1.63%),
5.20%,
9/11/2036(b)(d)
50,000
48,471
(SOFR
+
1.51%),
5.40%,
1/30/2037(d)
25,000
24,497
Caterpillar
Financial
Services
Corp.
,
5.00%,
5/14/2027(b)
25,000
25,243
3.60%,
8/12/2027
100,000
99,435
4.40%,
10/15/2027
25,000
25,118
4.60%,
11/15/2027(b)
50,000
50,428
3.70%,
1/10/2028
25,000
24,863
3.95%,
11/14/2028
50,000
49,761
3.75%,
2/23/2029
25,000
24,701
4.85%,
2/27/2029(b)
50,000
50,878
4.38%,
8/16/2029
25,000
25,083
4.15%,
1/8/2031(b)
25,000
24,766
Ford
Motor
Credit
Co.
LLC
,
4.13%,
8/17/2027(b)
200,000
197,409
6.80%,
11/7/2028(b)
200,000
207,038
5.80%,
3/8/2029(b)
200,000
202,256
7.35%,
3/6/2030(b)
200,000
210,986
4.00%,
11/13/2030
200,000
186,120
General
Motors
Financial
Co.,
Inc.
,
5.00%,
7/15/2027
25,000
25,128
5.35%,
7/15/2027
60,000
60,568
6.00%,
1/9/2028(b)
100,000
102,238
5.05%,
4/4/2028(b)
50,000
50,434
5.80%,
6/23/2028(b)
55,000
56,342
2.40%,
10/15/2028(b)
195,000
184,851
4.20%,
10/27/2028
45,000
44,536
5.80%,
1/7/2029(b)
50,000
51,460
5.55%,
7/15/2029
25,000
25,576
5.35%,
1/7/2030(b)
50,000
50,911
5.85%,
4/6/2030(b)
45,000
46,577
3.60%,
6/21/2030(b)
100,000
95,103
5.45%,
7/15/2030(b)
25,000
25,590
2.70%,
6/10/2031(b)
120,000
107,650
5.60%,
6/18/2031
30,000
30,705
3.10%,
1/12/2032
50,000
44,860
5.63%,
4/4/2032
25,000
25,581
6.40%,
1/9/2033(b)
100,000
105,964
5.95%,
4/4/2034
50,000
51,376
5.45%,
9/6/2034
50,000
49,591
5.90%,
1/7/2035
50,000
50,894
6.15%,
7/15/2035(b)
25,000
25,852
John
Deere
Capital
Corp.
,
4.90%,
6/11/2027
50,000
50,494
4.20%,
7/15/2027
35,000
35,110
4.15%,
9/15/2027(b)
60,000
60,105
4.65%,
1/7/2028
25,000
25,228
4.75%,
1/20/2028
40,000
40,531
1.50%,
3/6/2028(b)
75,000
71,459
Series
I,
4.25%,
6/5/2028
50,000
50,158
4.95%,
7/14/2028(b)
48,000
48,930
4.50%,
1/16/2029
50,000
50,477
Series
I,
3.90%,
3/9/2029
25,000
24,839
3.35%,
4/18/2029
40,000
38,961
4.85%,
6/11/2029(b)
50,000
50,918
Series
I,
4.55%,
6/5/2030
50,000
50,337
4.70%,
6/10/2030(b)
40,000
40,528
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
17
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
John
Deere
Capital
Corp.,
4.38%,
10/15/2030
50,000
49,926
1.45%,
1/15/2031(b)
75,000
65,842
4.90%,
3/7/2031
25,000
25,521
4.40%,
9/8/2031
25,000
24,970
4.35%,
9/15/2032(b)
60,000
59,507
5.10%,
4/11/2034(b)
50,000
50,907
Series
MTN1,
5.05%,
6/12/2034
50,000
50,774
PACCAR
Financial
Corp.
,
5.00%,
5/13/2027
25,000
25,262
4.25%,
6/23/2027
25,000
25,083
4.45%,
8/6/2027
50,000
50,282
Series
R,
4.00%,
11/7/2028
25,000
24,911
4.60%,
1/31/2029
25,000
25,365
5.00%,
3/22/2034
25,000
25,266
Synchrony
Financial
,
(United
States
SOFR
Compounded
Index
+
2.13%),
5.94%,
8/2/2030(b)
(d)
25,000
25,401
2.88%,
10/28/2031(b)
30,000
26,173
(SOFR
+
2.07%),
6.00%,
7/29/2036(b)(d)
50,000
49,316
Takeoff
Merger
Sub,
Inc.
,
4.40%,
3/24/2028(c)
25,000
24,866
4.50%,
3/24/2029(b)(c)
25,000
24,839
4.85%,
3/24/2031(b)(c)
25,000
24,687
5.50%,
3/24/2036(c)
25,000
24,628
Toyota
Motor
Credit
Corp.
,
4.50%,
5/14/2027(b)
75,000
75,295
4.55%,
9/20/2027(b)
90,000
90,513
4.35%,
10/8/2027(b)
50,000
50,148
Series
B,
3.75%,
1/12/2028
25,000
24,818
4.63%,
1/12/2028(b)
40,000
40,365
5.25%,
9/11/2028(b)
25,000
25,599
4.65%,
1/5/2029
25,000
25,252
Series
B,
4.05%,
3/13/2029(b)
25,000
24,850
5.05%,
5/16/2029
25,000
25,533
4.45%,
6/29/2029
65,000
65,231
4.95%,
1/9/2030(b)
25,000
25,405
2.15%,
2/13/2030
75,000
68,872
4.55%,
5/17/2030(b)
60,000
60,297
5.55%,
11/20/2030(b)
98,000
102,050
Series
B,
4.20%,
1/10/2031(b)
25,000
24,656
5.10%,
3/21/2031(b)
50,000
51,148
1.90%,
9/12/2031(b)
75,000
65,314
4.60%,
10/10/2031
50,000
49,946
Series
B,
4.60%,
3/11/2033(b)
25,000
24,614
5.35%,
1/9/2035
50,000
51,126
Series
B,
4.80%,
1/11/2036(b)
25,000
24,397
9,308,389
Consumer
Staples
Distribution
&
Retail
0
.3
%
Costco
Wholesale
Corp.
,
1.38%,
6/20/2027(b)
120,000
116,410
1.60%,
4/20/2030(b)
150,000
135,733
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Staples
Distribution
&
Retail
Dollar
General
Corp.
,
3.50%,
4/3/2030
300,000
285,648
Dollar
Tree,
Inc.
,
4.20%,
5/15/2028(b)
90,000
89,393
3.38%,
12/1/2051
50,000
32,418
Kroger
Co.
(The)
,
7.50%,
4/1/2031(b)
57,000
64,213
5.40%,
7/15/2040
125,000
122,054
4.45%,
2/1/2047
82,000
67,324
3.95%,
1/15/2050(b)
100,000
74,336
5.50%,
9/15/2054(b)
30,000
27,860
5.65%,
9/15/2064
60,000
55,632
Sysco
Corp.
,
5.75%,
1/17/2029
25,000
25,704
5.95%,
4/1/2030(b)
50,000
51,931
5.10%,
9/23/2030
25,000
25,199
4.40%,
7/25/2031(b)
25,000
24,246
2.45%,
12/14/2031(b)
100,000
87,397
6.00%,
1/17/2034(b)
25,000
26,100
5.40%,
3/23/2035
25,000
24,818
4.95%,
3/25/2036
25,000
23,833
6.60%,
4/1/2050(b)
75,000
77,497
3.15%,
12/14/2051
50,000
30,808
Target
Corp.
,
2.35%,
2/15/2030(b)
105,000
97,854
2.65%,
9/15/2030(b)
50,000
46,472
4.50%,
9/15/2032(b)
100,000
100,769
4.40%,
1/15/2033
50,000
49,699
4.50%,
9/15/2034
50,000
48,675
5.00%,
4/15/2035(b)
25,000
25,099
5.25%,
2/15/2036(b)
25,000
25,293
4.00%,
7/1/2042
71,000
58,802
4.80%,
1/15/2053(b)
50,000
43,939
Walmart,
Inc.
,
3.95%,
9/9/2027(b)
60,000
60,019
4.35%,
4/28/2030
45,000
45,432
1.80%,
9/22/2031(b)
150,000
132,885
4.15%,
9/9/2032(b)
60,000
59,766
4.10%,
4/15/2033(b)
80,000
78,769
4.90%,
4/28/2035(b)
65,000
65,908
5.25%,
9/1/2035
118,000
123,000
6.50%,
8/15/2037
100,000
114,414
2.50%,
9/22/2041(b)
100,000
71,711
4.05%,
6/29/2048
75,000
61,201
2.65%,
9/22/2051
75,000
46,094
4.50%,
4/15/2053(b)
80,000
69,230
2,893,585
Containers
&
Packaging
0
.1
%
Amcor
Finance
USA,
Inc.
,
5.63%,
5/26/2033
40,000
40,980
Amcor
Flexibles
North
America,
Inc.
,
4.80%,
3/17/2028
50,000
50,302
4.25%,
3/8/2029
25,000
24,770
5.10%,
3/17/2030
25,000
25,234
2.63%,
6/19/2030
50,000
46,009
2.69%,
5/25/2031
50,000
44,959
5.13%,
3/12/2036(b)
25,000
24,305
Avery
Dennison
Corp.
,
2.25%,
2/15/2032
25,000
21,717
5.75%,
3/15/2033
15,000
15,615
18
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Containers
&
Packaging
Berry
Global,
Inc.
,
5.80%,
6/15/2031
50,000
51,756
5.65%,
1/15/2034(b)
30,000
30,681
International
Paper
Co.
,
6.00%,
11/15/2041(b)
150,000
149,894
Packaging
Corp.
of
America
,
3.00%,
12/15/2029
25,000
23,750
4.05%,
12/15/2049(b)
75,000
57,189
Smurfit
Kappa
Treasury
ULC
,
5.44%,
4/3/2034
200,000
202,642
Sonoco
Products
Co.
,
3.13%,
5/1/2030(b)
50,000
47,001
2.85%,
2/1/2032
50,000
44,753
5.00%,
9/1/2034(b)
25,000
24,454
926,011
Distributors
0
.0
%
†
Genuine
Parts
Co.
,
6.50%,
11/1/2028
25,000
25,933
4.95%,
8/15/2029
25,000
24,913
6.88%,
11/1/2033
25,000
27,007
77,853
Diversified
Consumer
Services
0
.1
%
American
University
(The)
,
Series
2019,
3.67%,
4/1/2049
35,000
25,949
California
Institute
of
Technology
,
3.65%,
9/1/2119
50,000
31,087
Duke
University
,
Series
2020,
2.83%,
10/1/2055
110,000
67,874
George
Washington
University
(The)
,
Series
2018,
4.13%,
9/15/2048
73,000
58,535
Georgetown
University
(The)
,
Series
20A,
2.94%,
4/1/2050
35,000
22,306
Leland
Stanford
Junior
University
(The)
,
2.41%,
6/1/2050
150,000
89,100
Massachusetts
Institute
of
Technology
,
5.60%,
7/1/2111
50,000
48,951
4.68%,
7/1/2114
75,000
61,525
Northwestern
University
,
Series
2020,
2.64%,
12/1/2050
28,000
17,187
President
and
Fellows
of
Harvard
College
,
3.15%,
7/15/2046(b)
75,000
53,651
3.30%,
7/15/2056(b)
200,000
135,784
Trustees
of
Princeton
University
(The)
,
4.65%,
7/1/2030
5,000
5,057
Series
2020,
2.52%,
7/1/2050
84,000
51,685
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Consumer
Services
Trustees
of
the
University
of
Pennsylvania
(The)
,
Series
2020,
2.40%,
10/1/2050
48,000
27,839
University
of
Southern
California
,
Series
21A,
2.95%,
10/1/2051
125,000
80,169
4.98%,
10/1/2053
75,000
68,507
Yale
University
,
Series
2020,
2.40%,
4/15/2050
61,000
35,856
881,062
Diversified
REITs
0
.1
%
American
Assets
Trust
LP
,
6.15%,
10/1/2034
25,000
24,794
Broadstone
Net
Lease
LLC
,
2.60%,
9/15/2031
35,000
30,724
Digital
Realty
Trust
LP
,
3.70%,
8/15/2027(b)
110,000
108,858
5.55%,
1/15/2028(b)
105,000
106,861
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
,
4.40%,
3/15/2031
40,000
39,156
Equinix
Europe
2
Financing
Corp.
LLC
,
4.60%,
11/15/2030
50,000
49,534
4.70%,
3/15/2033
50,000
48,630
GLP
Capital
LP
,
5.30%,
1/15/2029
200,000
201,734
4.00%,
1/15/2031
100,000
94,558
3.25%,
1/15/2032(b)
50,000
44,574
5.25%,
2/15/2033
25,000
24,506
5.63%,
3/1/2036
25,000
24,315
5.75%,
11/1/2037
25,000
24,197
Safehold
GL
Holdings
LLC
,
5.65%,
1/15/2035(b)
25,000
25,283
Simon
Property
Group
LP
,
4.38%,
10/1/2030(b)
25,000
24,858
4.30%,
1/15/2031
25,000
24,638
4.75%,
9/26/2034(b)
35,000
34,249
5.13%,
10/1/2035(b)
50,000
50,079
4.25%,
11/30/2046(b)
125,000
101,371
3.25%,
9/13/2049(b)
132,000
88,452
5.85%,
3/8/2053(b)
25,000
24,918
VICI
Properties
LP
,
5.13%,
11/15/2031
45,000
44,673
5.75%,
4/1/2034
50,000
50,460
5.63%,
4/1/2035(b)
30,000
29,860
5.63%,
5/15/2052(b)
30,000
26,802
6.13%,
4/1/2054(b)
50,000
47,622
WP
Carey,
Inc.
,
3.85%,
7/15/2029
45,000
43,936
2.45%,
2/1/2032
45,000
39,185
5.38%,
6/30/2034
25,000
25,000
1,503,827
Diversified
Telecommunication
Services
0
.8
%
AT&T,
Inc.
,
4.35%,
3/1/2029(b)
150,000
150,134
4.30%,
2/15/2030(b)
150,000
149,049
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
19
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Telecommunication
Services
AT&T,
Inc.,
4.70%,
8/15/2030(b)
100,000
100,826
4.40%,
4/30/2031
50,000
49,496
2.75%,
6/1/2031(b)
225,000
205,748
2.25%,
2/1/2032
100,000
87,363
4.75%,
4/30/2033(b)
50,000
49,526
2.55%,
12/1/2033
60,000
50,774
5.40%,
2/15/2034
110,000
112,474
4.50%,
5/15/2035(b)
210,000
199,051
4.90%,
11/1/2035
100,000
97,555
5.13%,
4/30/2036
50,000
49,400
4.85%,
3/1/2039
100,000
93,132
3.50%,
6/1/2041(b)
175,000
135,744
4.65%,
6/1/2044
150,000
127,123
5.55%,
11/1/2045(b)
75,000
71,003
5.85%,
4/30/2046
50,000
48,724
4.50%,
3/9/2048(b)
150,000
121,036
3.65%,
6/1/2051
175,000
120,143
3.50%,
9/15/2053
260,000
170,492
5.70%,
11/1/2054(b)
75,000
70,225
3.55%,
9/15/2055
200,000
130,072
6.00%,
4/30/2056
50,000
48,920
3.80%,
12/1/2057
314,000
212,035
3.65%,
9/15/2059
429,000
277,983
Bell
Canada
,
3.65%,
8/15/2052
25,000
17,034
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
,
5.20%,
2/15/2034
50,000
50,164
4.46%,
4/1/2048
58,000
46,930
5.55%,
2/15/2054
50,000
46,901
British
Telecommunications
plc
,
9.62%,
12/15/2030(b)(f)
110,000
131,384
Comcast
Corp.
,
2.65%,
2/1/2030
200,000
187,299
3.40%,
4/1/2030(b)
165,000
158,406
1.95%,
1/15/2031
200,000
177,431
4.95%,
5/15/2032
50,000
50,462
4.25%,
1/15/2033(b)
100,000
96,637
4.80%,
5/15/2033(b)
80,000
79,559
4.40%,
8/15/2035(b)
125,000
117,887
5.17%,
1/15/2037(b)(c)
681,000
663,119
3.40%,
7/15/2046(b)
150,000
102,302
4.00%,
11/1/2049
125,000
90,631
2.89%,
11/1/2051
200,000
115,613
2.45%,
8/15/2052
70,000
36,455
5.35%,
5/15/2053(b)
80,000
70,733
5.65%,
6/1/2054(b)
70,000
64,502
6.05%,
5/15/2055(b)
75,000
74,210
2.94%,
11/1/2056
207,000
114,671
2.65%,
8/15/2062
200,000
98,826
Deutsche
Telekom
International
Finance
BV
,
8.75%,
6/15/2030(f)
119,000
136,668
Orange
SA
,
9.00%,
3/1/2031(f)
100,000
118,193
5.38%,
1/13/2042
45,000
43,544
Sprint
Capital
Corp.
,
6.88%,
11/15/2028(b)
50,000
52,865
8.75%,
3/15/2032
110,000
130,798
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Telecommunication
Services
Telefonica
Emisiones
SA
,
7.05%,
6/20/2036(b)
150,000
165,445
5.52%,
3/1/2049(b)
150,000
135,196
TELUS
Corp.
,
3.40%,
5/13/2032
60,000
54,705
Verizon
Communications,
Inc.
,
2.10%,
3/22/2028(b)
75,000
72,014
4.02%,
12/3/2029
300,000
295,889
1.75%,
1/20/2031(b)
500,000
438,358
2.36%,
3/15/2032(b)
240,000
209,485
4.75%,
1/15/2033
70,000
69,135
5.05%,
5/9/2033(b)
45,000
45,588
4.50%,
8/10/2033
250,000
242,483
4.78%,
2/15/2035
100,000
96,789
5.25%,
4/2/2035(b)
140,000
140,173
5.00%,
1/15/2036
235,000
230,133
4.81%,
3/15/2039(b)
185,000
172,447
3.40%,
3/22/2041
230,000
176,599
2.85%,
9/3/2041
110,000
77,376
5.75%,
11/30/2045
125,000
121,725
2.88%,
11/20/2050
125,000
75,805
3.55%,
3/22/2051(b)
145,000
101,163
3.88%,
3/1/2052(b)
90,000
65,620
5.50%,
2/23/2054(b)
25,000
23,630
5.88%,
11/30/2055
35,000
34,043
2.99%,
10/30/2056
125,000
73,353
3.00%,
11/20/2060
180,000
103,482
3.70%,
3/22/2061(b)
150,000
99,949
6.00%,
11/30/2065
105,000
101,718
9,423,555
Electric
Utilities
1
.9
%
AEP
Texas,
Inc.
,
5.45%,
5/15/2029(b)
25,000
25,638
4.70%,
5/15/2032
70,000
69,149
Series
Q,
5.20%,
4/15/2036
25,000
24,587
3.80%,
10/1/2047
100,000
71,652
5.25%,
5/15/2052
20,000
17,839
AEP
Transmission
Co.
LLC
,
5.38%,
6/15/2035
50,000
50,757
Series
N,
2.75%,
8/15/2051
50,000
30,007
Series
O,
4.50%,
6/15/2052
80,000
65,765
5.40%,
3/15/2053(b)
40,000
37,611
Alabama
Power
Co.
,
3.75%,
9/1/2027
40,000
39,742
Series
C,
4.30%,
3/15/2031
25,000
24,744
3.94%,
9/1/2032
40,000
38,428
5.10%,
4/2/2035(b)
35,000
35,282
4.15%,
8/15/2044
200,000
162,761
3.13%,
7/15/2051
30,000
19,375
American
Electric
Power
Co.,
Inc.
,
5.75%,
11/1/2027
100,000
101,850
Series
J,
4.30%,
12/1/2028
50,000
49,873
5.20%,
1/15/2029
50,000
51,027
5.63%,
3/1/2033
24,000
24,800
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.13%),
5.80%,
3/15/2056(d)
25,000
24,695
20
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
American
Electric
Power
Co.,
Inc.,
Series
D,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.94%),
6.05%,
3/15/2056(d)
25,000
24,777
Appalachian
Power
Co.
,
Series
BB,
4.50%,
8/1/2032
30,000
29,232
Arizona
Public
Service
Co.
,
2.60%,
8/15/2029
50,000
46,989
2.20%,
12/15/2031
100,000
86,902
4.35%,
11/15/2045
50,000
40,414
3.50%,
12/1/2049(b)
75,000
51,406
Baltimore
Gas
and
Electric
Co.
,
5.30%,
6/1/2034
25,000
25,638
3.50%,
8/15/2046
75,000
54,139
3.20%,
9/15/2049
40,000
26,436
2.90%,
6/15/2050
60,000
37,706
4.55%,
6/1/2052(b)
30,000
24,968
5.40%,
6/1/2053(b)
25,000
23,505
5.65%,
6/1/2054(b)
25,000
24,241
CenterPoint
Energy
Houston
Electric
LLC
,
5.20%,
10/1/2028(b)
105,000
107,316
4.80%,
3/15/2030(b)
50,000
50,651
Series
ai.,
4.45%,
10/1/2032(b)
40,000
39,416
4.50%,
4/1/2044
142,000
122,934
Series
AD,
2.90%,
7/1/2050
60,000
37,905
Commonwealth
Edison
Co.
,
5.30%,
6/1/2034
25,000
25,718
4.35%,
11/15/2045
200,000
165,556
3.65%,
6/15/2046
100,000
74,516
4.00%,
3/1/2048
75,000
58,145
Series
127,
3.20%,
11/15/2049
55,000
36,307
Series
131,
2.75%,
9/1/2051
50,000
30,108
Connecticut
Light
and
Power
Co.
(The)
,
4.65%,
1/1/2029(b)
25,000
25,211
Series
A,
2.05%,
7/1/2031(b)
100,000
88,345
4.90%,
7/1/2033
25,000
25,047
4.95%,
8/15/2034
25,000
24,790
5.25%,
1/15/2053
50,000
46,323
Dayton
Power
&
Light
Co.
(The)
,
4.55%,
8/15/2030
25,000
24,773
Dominion
Energy
South
Carolina,
Inc.
,
Series
A,
2.30%,
12/1/2031(b)
50,000
44,175
6.05%,
1/15/2038
150,000
158,649
DTE
Electric
Co.
,
Series
A,
3.00%,
3/1/2032
40,000
36,858
5.20%,
4/1/2033(b)
40,000
40,951
5.20%,
3/1/2034(b)
50,000
51,093
5.25%,
5/15/2035
75,000
76,068
4.30%,
7/1/2044
150,000
125,685
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
DTE
Electric
Co.,
Series
B,
3.65%,
3/1/2052
25,000
18,092
5.85%,
5/15/2055
25,000
25,164
Duke
Energy
Carolinas
LLC
,
2.45%,
2/1/2030
75,000
69,763
2.85%,
3/15/2032(b)
70,000
63,722
5.25%,
3/15/2035(b)
25,000
25,392
6.10%,
6/1/2037
50,000
52,794
6.00%,
1/15/2038
200,000
211,293
3.20%,
8/15/2049
50,000
33,461
5.35%,
1/15/2053
25,000
23,423
5.40%,
1/15/2054(b)
34,000
32,250
Duke
Energy
Corp.
,
5.00%,
12/8/2027(b)
85,000
85,904
4.30%,
3/15/2028
80,000
79,860
2.45%,
6/1/2030(b)
70,000
64,498
2.55%,
6/15/2031(b)
50,000
44,954
4.50%,
8/15/2032(b)
90,000
88,582
5.75%,
9/15/2033
75,000
78,041
5.45%,
6/15/2034(b)
25,000
25,554
4.95%,
9/15/2035(b)
35,000
34,120
3.75%,
9/1/2046
119,000
87,811
5.00%,
8/15/2052
65,000
55,619
6.10%,
9/15/2053(b)
75,000
75,213
5.80%,
6/15/2054
25,000
23,936
Duke
Energy
Florida
LLC
,
5.65%,
4/1/2040(b)
125,000
127,052
3.40%,
10/1/2046
150,000
106,534
6.20%,
11/15/2053(b)
25,000
26,179
Duke
Energy
Indiana
LLC
,
6.35%,
8/15/2038(b)
125,000
136,185
5.40%,
4/1/2053(b)
40,000
37,138
Duke
Energy
Ohio,
Inc.
,
2.13%,
6/1/2030
55,000
50,025
5.30%,
6/15/2035
25,000
25,328
5.55%,
3/15/2054(b)
25,000
23,933
Duke
Energy
Progress
LLC
,
5.25%,
3/15/2033(b)
30,000
30,881
5.05%,
3/15/2035
25,000
25,052
4.15%,
12/1/2044
100,000
81,363
4.20%,
8/15/2045
100,000
81,529
5.35%,
3/15/2053
50,000
46,663
5.55%,
3/15/2055
25,000
24,151
Edison
International
,
4.13%,
3/15/2028(b)
100,000
98,295
5.25%,
11/15/2028
25,000
25,201
5.45%,
6/15/2029
50,000
50,452
4.80%,
3/15/2031
25,000
24,404
Emera
US
Finance
LP
,
4.75%,
6/15/2046(b)
75,000
61,873
Enel
Chile
SA
,
4.88%,
6/12/2028(b)
71,000
71,390
Entergy
Arkansas
LLC
,
5.15%,
1/15/2033
50,000
50,847
5.45%,
6/1/2034
50,000
51,437
4.95%,
1/15/2036(b)
25,000
24,520
5.75%,
6/1/2054
25,000
24,417
5.75%,
1/15/2056
25,000
24,461
Entergy
Corp.
,
3.75%,
6/15/2050
35,000
24,631
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
21
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Entergy
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.18%),
5.88%,
6/15/2056(b)(d)
25,000
24,667
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.01%),
6.10%,
6/15/2056(b)(d)
25,000
24,673
Entergy
Louisiana
LLC
,
5.35%,
3/15/2034(b)
25,000
25,701
5.15%,
9/15/2034(b)
50,000
50,366
4.90%,
4/15/2036(b)
25,000
24,388
4.75%,
9/15/2052(b)
150,000
126,941
5.70%,
3/15/2054
25,000
24,281
5.80%,
3/15/2055(b)
25,000
24,516
5.65%,
4/15/2056(b)
25,000
24,017
Entergy
Mississippi
LLC
,
5.00%,
9/1/2033
20,000
20,078
5.85%,
6/1/2054
25,000
24,519
5.80%,
4/15/2055
25,000
24,640
Entergy
Texas,
Inc.
,
1.75%,
3/15/2031
200,000
174,770
3.55%,
9/30/2049(b)
50,000
34,973
5.00%,
9/15/2052
20,000
17,414
Evergy
Kansas
Central,
Inc.
,
5.25%,
3/15/2035
50,000
50,399
4.10%,
4/1/2043
150,000
123,263
Evergy
Metro,
Inc.
,
4.95%,
4/15/2033
30,000
30,141
5.13%,
8/15/2035(b)
25,000
24,875
Evergy,
Inc.
,
2.90%,
9/15/2029
125,000
118,469
Eversource
Energy
,
4.60%,
7/1/2027
35,000
35,028
5.95%,
2/1/2029(b)
50,000
51,805
Series
R,
1.65%,
8/15/2030
100,000
87,719
4.45%,
12/15/2030(b)
35,000
34,524
5.85%,
4/15/2031(b)
50,000
52,166
Exelon
Corp.
,
5.15%,
3/15/2028
30,000
30,354
4.05%,
4/15/2030(b)
200,000
195,863
5.13%,
3/15/2031
50,000
50,890
5.30%,
3/15/2033(b)
60,000
61,426
5.45%,
3/15/2034
35,000
35,781
4.95%,
3/15/2036
50,000
48,494
4.10%,
3/15/2052(b)
35,000
26,418
FirstEnergy
Corp.
,
Series
B,
3.90%,
7/15/2027(b)(f)
106,000
105,137
Series
C,
4.85%,
7/15/2047(f)
100,000
85,153
Series
C,
3.40%,
3/1/2050
25,000
16,633
FirstEnergy
Pennsylvania
Electric
Co.
,
4.15%,
3/15/2028(c)
25,000
24,904
4.55%,
3/15/2031(c)
25,000
24,913
FirstEnergy
Transmission
LLC
,
4.75%,
1/15/2033
25,000
24,623
Florida
Power
&
Light
Co.
,
5.05%,
4/1/2028
35,000
35,584
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Florida
Power
&
Light
Co.,
4.40%,
5/15/2028
35,000
35,140
5.15%,
6/15/2029(b)
50,000
51,293
4.63%,
5/15/2030
35,000
35,339
2.45%,
2/3/2032(b)
148,000
132,406
5.10%,
4/1/2033
60,000
61,217
4.70%,
2/15/2036(b)
50,000
48,735
3.95%,
3/1/2048
100,000
77,831
2.88%,
12/4/2051
10,000
6,219
5.30%,
4/1/2053
40,000
37,444
5.60%,
6/15/2054
45,000
44,050
5.70%,
3/15/2055(b)
30,000
29,879
5.60%,
2/15/2066
45,000
43,351
Georgia
Power
Co.
,
4.65%,
5/16/2028
100,000
100,774
4.00%,
10/1/2028
50,000
49,707
4.55%,
3/15/2030
50,000
50,198
4.85%,
3/15/2031
100,000
101,243
4.95%,
5/17/2033(b)
100,000
100,789
5.20%,
3/15/2035(b)
50,000
50,785
4.30%,
3/15/2042(b)
125,000
107,845
5.13%,
5/15/2052(b)
25,000
22,713
Idaho
Power
Co.
,
5.20%,
8/15/2034
25,000
25,336
4.85%,
3/1/2036(b)
25,000
24,470
5.50%,
3/15/2053
20,000
19,013
5.80%,
4/1/2054
25,000
24,923
Indiana
Michigan
Power
Co.
,
Series
K,
4.55%,
3/15/2046
100,000
84,638
5.60%,
3/15/2056
25,000
24,114
Interstate
Power
and
Light
Co.
,
3.60%,
4/1/2029(b)
50,000
48,868
5.70%,
10/15/2033
25,000
26,012
5.60%,
6/29/2035(b)
50,000
51,225
3.70%,
9/15/2046
60,000
44,059
3.10%,
11/30/2051
20,000
12,657
IPALCO
Enterprises,
Inc.
,
5.75%,
4/1/2034
75,000
74,478
Jersey
Central
Power
&
Light
Co.
,
4.15%,
1/15/2029(b)(c)
25,000
24,839
4.40%,
1/15/2031(b)(c)
25,000
24,635
5.15%,
1/15/2036(b)(c)
25,000
24,875
Kentucky
Utilities
Co.
,
Series
KENT,
5.45%,
4/15/2033
20,000
20,638
5.85%,
8/15/2055
50,000
49,713
Louisville
Gas
and
Electric
Co.
,
4.25%,
4/1/2049
125,000
99,211
MidAmerican
Energy
Co.
,
5.35%,
1/15/2034
25,000
25,666
5.80%,
10/15/2036(b)
175,000
185,102
2.70%,
8/1/2052
25,000
15,030
5.85%,
9/15/2054(b)
70,000
70,280
5.50%,
11/15/2056(b)
25,000
23,978
Mississippi
Power
Co.
,
Series
B,
3.10%,
7/30/2051
50,000
32,381
Nevada
Power
Co.
,
Series
EE,
3.13%,
8/1/2050
50,000
32,047
Series
GG,
5.90%,
5/1/2053
30,000
29,709
22
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Nevada
Power
Co.,
6.00%,
3/15/2054(b)
50,000
50,070
NextEra
Energy
Capital
Holdings,
Inc.
,
4.63%,
7/15/2027
150,000
150,536
4.69%,
9/1/2027
45,000
45,217
4.85%,
2/4/2028(b)
40,000
40,370
4.90%,
2/28/2028(b)
100,000
100,803
1.90%,
6/15/2028
45,000
42,671
4.90%,
3/15/2029(b)
100,000
101,454
2.75%,
11/1/2029(b)
45,000
42,565
5.00%,
2/28/2030
100,000
101,611
5.05%,
3/15/2030(b)
50,000
50,926
2.25%,
6/1/2030
75,000
68,345
4.40%,
3/1/2031(b)
25,000
24,776
2.44%,
1/15/2032(b)
45,000
39,653
5.00%,
7/15/2032
105,000
105,732
5.05%,
2/28/2033(b)
100,000
100,927
5.25%,
3/15/2034(b)
90,000
91,114
5.45%,
3/15/2035(b)
50,000
50,834
3.00%,
1/15/2052
85,000
52,520
5.25%,
2/28/2053(b)
50,000
45,120
5.55%,
3/15/2054
50,000
47,001
5.90%,
3/15/2055(b)
40,000
39,262
5.85%,
3/1/2056(b)
25,000
24,399
Northern
States
Power
Co.
,
5.05%,
5/15/2035(b)
75,000
75,521
2.60%,
6/1/2051
48,000
28,933
4.50%,
6/1/2052
25,000
20,806
5.10%,
5/15/2053
40,000
36,444
5.40%,
3/15/2054(b)
30,000
28,433
5.65%,
6/15/2054
25,000
24,545
5.55%,
5/15/2056(b)
25,000
24,294
NSTAR
Electric
Co.
,
3.95%,
4/1/2030(b)
100,000
98,173
5.40%,
6/1/2034(b)
100,000
102,213
5.20%,
3/1/2035(b)
50,000
50,312
OGE
Energy
Corp.
,
5.45%,
5/15/2029
25,000
25,613
Ohio
Power
Co.
,
5.65%,
6/1/2034
25,000
25,672
Series
R,
2.90%,
10/1/2051
90,000
53,829
Oklahoma
Gas
and
Electric
Co.
,
5.40%,
1/15/2033
150,000
154,471
5.60%,
4/1/2053(b)
25,000
23,972
5.90%,
4/1/2056
25,000
24,949
Oncor
Electric
Delivery
Co.
LLC
,
4.50%,
3/15/2031(c)
50,000
49,725
4.55%,
9/15/2032
40,000
39,495
5.35%,
4/1/2035(b)
40,000
40,874
4.55%,
12/1/2041(b)
50,000
43,915
5.30%,
6/1/2042
50,000
47,420
3.10%,
9/15/2049
50,000
32,547
2.70%,
11/15/2051
105,000
60,875
4.60%,
6/1/2052
90,000
73,593
5.90%,
3/15/2056(c)
50,000
49,959
Pacific
Gas
and
Electric
Co.
,
5.45%,
6/15/2027
100,000
100,994
5.00%,
6/4/2028
50,000
50,424
3.75%,
7/1/2028(b)
150,000
147,385
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Pacific
Gas
and
Electric
Co.,
4.20%,
3/1/2029
200,000
197,627
4.55%,
7/1/2030
100,000
98,645
2.50%,
2/1/2031(b)
150,000
134,431
3.25%,
6/1/2031
100,000
92,234
5.90%,
6/15/2032
100,000
103,543
5.05%,
10/15/2032(b)
25,000
24,837
5.70%,
3/1/2035
50,000
50,683
6.00%,
8/15/2035(b)
50,000
51,658
4.50%,
7/1/2040
100,000
85,334
4.20%,
6/1/2041
100,000
80,583
4.95%,
7/1/2050(b)
75,000
62,128
3.50%,
8/1/2050
100,000
66,119
5.25%,
3/1/2052
75,000
63,817
6.75%,
1/15/2053(b)
60,000
62,255
6.70%,
4/1/2053(b)
30,000
31,053
5.90%,
10/1/2054(b)
25,000
23,296
6.15%,
3/1/2055(b)
50,000
48,307
6.10%,
10/15/2055(b)
50,000
48,026
PacifiCorp
,
5.10%,
2/15/2029
50,000
50,644
4.65%,
4/15/2029
25,000
25,002
5.10%,
4/15/2031(b)
25,000
25,063
5.45%,
4/15/2033
25,000
25,080
5.45%,
2/15/2034
50,000
49,813
5.80%,
4/15/2036
25,000
25,201
2.90%,
6/15/2052
50,000
28,440
5.35%,
12/1/2053(b)
75,000
64,310
5.50%,
5/15/2054(b)
65,000
56,972
5.80%,
1/15/2055(b)
45,000
41,107
PECO
Energy
Co.
,
4.90%,
6/15/2033(b)
44,000
44,284
4.88%,
9/15/2035(b)
50,000
49,544
3.70%,
9/15/2047
125,000
93,391
4.60%,
5/15/2052
30,000
25,219
4.38%,
8/15/2052
30,000
24,283
PG&E
Recovery
Funding
LLC
,
Series
A-3,
5.53%,
6/1/2049
200,000
196,458
PG&E
Wildfire
Recovery
Funding
LLC
,
Series
A-2,
4.26%,
6/1/2036
1,000,000
963,821
Series
A-3,
4.38%,
6/1/2039
250,000
233,872
Pinnacle
West
Capital
Corp.
,
4.90%,
5/15/2028
50,000
50,376
Potomac
Electric
Power
Co.
,
5.20%,
3/15/2034
25,000
25,431
5.50%,
3/15/2054
25,000
23,702
PPL
Electric
Utilities
Corp.
,
5.00%,
5/15/2033(b)
100,000
101,061
4.85%,
2/15/2034
25,000
24,913
5.25%,
5/15/2053
75,000
69,515
5.55%,
8/15/2055
25,000
24,228
Public
Service
Co.
of
Colorado
,
Series
35,
1.90%,
1/15/2031
100,000
88,316
Series
38,
4.10%,
6/1/2032
30,000
29,161
5.15%,
9/15/2035(b)
25,000
24,918
4.30%,
3/15/2044
150,000
124,761
Series
34,
3.20%,
3/1/2050
25,000
16,569
Series
36,
2.70%,
1/15/2051
25,000
14,784
Series
39,
4.50%,
6/1/2052
30,000
24,402
5.25%,
4/1/2053
30,000
27,148
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
23
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Public
Service
Co.
of
Colorado,
5.75%,
5/15/2054(b)
25,000
24,284
5.85%,
5/15/2055(b)
25,000
24,780
Public
Service
Co.
of
New
Hampshire
,
4.40%,
7/1/2028
25,000
25,033
5.35%,
10/1/2033(b)
75,000
77,298
5.15%,
1/15/2053
45,000
40,941
Public
Service
Co.
of
Oklahoma
,
Series
J,
2.20%,
8/15/2031
100,000
87,715
5.25%,
1/15/2033(b)
25,000
25,300
Series
K,
3.15%,
8/15/2051
50,000
31,906
Public
Service
Electric
and
Gas
Co.
,
Series
R,
4.20%,
1/1/2031
25,000
24,668
1.90%,
8/15/2031(b)
165,000
144,585
4.90%,
12/15/2032(b)
100,000
101,281
5.20%,
3/1/2034
50,000
50,849
4.90%,
8/15/2035
25,000
24,807
3.95%,
5/1/2042
125,000
103,154
3.20%,
8/1/2049
25,000
16,795
5.45%,
3/1/2054
50,000
47,745
5.30%,
8/1/2054(b)
25,000
23,316
Sierra
Pacific
Power
Co.
,
5.90%,
3/15/2054(b)
50,000
49,284
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%),
6.20%,
12/15/2055(b)(d)
25,000
24,315
Southern
California
Edison
Co.
,
Series
D,
4.70%,
6/1/2027
25,000
25,015
5.15%,
6/1/2029
75,000
76,054
5.25%,
3/15/2030
50,000
50,752
Series
G,
2.50%,
6/1/2031
100,000
89,315
2.75%,
2/1/2032
100,000
89,183
4.80%,
3/15/2033
25,000
24,553
5.20%,
6/1/2034
50,000
49,628
5.45%,
3/1/2035
25,000
25,093
Series
08-A,
5.95%,
2/1/2038
50,000
50,693
4.00%,
4/1/2047
100,000
74,293
Series
C,
4.13%,
3/1/2048
125,000
93,556
Series
B,
4.88%,
3/1/2049
50,000
41,633
3.65%,
2/1/2050
25,000
17,147
Series
H,
3.65%,
6/1/2051
30,000
20,561
Series
E,
5.45%,
6/1/2052
40,000
35,443
5.88%,
12/1/2053
40,000
37,826
5.75%,
4/15/2054
50,000
46,409
6.20%,
9/15/2055
50,000
49,586
Southern
Co.
(The)
,
4.85%,
6/15/2028
40,000
40,382
5.50%,
3/15/2029(b)
50,000
51,518
4.85%,
3/15/2035(b)
50,000
48,640
4.40%,
7/1/2046(b)
125,000
102,889
Series
2025,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%),
6.38%,
3/15/2055(b)(d)
50,000
51,427
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Southern
Co.
(The),
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.99%),
6.00%,
4/1/2058(b)(d)
25,000
25,125
Southwestern
Electric
Power
Co.
,
5.30%,
4/1/2033
25,000
25,351
5.20%,
4/1/2036
25,000
24,584
Series
L,
3.85%,
2/1/2048
125,000
91,160
3.25%,
11/1/2051
100,000
63,950
5.90%,
4/1/2056
25,000
24,329
Southwestern
Public
Service
Co.
,
5.30%,
5/15/2035(b)
50,000
50,154
6.00%,
6/1/2054(b)
25,000
25,185
System
Energy
Resources,
Inc.
,
5.30%,
12/15/2034(b)
25,000
24,935
Tampa
Electric
Co.
,
4.90%,
3/1/2029
35,000
35,459
5.15%,
3/1/2035(b)
25,000
25,072
3.63%,
6/15/2050(b)
40,000
28,548
5.00%,
7/15/2052
35,000
31,018
Tucson
Electric
Power
Co.
,
3.25%,
5/15/2032
20,000
18,336
5.20%,
9/15/2034
25,000
25,141
5.50%,
4/15/2053
50,000
46,653
5.90%,
4/15/2055
25,000
24,749
Union
Electric
Co.
,
2.15%,
3/15/2032
50,000
43,631
5.20%,
4/1/2034(b)
50,000
50,794
4.80%,
3/15/2036
25,000
24,401
3.65%,
4/15/2045
75,000
56,894
5.45%,
3/15/2053
25,000
23,629
5.25%,
1/15/2054(b)
25,000
22,986
5.13%,
3/15/2055(b)
25,000
22,653
5.55%,
3/15/2056
25,000
24,103
Virginia
Electric
and
Power
Co.
,
5.00%,
4/1/2033
40,000
40,231
5.00%,
1/15/2034(b)
25,000
24,918
5.05%,
8/15/2034(b)
125,000
124,830
5.15%,
3/15/2035
25,000
24,950
Series
C,
4.90%,
9/15/2035(b)
50,000
48,919
4.95%,
3/15/2036
25,000
24,370
Series
B,
4.20%,
5/15/2045
200,000
160,267
2.95%,
11/15/2051
50,000
30,703
Series
C,
4.63%,
5/15/2052(b)
40,000
32,938
5.35%,
1/15/2054(b)
25,000
23,028
5.55%,
8/15/2054(b)
30,000
28,352
5.65%,
3/15/2055
25,000
23,932
Series
D,
5.60%,
9/15/2055(b)
55,000
52,343
5.70%,
3/15/2056(b)
25,000
24,115
Wisconsin
Electric
Power
Co.
,
1.70%,
6/15/2028
145,000
137,565
4.15%,
10/15/2030
45,000
44,397
4.75%,
9/30/2032(b)
25,000
25,104
4.60%,
10/1/2034(b)
25,000
24,627
24
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Wisconsin
Power
and
Light
Co.
,
3.95%,
9/1/2032
100,000
95,287
5.70%,
12/15/2055
25,000
24,224
Xcel
Energy,
Inc.
,
4.60%,
6/1/2032(b)
60,000
58,939
5.45%,
8/15/2033(b)
100,000
102,073
5.50%,
3/15/2034
50,000
50,827
6.50%,
7/1/2036
77,000
82,903
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%),
5.75%,
12/3/2056(d)
25,000
24,405
21,257,619
Electrical
Equipment
0
.1
%
Eaton
Corp.
,
4.15%,
3/15/2033(b)
26,000
25,276
4.15%,
11/2/2042
100,000
85,791
Emerson
Electric
Co.
,
2.00%,
12/21/2028
200,000
189,307
1.95%,
10/15/2030
50,000
45,014
2.20%,
12/21/2031(b)
25,000
22,209
5.00%,
3/15/2035(b)
25,000
25,164
2.80%,
12/21/2051
45,000
27,580
Regal
Rexnord
Corp.
,
6.05%,
4/15/2028(b)
20,000
20,513
6.40%,
4/15/2033(b)
70,000
73,989
Rockwell
Automation,
Inc.
,
2.80%,
8/15/2061
60,000
33,313
548,156
Electronic
Equipment,
Instruments
&
Components
0
.1
%
Allegion
US
Holding
Co.,
Inc.
,
5.41%,
7/1/2032
30,000
30,622
5.60%,
5/29/2034
25,000
25,514
Amphenol
Corp.
,
5.05%,
4/5/2027
25,000
25,186
3.80%,
11/15/2027(b)
70,000
69,580
4.38%,
6/12/2028
25,000
25,073
3.90%,
11/15/2028(b)
35,000
34,740
4.13%,
11/15/2030
55,000
54,188
4.40%,
2/15/2033
95,000
92,718
5.00%,
1/15/2035(b)
25,000
24,968
4.63%,
2/15/2036(b)
100,000
96,703
5.30%,
11/15/2055(b)
95,000
89,215
Arrow
Electronics,
Inc.
,
2.95%,
2/15/2032
35,000
30,924
5.88%,
4/10/2034(b)
25,000
25,628
Avnet,
Inc.
,
6.25%,
3/15/2028(b)
30,000
30,899
5.50%,
6/1/2032
20,000
20,250
CDW
LLC
,
3.28%,
12/1/2028
150,000
144,103
3.57%,
12/1/2031
50,000
45,704
Corning,
Inc.
,
4.38%,
11/15/2057
80,000
62,999
Flex
Ltd.
,
5.25%,
1/15/2032(b)
45,000
45,178
5.38%,
11/13/2035(b)
25,000
24,565
Jabil,
Inc.
,
3.00%,
1/15/2031
45,000
41,464
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electronic
Equipment,
Instruments
&
Components
Keysight
Technologies,
Inc.
,
3.00%,
10/30/2029
75,000
71,322
TD
SYNNEX
Corp.
,
4.30%,
1/17/2029
25,000
24,722
6.10%,
4/12/2034
25,000
25,786
5.30%,
10/10/2035
25,000
24,221
Teledyne
Technologies,
Inc.
,
2.75%,
4/1/2031
60,000
54,922
1,241,194
Energy
Equipment
&
Services
0
.1
%
Baker
Hughes
Holdings
LLC
,
4.05%,
3/11/2029
30,000
29,847
3.14%,
11/7/2029(b)
35,000
33,700
4.35%,
6/15/2031
50,000
49,345
4.65%,
6/15/2033
50,000
49,211
5.00%,
6/15/2036
45,000
44,181
5.13%,
9/15/2040
100,000
95,692
5.85%,
6/15/2056
45,000
44,034
Halliburton
Co.
,
6.70%,
9/15/2038(b)
150,000
164,473
5.00%,
11/15/2045(b)
65,000
57,653
NOV,
Inc.
,
3.95%,
12/1/2042
40,000
31,430
599,566
Entertainment
0
.1
%
NBCUniversal
Media
LLC
,
5.95%,
4/1/2041
100,000
100,143
Netflix,
Inc.
,
4.88%,
4/15/2028(b)
100,000
101,311
5.88%,
11/15/2028(b)
100,000
104,036
4.90%,
8/15/2034(b)
106,000
106,824
Take-Two
Interactive
Software,
Inc.
,
5.60%,
6/12/2034
25,000
25,440
TWDC
Enterprises
18
Corp.
,
3.00%,
7/30/2046
150,000
102,379
Walt
Disney
Co.
(The)
,
3.75%,
3/14/2029
75,000
74,145
2.00%,
9/1/2029
75,000
69,876
2.65%,
1/13/2031(b)
200,000
185,608
4.00%,
3/14/2031
75,000
73,843
4.63%,
3/14/2036(b)
50,000
48,621
6.65%,
11/15/2037(b)
110,000
123,771
5.40%,
10/1/2043(b)
100,000
97,785
2.75%,
9/1/2049
125,000
77,484
4.70%,
3/23/2050(b)
45,000
39,221
3.60%,
1/13/2051(b)
100,000
72,383
3.80%,
5/13/2060(b)
55,000
39,215
1,442,085
Financial
Services
0
.4
%
Apollo
Global
Management,
Inc.
,
4.60%,
1/15/2031
25,000
24,765
6.38%,
11/15/2033
25,000
26,479
5.15%,
8/12/2035(b)
50,000
48,425
5.70%,
3/30/2036(b)
25,000
25,022
5.80%,
5/21/2054(b)
50,000
46,570
Berkshire
Hathaway,
Inc.
,
4.50%,
2/11/2043(b)
150,000
136,212
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
25
Corporate
Bonds
Principal
Amount
($)
Value
($)
Financial
Services
Block
Financial
LLC
,
2.50%,
7/15/2028
30,000
28,346
5.38%,
9/15/2032
25,000
24,262
Corebridge
Financial,
Inc.
,
3.65%,
4/5/2027
50,000
49,547
6.05%,
9/15/2033
50,000
52,268
5.75%,
1/15/2034(b)
25,000
25,642
4.35%,
4/5/2042
50,000
41,091
4.40%,
4/5/2052(b)
85,000
66,212
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.85%),
6.88%,
12/15/2052(b)(d)
76,000
76,575
Enact
Holdings,
Inc.
,
6.25%,
5/28/2029
50,000
51,460
Equitable
Holdings,
Inc.
,
4.35%,
4/20/2028(b)
233,000
232,449
5.59%,
1/11/2033(b)
150,000
152,998
Essent
Group
Ltd.
,
6.25%,
7/1/2029
25,000
25,861
Fidelity
National
Information
Services,
Inc.
,
1.65%,
3/1/2028(b)
55,000
52,052
4.45%,
3/10/2028
30,000
29,916
4.55%,
3/10/2029
50,000
49,764
2.25%,
3/1/2031(b)
86,000
76,139
4.80%,
3/10/2031
45,000
44,647
3.10%,
3/1/2041
25,000
17,961
Fiserv,
Inc.
,
2.25%,
6/1/2027(b)
100,000
97,320
5.45%,
3/2/2028
60,000
60,852
5.38%,
8/21/2028(b)
50,000
50,780
3.50%,
7/1/2029(b)
300,000
287,341
2.65%,
6/1/2030
65,000
59,186
4.55%,
2/15/2031(b)
30,000
29,370
5.35%,
3/15/2031(b)
50,000
50,491
5.60%,
3/2/2033(b)
40,000
40,419
5.63%,
8/21/2033(b)
50,000
50,469
5.45%,
3/15/2034(b)
50,000
49,752
5.25%,
8/11/2035(b)
50,000
48,626
Global
Payments,
Inc.
,
4.55%,
3/15/2028
25,000
24,889
4.45%,
6/1/2028(b)
250,000
247,921
4.50%,
11/15/2028
75,000
74,266
5.30%,
8/15/2029
45,000
45,308
2.90%,
5/15/2030(b)
78,000
71,295
4.88%,
11/15/2030(b)
65,000
63,833
5.20%,
11/15/2032
50,000
48,535
5.40%,
3/15/2033
25,000
24,399
5.55%,
11/15/2035
75,000
72,273
5.95%,
8/15/2052(b)
30,000
27,606
HA
Sustainable
Infrastructure
Capital,
Inc.
,
6.15%,
1/15/2031(b)
25,000
25,446
6.38%,
7/1/2034(b)
25,000
25,165
6.75%,
7/15/2035
25,000
25,672
Jackson
Financial,
Inc.
,
3.13%,
11/23/2031(b)
100,000
88,967
Mastercard,
Inc.
,
2.95%,
6/1/2029
50,000
48,190
3.35%,
3/26/2030
95,000
91,868
2.00%,
11/18/2031(b)
25,000
22,096
Corporate
Bonds
Principal
Amount
($)
Value
($)
Financial
Services
Mastercard,
Inc.,
4.55%,
1/15/2035(b)
45,000
44,203
3.85%,
3/26/2050(b)
162,000
123,227
National
Rural
Utilities
Cooperative
Finance
Corp.
,
5.10%,
5/6/2027
25,000
25,201
3.95%,
12/10/2027
25,000
24,880
4.80%,
3/15/2028
50,000
50,446
Series
D,
4.15%,
8/25/2028
50,000
49,837
5.05%,
9/15/2028
25,000
25,390
Series
D,
4.05%,
2/9/2029(b)
25,000
24,835
2.40%,
3/15/2030(b)
185,000
171,772
4.30%,
12/10/2030
25,000
24,712
4.15%,
12/15/2032
30,000
29,031
5.80%,
1/15/2033(b)
50,000
52,910
5.00%,
8/15/2034
25,000
25,112
NMI
Holdings,
Inc.
,
6.00%,
8/15/2029
25,000
25,557
ORIX
Corp.
,
5.00%,
9/13/2027
40,000
40,352
4.65%,
9/10/2029
25,000
25,203
4.45%,
9/9/2030
25,000
24,799
4.00%,
4/13/2032(b)
50,000
47,845
5.40%,
2/25/2035
25,000
25,221
PayPal
Holdings,
Inc.
,
2.30%,
6/1/2030(b)
60,000
54,881
4.40%,
6/1/2032(b)
60,000
58,916
5.15%,
6/1/2034
50,000
49,867
5.10%,
4/1/2035
25,000
24,821
5.05%,
6/1/2052
10,000
8,550
5.50%,
6/1/2054(b)
50,000
45,600
Radian
Group,
Inc.
,
6.20%,
5/15/2029(b)
50,000
51,664
Shell
International
Finance
BV
,
2.88%,
11/26/2041
50,000
36,433
Visa,
Inc.
,
3.80%,
2/12/2029
25,000
24,848
4.10%,
2/12/2031
25,000
24,975
4.40%,
2/12/2033
25,000
24,772
4.70%,
2/12/2036(b)
25,000
24,729
2.00%,
8/15/2050
300,000
158,675
Western
Union
Co.
(The)
,
6.20%,
11/17/2036(b)
25,000
25,438
Woodside
Finance
Ltd.
,
5.10%,
9/12/2034(b)
50,000
49,213
6.00%,
5/19/2035(b)
75,000
78,158
5.70%,
9/12/2054
50,000
47,061
4,906,132
Food
Products
0
.4
%
Archer-Daniels-Midland
Co.
,
2.90%,
3/1/2032(b)
20,000
18,246
4.02%,
4/16/2043(b)
72,000
59,505
2.70%,
9/15/2051
80,000
47,745
Bunge
Ltd.
Finance
Corp.
,
4.10%,
1/7/2028(b)
25,000
24,886
4.20%,
9/17/2029(b)
25,000
24,763
4.55%,
8/4/2030
25,000
24,885
2.75%,
5/14/2031
100,000
91,055
4.80%,
3/19/2033
25,000
24,677
26
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Food
Products
Bunge
Ltd.
Finance
Corp.,
4.65%,
9/17/2034(b)
25,000
24,204
5.15%,
8/4/2035(b)
25,000
24,893
5.15%,
3/19/2036
25,000
24,661
Campbell's
Co.
(The)
,
4.15%,
3/15/2028(b)
250,000
246,976
4.55%,
3/21/2031(b)
25,000
24,237
5.40%,
3/21/2034(b)
50,000
48,526
4.75%,
3/23/2035(b)
50,000
46,031
5.25%,
10/13/2054(b)
25,000
20,677
Conagra
Brands,
Inc.
,
5.30%,
11/1/2038(b)
50,000
46,499
5.40%,
11/1/2048(b)
50,000
42,491
General
Mills,
Inc.
,
5.50%,
10/17/2028
55,000
56,381
4.88%,
1/30/2030(b)
50,000
50,332
2.25%,
10/14/2031
100,000
87,656
4.95%,
3/29/2033(b)
30,000
29,655
5.25%,
1/30/2035(b)
50,000
49,424
3.00%,
2/1/2051
50,000
30,692
Hershey
Co.
(The)
,
2.45%,
11/15/2029
100,000
93,773
4.75%,
2/24/2030
50,000
50,790
4.95%,
2/24/2032
50,000
51,170
5.10%,
2/24/2035(b)
50,000
51,084
Hormel
Foods
Corp.
,
3.05%,
6/3/2051
50,000
31,816
Ingredion,
Inc.
,
2.90%,
6/1/2030(b)
200,000
187,373
J
M
Smucker
Co.
(The)
,
5.90%,
11/15/2028
75,000
77,572
2.13%,
3/15/2032
50,000
42,923
6.20%,
11/15/2033
50,000
52,979
4.25%,
3/15/2035
75,000
68,928
6.50%,
11/15/2043(b)
40,000
41,691
6.50%,
11/15/2053(b)
25,000
25,978
JBS
NV
,
3.00%,
5/15/2032
100,000
88,864
5.75%,
4/1/2033
73,000
75,353
5.95%,
4/20/2035
50,000
51,903
5.50%,
1/15/2036(b)
25,000
25,011
5.63%,
3/10/2037(c)
25,000
25,078
4.38%,
2/2/2052(b)
25,000
19,031
6.50%,
12/1/2052
75,000
75,924
7.25%,
11/15/2053
70,000
77,013
6.38%,
2/25/2055(b)
25,000
24,914
6.25%,
3/1/2056(b)
50,000
49,015
6.40%,
5/10/2057(c)
25,000
24,954
6.38%,
4/15/2066(b)
25,000
24,532
Kellanova
,
5.25%,
3/1/2033
30,000
30,619
4.50%,
4/1/2046
50,000
42,453
5.75%,
5/16/2054
25,000
24,434
Kraft
Heinz
Foods
Co.
,
5.20%,
3/15/2032(b)
50,000
50,514
5.40%,
3/15/2035(b)
50,000
49,911
5.00%,
6/4/2042(b)
75,000
65,952
4.38%,
6/1/2046(b)
250,000
195,461
4.88%,
10/1/2049
100,000
81,778
McCormick
&
Co.,
Inc.
,
3.40%,
8/15/2027(b)
100,000
98,866
4.95%,
4/15/2033(b)
100,000
98,886
Corporate
Bonds
Principal
Amount
($)
Value
($)
Food
Products
McCormick
&
Co.,
Inc.,
4.70%,
10/15/2034(b)
25,000
23,856
Mead
Johnson
Nutrition
Co.
,
4.60%,
6/1/2044
50,000
43,171
Mondelez
International,
Inc.
,
4.25%,
5/6/2028(b)
25,000
24,950
4.75%,
2/20/2029(b)
50,000
50,524
4.50%,
5/6/2030
25,000
24,918
1.50%,
2/4/2031
45,000
38,902
4.75%,
8/28/2034(b)
50,000
48,901
5.13%,
5/6/2035(b)
25,000
25,049
2.63%,
9/4/2050
40,000
23,415
Pilgrim's
Pride
Corp.
,
4.25%,
4/15/2031(b)
100,000
95,522
Tyson
Foods,
Inc.
,
3.55%,
6/2/2027(b)
100,000
99,066
5.40%,
3/15/2029
50,000
51,306
4.95%,
2/20/2036(b)
25,000
24,420
4.55%,
6/2/2047(b)
100,000
84,167
Unilever
Capital
Corp.
,
1.38%,
9/14/2030(b)
165,000
146,000
5.90%,
11/15/2032(b)
181,000
195,911
4,245,718
Gas
Utilities
0
.1
%
Atmos
Energy
Corp.
,
5.90%,
11/15/2033(b)
50,000
53,384
5.20%,
8/15/2035
40,000
40,755
4.13%,
10/15/2044(b)
74,000
61,204
4.30%,
10/1/2048(b)
100,000
80,761
3.38%,
9/15/2049(b)
45,000
30,868
5.75%,
10/15/2052
30,000
29,808
5.45%,
1/15/2056(b)
35,000
33,408
CenterPoint
Energy
Resources
Corp.
,
5.40%,
7/1/2034(b)
100,000
102,053
ONE
Gas,
Inc.
,
4.66%,
2/1/2044
50,000
43,669
Piedmont
Natural
Gas
Co.,
Inc.
,
5.40%,
6/15/2033
20,000
20,503
5.10%,
2/15/2035
25,000
24,884
3.35%,
6/1/2050
25,000
16,856
Southern
California
Gas
Co.
,
2.95%,
4/15/2027
80,000
78,948
5.20%,
6/1/2033
40,000
40,701
5.05%,
9/1/2034
50,000
50,202
5.45%,
6/15/2035(b)
75,000
76,745
6.35%,
11/15/2052(b)
10,000
10,524
5.75%,
6/1/2053(b)
40,000
38,917
5.60%,
4/1/2054(b)
25,000
23,829
Southwest
Gas
Corp.
,
5.80%,
12/1/2027(b)
100,000
102,234
4.05%,
3/15/2032
100,000
95,493
Washington
Gas
Light
Co.
,
3.65%,
9/15/2049
25,000
17,534
1,073,280
Ground
Transportation
0
.4
%
Burlington
Northern
Santa
Fe
LLC
,
3.25%,
6/15/2027
300,000
297,456
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
27
Corporate
Bonds
Principal
Amount
($)
Value
($)
Ground
Transportation
Burlington
Northern
Santa
Fe
LLC,
4.90%,
4/1/2044(b)
77,000
70,590
4.55%,
9/1/2044
250,000
218,189
3.90%,
8/1/2046
125,000
97,680
4.05%,
6/15/2048
75,000
59,087
3.55%,
2/15/2050(b)
50,000
35,978
2.88%,
6/15/2052
25,000
15,399
4.45%,
1/15/2053(b)
50,000
41,148
5.20%,
4/15/2054(b)
25,000
23,006
5.50%,
3/15/2055(b)
40,000
38,562
5.55%,
3/15/2056
50,000
48,477
Canadian
National
Railway
Co.
,
6.90%,
7/15/2028
92,000
97,200
4.20%,
3/12/2031
25,000
24,657
3.85%,
8/5/2032
40,000
38,237
4.38%,
9/18/2034
50,000
48,315
4.75%,
11/12/2035
25,000
24,652
6.20%,
6/1/2036
86,000
93,493
2.45%,
5/1/2050
45,000
26,270
4.40%,
8/5/2052
35,000
29,063
Canadian
Pacific
Railway
Co.
,
4.00%,
3/15/2029
25,000
24,727
2.88%,
11/15/2029
160,000
151,936
2.45%,
12/2/2031(b)
35,000
31,098
5.95%,
5/15/2037
100,000
106,191
3.00%,
12/2/2041(b)
25,000
18,373
3.10%,
12/2/2051
30,000
19,590
5.50%,
3/15/2056
25,000
23,929
6.13%,
9/15/2115(b)
100,000
100,526
CSX
Corp.
,
4.25%,
3/15/2029(b)
100,000
99,893
4.10%,
11/15/2032(b)
40,000
38,720
4.10%,
3/15/2044
100,000
82,531
4.30%,
3/1/2048
50,000
40,814
4.50%,
3/15/2049
75,000
62,563
3.95%,
5/1/2050
50,000
38,384
4.50%,
8/1/2054(b)
150,000
123,603
4.65%,
3/1/2068
40,000
32,397
Norfolk
Southern
Corp.
,
2.55%,
11/1/2029
100,000
94,127
5.05%,
8/1/2030
90,000
91,947
4.45%,
6/15/2045(b)
150,000
126,724
3.40%,
11/1/2049
70,000
48,169
3.70%,
3/15/2053
40,000
28,230
3.16%,
5/15/2055
100,000
63,336
5.95%,
3/15/2064(b)
75,000
74,257
Ryder
System,
Inc.
,
4.30%,
6/15/2027
25,000
24,949
5.25%,
6/1/2028(b)
40,000
40,638
6.30%,
12/1/2028
25,000
26,115
5.38%,
3/15/2029(b)
25,000
25,584
4.85%,
6/15/2030
25,000
25,172
6.60%,
12/1/2033
25,000
27,387
Uber
Technologies,
Inc.
,
4.15%,
1/15/2031(b)
50,000
48,890
4.80%,
9/15/2034(b)
56,000
54,824
4.80%,
9/15/2035(b)
50,000
48,518
5.35%,
9/15/2054(b)
60,000
55,249
Union
Pacific
Corp.
,
3.95%,
9/10/2028(b)
150,000
149,166
Corporate
Bonds
Principal
Amount
($)
Value
($)
Ground
Transportation
Union
Pacific
Corp.,
2.40%,
2/5/2030(b)
100,000
93,010
2.38%,
5/20/2031
25,000
22,655
5.10%,
2/20/2035(b)
50,000
50,888
3.60%,
9/15/2037
50,000
43,738
4.05%,
11/15/2045
95,000
76,314
4.05%,
3/1/2046
40,000
31,989
2.95%,
3/10/2052
335,000
208,949
4.95%,
5/15/2053(b)
100,000
89,149
3.84%,
3/20/2060
200,000
141,477
4,134,185
Health
Care
Equipment
&
Supplies
0
.3
%
Abbott
Laboratories
,
3.70%,
3/9/2029
100,000
98,811
4.00%,
3/15/2031
100,000
98,416
4.30%,
3/15/2033
100,000
97,866
4.65%,
3/15/2036
100,000
97,786
4.75%,
11/30/2036
75,000
73,681
4.75%,
3/15/2038
100,000
96,970
6.00%,
4/1/2039
50,000
53,941
5.30%,
5/27/2040(b)
50,000
50,620
4.90%,
11/30/2046(b)
150,000
137,688
5.50%,
3/15/2056
100,000
98,053
5.60%,
3/15/2066
100,000
97,475
Augusta
SpinCo
Corp.
,
4.40%,
3/23/2029
25,000
24,932
4.66%,
3/23/2031
25,000
24,885
4.95%,
3/23/2033
25,000
24,913
5.25%,
3/23/2036
25,000
25,006
Baxter
International,
Inc.
,
2.27%,
12/1/2028(b)
190,000
177,050
4.90%,
12/15/2030(b)
50,000
49,355
2.54%,
2/1/2032(b)
75,000
63,215
5.65%,
12/15/2035(b)
50,000
48,831
3.13%,
12/1/2051
30,000
17,174
Becton
Dickinson
&
Co.
,
3.70%,
6/6/2027(b)
326,000
323,316
1.96%,
2/11/2031(b)
71,000
62,606
4.30%,
8/22/2032
40,000
38,771
Boston
Scientific
Corp.
,
2.65%,
6/1/2030(b)
100,000
93,172
4.70%,
3/1/2049(b)
75,000
65,861
DH
Europe
Finance
II
Sarl
,
3.25%,
11/15/2039(b)
50,000
40,141
3.40%,
11/15/2049(b)
40,000
28,070
GE
HealthCare
Technologies,
Inc.
,
5.65%,
11/15/2027(b)
200,000
203,973
4.15%,
12/15/2028
25,000
24,837
4.80%,
8/14/2029(b)
40,000
40,363
4.80%,
1/15/2031(b)
25,000
25,154
5.50%,
6/15/2035
25,000
25,511
6.38%,
11/22/2052(b)
100,000
106,210
Koninklijke
Philips
NV
,
5.00%,
3/15/2042
50,000
45,510
Medtronic
Global
Holdings
SCA
,
4.25%,
3/30/2028(b)
35,000
35,070
4.50%,
3/30/2033
35,000
34,559
Medtronic,
Inc.
,
4.38%,
3/15/2035(b)
75,000
72,489
28
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Equipment
&
Supplies
Medtronic,
Inc.,
4.63%,
3/15/2045(b)
97,000
86,493
Smith
&
Nephew
plc
,
2.03%,
10/14/2030(b)
96,000
85,438
Solventum
Corp.
,
5.40%,
3/1/2029(b)
35,000
35,804
5.60%,
3/23/2034
100,000
102,231
5.90%,
4/30/2054(b)
50,000
48,849
STERIS
Irish
FinCo.
UnLtd
Co.
,
2.70%,
3/15/2031(b)
150,000
136,163
Stryker
Corp.
,
4.70%,
2/10/2028(b)
50,000
50,429
4.85%,
12/8/2028
25,000
25,369
1.95%,
6/15/2030(b)
80,000
72,196
4.63%,
3/15/2046
150,000
129,923
Zimmer
Biomet
Holdings,
Inc.
,
5.35%,
12/1/2028(b)
50,000
51,148
5.20%,
9/15/2034(b)
50,000
49,996
5.50%,
2/19/2035
25,000
25,518
4.45%,
8/15/2045
25,000
21,410
3,643,248
Health
Care
Providers
&
Services
1
.0
%
Advocate
Health
&
Hospitals
Corp.
,
4.27%,
8/15/2048
57,000
46,621
Aetna,
Inc.
,
6.63%,
6/15/2036(b)
50,000
53,881
6.75%,
12/15/2037
75,000
81,037
Allina
Health
System
,
Series
2019,
3.89%,
4/15/2049
50,000
38,382
Ascension
Health
,
Series
2025,
4.29%,
11/15/2030(b)
30,000
29,704
Series
2025,
4.92%,
11/15/2035
25,000
24,702
Series
B,
3.11%,
11/15/2039(b)
218,000
170,385
Banner
Health
,
Series
2020,
3.18%,
1/1/2050
39,000
26,658
Baylor
Scott
&
White
Holdings
,
Series
2021,
2.84%,
11/15/2050
86,000
53,612
Cardinal
Health,
Inc.
,
3.41%,
6/15/2027
100,000
98,816
5.13%,
2/15/2029
25,000
25,434
5.00%,
11/15/2029
25,000
25,376
4.50%,
9/15/2030
25,000
24,868
5.35%,
11/15/2034
25,000
25,230
5.15%,
9/15/2035(b)
25,000
24,754
4.37%,
6/15/2047(b)
100,000
81,110
Cencora,
Inc.
,
4.85%,
12/15/2029(b)
25,000
25,341
4.90%,
2/13/2036
25,000
24,493
4.30%,
12/15/2047(b)
100,000
82,497
Centene
Corp.
,
2.45%,
7/15/2028
200,000
186,259
3.00%,
10/15/2030
300,000
262,908
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
Cigna
Group
(The)
,
4.38%,
10/15/2028
125,000
124,902
5.00%,
5/15/2029
50,000
50,884
4.50%,
9/15/2030(b)
50,000
49,831
2.38%,
3/15/2031
60,000
53,910
5.13%,
5/15/2031(b)
50,000
51,030
4.88%,
9/15/2032
50,000
49,928
5.40%,
3/15/2033
60,000
61,683
5.25%,
2/15/2034(b)
50,000
50,615
5.25%,
1/15/2036(b)
50,000
50,064
4.80%,
8/15/2038(b)
125,000
117,524
4.90%,
12/15/2048(b)
250,000
217,059
3.40%,
3/15/2051(b)
50,000
33,881
5.60%,
2/15/2054(b)
50,000
47,346
6.00%,
1/15/2056(b)
25,000
25,037
Cleveland
Clinic
Foundation
(The)
,
4.86%,
1/1/2114
30,000
25,031
CommonSpirit
Health
,
4.35%,
9/1/2030(b)
30,000
29,544
2.78%,
10/1/2030
77,000
70,787
Series
2025,
4.98%,
9/1/2035(b)
25,000
24,394
3.91%,
10/1/2050(b)
149,000
109,249
5.66%,
9/1/2055(b)
10,000
9,626
CVS
Health
Corp.
,
4.30%,
3/25/2028(b)
77,000
76,727
5.00%,
1/30/2029(b)
80,000
81,040
5.40%,
6/1/2029(b)
100,000
102,373
1.75%,
8/21/2030(b)
160,000
141,134
5.25%,
1/30/2031(b)
65,000
66,425
1.88%,
2/28/2031(b)
85,000
74,211
5.55%,
6/1/2031(b)
100,000
103,172
5.00%,
9/15/2032(b)
50,000
50,040
5.25%,
2/21/2033(b)
80,000
80,914
5.30%,
6/1/2033
80,000
80,633
5.70%,
6/1/2034
50,000
51,385
5.45%,
9/15/2035(b)
75,000
75,292
4.78%,
3/25/2038
175,000
161,269
4.13%,
4/1/2040
100,000
83,473
6.00%,
6/1/2044
50,000
49,226
5.13%,
7/20/2045(b)
125,000
109,719
5.05%,
3/25/2048(b)
250,000
214,501
4.25%,
4/1/2050
45,000
34,169
5.63%,
2/21/2053
80,000
73,303
5.88%,
6/1/2053(b)
80,000
75,750
6.05%,
6/1/2054(b)
50,000
48,506
Elevance
Health,
Inc.
,
5.15%,
6/15/2029
45,000
45,841
2.25%,
5/15/2030(b)
200,000
182,222
4.10%,
5/15/2032(b)
40,000
38,384
5.50%,
10/15/2032
50,000
51,529
4.75%,
2/15/2033
45,000
44,314
5.38%,
6/15/2034(b)
150,000
151,966
5.20%,
2/15/2035(b)
70,000
69,885
5.00%,
1/15/2036(b)
50,000
48,982
4.63%,
5/15/2042(b)
125,000
109,453
4.65%,
8/15/2044(b)
100,000
85,636
4.38%,
12/1/2047
100,000
80,438
3.60%,
3/15/2051
100,000
69,416
4.55%,
5/15/2052
40,000
32,222
5.13%,
2/15/2053(b)
100,000
87,675
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
29
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
Elevance
Health,
Inc.,
5.85%,
11/1/2064
45,000
43,028
Hackensack
Meridian
Health,
Inc.
,
Series
2020,
2.88%,
9/1/2050
117,000
72,906
HCA,
Inc.
,
5.20%,
6/1/2028(b)
40,000
40,602
3.50%,
9/1/2030
100,000
94,964
4.30%,
11/15/2030(b)
40,000
39,339
5.50%,
3/1/2032
40,000
41,006
4.60%,
11/15/2032
70,000
68,088
5.50%,
6/1/2033
55,000
56,097
5.60%,
4/1/2034
55,000
56,168
5.45%,
9/15/2034(b)
100,000
100,936
5.75%,
3/1/2035
50,000
51,408
4.90%,
11/15/2035
70,000
67,677
5.50%,
6/15/2047
160,000
146,616
3.50%,
7/15/2051(b)
70,000
46,330
4.63%,
3/15/2052(b)
55,000
43,906
5.90%,
6/1/2053
75,000
71,408
6.00%,
4/1/2054(b)
45,000
43,434
5.95%,
9/15/2054(b)
55,000
52,902
5.70%,
11/15/2055(b)
75,000
69,768
6.10%,
4/1/2064(b)
45,000
43,442
Humana,
Inc.
,
5.38%,
4/15/2031(b)
50,000
50,537
2.15%,
2/3/2032(b)
115,000
98,448
3.95%,
8/15/2049
150,000
104,770
5.75%,
4/15/2054(b)
74,000
66,500
Johns
Hopkins
Health
System
Corp.
(The)
,
3.84%,
5/15/2046(b)
20,000
15,723
Kaiser
Foundation
Hospitals
,
Series
2021,
2.81%,
6/1/2041
86,000
62,390
4.88%,
4/1/2042(b)
50,000
46,273
Series
2019,
3.27%,
11/1/2049
122,000
83,515
Laboratory
Corp.
of
America
Holdings
,
2.95%,
12/1/2029
25,000
23,694
4.35%,
4/1/2030
50,000
49,559
4.70%,
2/1/2045(b)
75,000
65,498
Mass
General
Brigham,
Inc.
,
Series
2020,
3.19%,
7/1/2049
100,000
67,577
Mayo
Clinic
,
Series
2021,
3.20%,
11/15/2061
79,000
49,677
McKesson
Corp.
,
3.95%,
2/16/2028
125,000
124,295
4.65%,
5/30/2030
50,000
50,302
5.25%,
5/30/2035(b)
50,000
50,948
Memorial
Sloan-Kettering
Cancer
Center
,
Series
2020,
2.96%,
1/1/2050
57,000
37,024
4.13%,
7/1/2052(b)
50,000
40,115
New
York
and
Presbyterian
Hospital
(The)
,
2.61%,
8/1/2060
150,000
82,779
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
Northwell
Healthcare,
Inc.
,
3.98%,
11/1/2046
50,000
38,838
Novant
Health,
Inc.
,
3.17%,
11/1/2051
80,000
52,281
Orlando
Health
Obligated
Group
,
5.48%,
10/1/2035(b)
35,000
35,926
PeaceHealth
Obligated
Group
,
Series
2018,
4.79%,
11/15/2048
100,000
86,032
Providence
St
Joseph
Health
Obligated
Group
,
Series
A,
3.93%,
10/1/2048
38,000
28,751
Series
21A,
2.70%,
10/1/2051(b)
51,000
29,733
Quest
Diagnostics,
Inc.
,
4.63%,
12/15/2029(b)
25,000
25,178
2.95%,
6/30/2030
75,000
70,265
5.00%,
12/15/2034(b)
50,000
49,659
Stanford
Health
Care
,
Series
2018,
3.80%,
11/15/2048
30,000
22,849
Sutter
Health
,
Series
2018,
3.70%,
8/15/2028
40,000
39,438
Series
2025,
5.21%,
8/15/2032
20,000
20,481
Series
2025,
5.54%,
8/15/2035
60,000
61,905
Series
20A,
3.36%,
8/15/2050(b)
134,000
92,803
Trinity
Health
Corp.
,
Series
2019,
3.43%,
12/1/2048
62,000
45,492
UnitedHealth
Group,
Inc.
,
3.70%,
5/15/2027(b)
55,000
54,657
2.95%,
10/15/2027(b)
200,000
196,370
4.25%,
1/15/2029
45,000
44,920
4.70%,
4/15/2029
50,000
50,499
4.00%,
5/15/2029
50,000
49,483
5.30%,
2/15/2030
300,000
308,367
4.65%,
1/15/2031(b)
50,000
50,217
2.30%,
5/15/2031(b)
75,000
67,221
4.95%,
1/15/2032
200,000
202,230
4.20%,
5/15/2032(b)
65,000
63,328
5.35%,
2/15/2033(b)
60,000
61,601
4.63%,
7/15/2035(b)
105,000
101,597
5.80%,
3/15/2036
75,000
78,400
3.50%,
8/15/2039
100,000
80,882
3.05%,
5/15/2041(b)
180,000
133,435
3.95%,
10/15/2042
125,000
101,081
5.50%,
7/15/2044(b)
200,000
192,999
4.25%,
6/15/2048
125,000
99,319
3.70%,
8/15/2049
200,000
143,828
3.25%,
5/15/2051
60,000
39,526
4.75%,
5/15/2052
200,000
168,360
5.63%,
7/15/2054(b)
100,000
95,307
3.88%,
8/15/2059
100,000
69,767
3.13%,
5/15/2060
100,000
59,445
4.95%,
5/15/2062
100,000
83,957
5.50%,
4/15/2064
75,000
68,671
30
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
Universal
Health
Services,
Inc.
,
2.65%,
1/15/2032(b)
100,000
87,118
Willis-Knighton
Medical
Center
,
Series
2018,
4.81%,
9/1/2048
41,000
35,354
11,502,837
Health
Care
REITs
0
.1
%
Alexandria
Real
Estate
Equities,
Inc.
,
1.88%,
2/1/2033(b)
100,000
80,949
5.25%,
3/15/2036
25,000
24,415
4.85%,
4/15/2049
50,000
41,736
5.15%,
4/15/2053(b)
45,000
39,092
5.63%,
5/15/2054(b)
25,000
23,243
DOC
DR
LLC
,
2.63%,
11/1/2031
50,000
44,322
Healthcare
Realty
Holdings
LP
,
3.10%,
2/15/2030(b)
100,000
94,122
Healthpeak
OP
LLC
,
3.50%,
7/15/2029
125,000
120,802
3.00%,
1/15/2030(b)
30,000
28,215
5.25%,
12/15/2032
60,000
60,396
Omega
Healthcare
Investors,
Inc.
,
3.63%,
10/1/2029
100,000
96,046
5.20%,
7/1/2030(b)
25,000
25,101
Sabra
Health
Care
LP
,
3.20%,
12/1/2031(b)
100,000
90,295
Ventas
Realty
LP
,
4.40%,
1/15/2029
82,000
81,530
3.00%,
1/15/2030
100,000
94,189
5.63%,
7/1/2034(b)
25,000
25,638
5.00%,
1/15/2035
75,000
73,592
Welltower
OP
LLC
,
3.10%,
1/15/2030(b)
100,000
95,139
4.50%,
7/1/2030(b)
50,000
50,015
2.75%,
1/15/2031(b)
175,000
160,931
2.75%,
1/15/2032
50,000
44,961
1,394,729
Health
Care
Technology
0
.0
%
†
IQVIA,
Inc.
,
6.25%,
2/1/2029(b)
88,000
91,462
Hotel
&
Resort
REITs
0
.0
%
†
Host
Hotels
&
Resorts
LP
,
Series
H,
3.38%,
12/15/2029
50,000
47,489
Series
J,
2.90%,
12/15/2031(b)
80,000
71,122
5.70%,
7/1/2034
25,000
25,261
143,872
Hotels,
Restaurants
&
Leisure
0
.2
%
Airbnb,
Inc.
,
4.40%,
3/16/2029
25,000
24,967
4.65%,
3/16/2031(b)
25,000
24,944
5.25%,
3/16/2036
25,000
25,025
Corporate
Bonds
Principal
Amount
($)
Value
($)
Hotels,
Restaurants
&
Leisure
Choice
Hotels
International,
Inc.
,
5.85%,
8/1/2034(b)
50,000
50,426
Darden
Restaurants,
Inc.
,
4.35%,
10/15/2027
25,000
24,942
4.55%,
10/15/2029
25,000
24,955
6.30%,
10/10/2033(b)
50,000
53,501
Expedia
Group,
Inc.
,
3.80%,
2/15/2028(b)
150,000
147,972
3.25%,
2/15/2030(b)
65,000
61,421
5.40%,
2/15/2035(b)
50,000
49,603
Hyatt
Hotels
Corp.
,
5.05%,
3/30/2028
25,000
25,208
5.25%,
6/30/2029
25,000
25,390
5.75%,
4/23/2030(f)
25,000
25,736
5.75%,
3/30/2032(b)
25,000
25,685
5.50%,
6/30/2034(b)
25,000
25,250
5.40%,
12/15/2035(b)
25,000
24,487
Las
Vegas
Sands
Corp.
,
5.90%,
6/1/2027(b)
25,000
25,325
5.63%,
6/15/2028
25,000
25,326
6.00%,
8/15/2029
25,000
25,693
6.00%,
6/14/2030
25,000
25,714
Marriott
International,
Inc.
,
5.00%,
10/15/2027(b)
55,000
55,495
5.55%,
10/15/2028(b)
50,000
51,296
Series
FF,
4.63%,
6/15/2030
92,000
92,010
Series
HH,
2.85%,
4/15/2031(b)
75,000
68,677
4.50%,
10/15/2031
25,000
24,709
5.10%,
4/15/2032(b)
25,000
25,395
Series
GG,
3.50%,
10/15/2032(b)
50,000
45,982
4.50%,
5/1/2033
25,000
24,156
5.30%,
5/15/2034
50,000
50,465
5.35%,
3/15/2035(b)
50,000
50,326
5.25%,
10/15/2035(b)
25,000
24,867
5.50%,
4/15/2037
50,000
49,781
5.10%,
5/1/2038
25,000
23,767
McDonald's
Corp.
,
4.80%,
8/14/2028
50,000
50,612
5.00%,
5/17/2029
25,000
25,568
4.60%,
5/15/2030
25,000
25,226
4.40%,
2/12/2031
25,000
24,926
5.20%,
5/17/2034
25,000
25,562
4.95%,
3/3/2035
25,000
24,869
4.70%,
12/9/2035(b)
100,000
97,956
5.00%,
2/13/2036(b)
25,000
24,894
4.88%,
7/15/2040
100,000
94,070
4.88%,
12/9/2045(b)
100,000
89,110
3.63%,
9/1/2049(b)
90,000
64,775
4.20%,
4/1/2050(b)
50,000
39,408
5.45%,
8/14/2053(b)
50,000
47,417
Sands
China
Ltd.
,
5.40%,
8/8/2028(f)
200,000
201,499
Starbucks
Corp.
,
3.50%,
3/1/2028
75,000
73,869
2.55%,
11/15/2030(b)
200,000
182,940
4.80%,
2/15/2033
100,000
99,612
5.40%,
5/15/2035
25,000
25,561
4.45%,
8/15/2049(b)
100,000
81,504
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
31
Corporate
Bonds
Principal
Amount
($)
Value
($)
Hotels,
Restaurants
&
Leisure
Starbucks
Corp.,
3.50%,
11/15/2050(b)
75,000
51,741
2,679,615
Household
Durables
0
.0
%
†
DR
Horton,
Inc.
,
5.50%,
10/15/2035(b)
75,000
76,104
Leggett
&
Platt,
Inc.
,
3.50%,
11/15/2051
50,000
31,060
Mohawk
Industries,
Inc.
,
5.85%,
9/18/2028
50,000
51,441
PulteGroup,
Inc.
,
6.38%,
5/15/2033(b)
50,000
53,618
212,223
Household
Products
0
.1
%
Church
&
Dwight
Co.,
Inc.
,
5.60%,
11/15/2032(b)
40,000
42,062
5.00%,
6/15/2052
40,000
35,836
Clorox
Co.
(The)
,
4.60%,
5/1/2032(b)
75,000
74,370
Colgate-Palmolive
Co.
,
4.20%,
5/1/2030
45,000
45,036
3.25%,
8/15/2032
35,000
32,852
4.60%,
3/1/2033
16,000
16,162
Kimberly-Clark
Corp.
,
6.63%,
8/1/2037(b)
55,000
62,222
3.20%,
7/30/2046
65,000
45,413
2.88%,
2/7/2050
25,000
16,140
Procter
&
Gamble
Co.
(The)
,
2.85%,
8/11/2027(b)
250,000
246,507
4.35%,
1/29/2029(b)
50,000
50,513
4.15%,
10/24/2029
50,000
50,285
4.05%,
5/1/2030
50,000
49,795
1.20%,
10/29/2030(b)
100,000
87,525
1.95%,
4/23/2031(b)
100,000
89,713
4.10%,
11/3/2032(b)
50,000
49,193
4.55%,
1/29/2034(b)
50,000
50,101
4.35%,
11/3/2035
50,000
48,480
3.60%,
3/25/2050(b)
75,000
56,490
1,148,695
Independent
Power
and
Renewable
Electricity
Producers
0
.1
%
AES
Corp.
(The)
,
2.45%,
1/15/2031(b)
70,000
61,928
Basin
Electric
Power
Cooperative
,
5.85%,
10/15/2055(b)(c)
35,000
34,042
Constellation
Energy
Generation
LLC
,
3.90%,
1/8/2028
25,000
24,799
5.60%,
3/1/2028(b)
40,000
40,887
5.80%,
3/1/2033(b)
40,000
41,893
6.13%,
1/15/2034(b)
25,000
26,678
6.25%,
10/1/2039(b)
30,000
31,590
5.60%,
6/15/2042
75,000
73,498
5.88%,
1/15/2066(b)
25,000
24,001
Oglethorpe
Power
Corp.
,
5.25%,
9/1/2050
120,000
106,933
Corporate
Bonds
Principal
Amount
($)
Value
($)
Independent
Power
and
Renewable
Electricity
Producers
Southern
Power
Co.
,
Series
A,
4.25%,
10/1/2030(b)
50,000
49,354
Series
B,
4.90%,
10/1/2035(b)
50,000
48,355
563,958
Industrial
Conglomerates
0
.1
%
3M
Co.
,
4.80%,
3/15/2030
25,000
25,268
3.05%,
4/15/2030
25,000
23,688
5.15%,
3/15/2035
25,000
25,148
5.70%,
3/15/2037
40,000
41,519
4.00%,
9/14/2048
96,000
73,832
3.25%,
8/26/2049
90,000
60,200
Honeywell
International,
Inc.
,
2.70%,
8/15/2029
25,000
23,744
1.75%,
9/1/2031
100,000
86,595
4.95%,
9/1/2031
50,000
51,044
5.00%,
2/15/2033
30,000
30,729
4.50%,
1/15/2034
45,000
44,271
5.00%,
3/1/2035(b)
75,000
75,698
2.80%,
6/1/2050
40,000
25,910
Pentair
Finance
Sarl
,
5.90%,
7/15/2032(b)
30,000
31,380
619,026
Industrial
REITs
0
.0
%
†
Americold
Realty
Operating
Partnership
LP
,
5.60%,
5/15/2032(b)
25,000
24,731
5.41%,
9/12/2034(b)
25,000
23,772
First
Industrial
LP
,
5.25%,
1/15/2031
25,000
25,242
Prologis
LP
,
1.75%,
7/1/2030
65,000
58,022
1.25%,
10/15/2030(b)
65,000
56,465
4.75%,
1/15/2031(b)
75,000
75,773
2.25%,
1/15/2032(b)
50,000
43,873
3.00%,
4/15/2050
65,000
41,984
2.13%,
10/15/2050
105,000
55,697
5.25%,
6/15/2053(b)
30,000
27,956
5.25%,
3/15/2054(b)
75,000
69,942
Rexford
Industrial
Realty
LP
,
2.15%,
9/1/2031
40,000
34,688
538,145
Insurance
0
.7
%
Aflac,
Inc.
,
3.60%,
4/1/2030(b)
275,000
266,551
Alleghany
Corp.
,
3.63%,
5/15/2030
50,000
48,522
3.25%,
8/15/2051(b)
50,000
32,897
Allstate
Corp.
(The)
,
5.25%,
3/30/2033(b)
20,000
20,430
+
2.12%),
6.50%,
5/15/2057(d)
95,000
96,855
American
International
Group,
Inc.
,
5.13%,
3/27/2033
60,000
60,578
4.75%,
4/1/2048(b)
100,000
86,771
32
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
American
International
Group,
Inc.,
4.38%,
6/30/2050(b)
50,000
40,497
Aon
Corp.
,
2.80%,
5/15/2030
50,000
46,555
2.05%,
8/23/2031
50,000
43,656
2.60%,
12/2/2031
25,000
22,299
5.00%,
9/12/2032
30,000
30,176
5.35%,
2/28/2033(b)
25,000
25,603
Aon
Global
Ltd.
,
4.60%,
6/14/2044(b)
75,000
63,550
Aon
North
America,
Inc.
,
5.30%,
3/1/2031
75,000
76,523
5.75%,
3/1/2054(b)
138,000
132,967
Arch
Capital
Finance
LLC
,
5.03%,
12/15/2046
100,000
90,203
Arthur
J
Gallagher
&
Co.
,
4.60%,
12/15/2027
50,000
50,137
2.40%,
11/9/2031
100,000
87,835
5.15%,
2/15/2035(b)
100,000
99,190
3.05%,
3/9/2052
100,000
61,529
5.55%,
2/15/2055(b)
100,000
93,352
Athene
Holding
Ltd.
,
6.15%,
4/3/2030
150,000
154,816
6.65%,
2/1/2033
50,000
51,969
5.88%,
1/15/2034
25,000
24,900
6.25%,
4/1/2054(b)
50,000
45,879
6.63%,
5/19/2055(b)
75,000
72,250
Berkshire
Hathaway
Finance
Corp.
,
4.20%,
8/15/2048
100,000
81,507
4.25%,
1/15/2049(b)
100,000
82,069
2.85%,
10/15/2050
45,000
28,247
3.85%,
3/15/2052(b)
100,000
75,477
Brighthouse
Financial,
Inc.
,
4.70%,
6/22/2047(b)
50,000
33,999
Brown
&
Brown,
Inc.
,
4.20%,
3/17/2032
30,000
28,317
5.25%,
6/23/2032
25,000
24,931
5.65%,
6/11/2034(b)
50,000
50,425
5.55%,
6/23/2035(b)
75,000
74,900
6.25%,
6/23/2055(b)
50,000
49,859
Chubb
INA
Holdings
LLC
,
5.00%,
3/15/2034
75,000
75,417
4.90%,
8/15/2035(b)
50,000
49,231
6.00%,
5/11/2037
90,000
96,022
4.35%,
11/3/2045
50,000
42,096
2.85%,
12/15/2051
50,000
31,068
3.05%,
12/15/2061
35,000
21,018
CNO
Financial
Group,
Inc.
,
6.45%,
6/15/2034
25,000
25,797
Enstar
Group
Ltd.
,
3.10%,
9/1/2031
55,000
48,530
Everest
Reinsurance
Holdings,
Inc.
,
3.50%,
10/15/2050
50,000
33,171
3.13%,
10/15/2052
50,000
30,155
F&G
Annuities
&
Life,
Inc.
,
7.40%,
1/13/2028
50,000
50,890
6.50%,
6/4/2029
25,000
25,105
6.25%,
10/4/2034
25,000
23,728
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Fairfax
Financial
Holdings
Ltd.
,
4.63%,
4/29/2030(b)
100,000
99,530
6.00%,
12/7/2033(b)
100,000
104,476
6.10%,
3/15/2055
25,000
24,435
6.50%,
5/20/2055
50,000
51,302
Fidelity
National
Financial,
Inc.
,
3.20%,
9/17/2051
35,000
21,230
First
American
Financial
Corp.
,
2.40%,
8/15/2031(b)
25,000
21,512
5.45%,
9/30/2034
25,000
24,502
Globe
Life,
Inc.
,
2.15%,
8/15/2030
50,000
44,873
5.85%,
9/15/2034
25,000
25,756
Hanover
Insurance
Group,
Inc.
(The)
,
2.50%,
9/1/2030
75,000
68,000
Hartford
Insurance
Group,
Inc.
(The)
,
6.10%,
10/1/2041
109,000
114,447
Kemper
Corp.
,
3.80%,
2/23/2032
30,000
27,083
Lincoln
National
Corp.
,
3.05%,
1/15/2030(b)
100,000
94,089
5.35%,
11/15/2035(b)
25,000
24,368
Loews
Corp.
,
4.94%,
4/1/2036
25,000
24,465
4.13%,
5/15/2043
50,000
41,413
Manulife
Financial
Corp.
,
3.70%,
3/16/2032
20,000
18,933
4.99%,
12/11/2035
25,000
24,423
Markel
Group,
Inc.
,
3.35%,
9/17/2029
275,000
263,464
3.45%,
5/7/2052
100,000
65,568
Marsh
&
McLennan
Cos.,
Inc.
,
4.55%,
11/8/2027(b)
75,000
75,341
4.38%,
3/15/2029
50,000
50,098
4.85%,
11/15/2031
25,000
25,204
5.75%,
11/1/2032(b)
25,000
26,353
5.40%,
9/15/2033(b)
50,000
51,562
5.15%,
3/15/2034
25,000
25,297
5.00%,
3/15/2035(b)
215,000
214,095
4.95%,
3/15/2036(b)
25,000
24,764
4.75%,
3/15/2039
100,000
93,824
5.35%,
11/15/2044
50,000
47,338
4.20%,
3/1/2048
50,000
40,026
5.40%,
3/15/2055(b)
135,000
126,580
MetLife,
Inc.
,
5.30%,
12/15/2034(b)
50,000
51,158
4.88%,
11/13/2043
250,000
223,870
5.00%,
7/15/2052(b)
60,000
53,020
Series
G,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.08%),
6.35%,
3/15/2055(d)
30,000
30,442
Old
Republic
International
Corp.
,
5.75%,
3/28/2034
25,000
25,510
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
33
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Principal
Financial
Group,
Inc.
,
4.30%,
11/15/2046
50,000
40,707
5.50%,
3/15/2053
45,000
41,938
Progressive
Corp.
(The)
,
4.95%,
6/15/2033(b)
20,000
20,270
3.70%,
1/26/2045
75,000
57,100
4.13%,
4/15/2047
67,000
53,463
Prudential
Financial,
Inc.
,
3.88%,
3/27/2028
200,000
198,574
5.20%,
3/14/2035(b)
50,000
50,385
4.60%,
5/15/2044(b)
150,000
129,495
3.91%,
12/7/2047
136,000
102,463
3.70%,
3/13/2051(b)
100,000
71,592
Prudential
Funding
Asia
plc
,
3.13%,
4/14/2030
75,000
71,357
Reinsurance
Group
of
America,
Inc.
,
6.00%,
9/15/2033
20,000
20,767
5.75%,
9/15/2034
25,000
25,396
RenaissanceRe
Holdings
Ltd.
,
5.75%,
6/5/2033
60,000
61,596
5.80%,
4/1/2035
25,000
25,570
Travelers
Cos.,
Inc.
(The)
,
6.25%,
6/15/2037
86,000
94,085
5.35%,
11/1/2040(b)
100,000
98,947
4.10%,
3/4/2049
100,000
79,002
5.45%,
5/25/2053(b)
20,000
19,128
Travelers
Property
Casualty
Corp.
,
6.38%,
3/15/2033
67,000
74,393
Unum
Group
,
4.00%,
6/15/2029(b)
200,000
196,015
5.25%,
12/15/2035
25,000
24,451
4.13%,
6/15/2051(b)
50,000
36,804
W
R
Berkley
Corp.
,
4.00%,
5/12/2050
50,000
37,744
Willis
North
America,
Inc.
,
4.65%,
6/15/2027(b)
50,000
50,083
4.50%,
9/15/2028
125,000
124,827
2.95%,
9/15/2029
65,000
61,551
4.55%,
3/15/2031
50,000
49,266
5.35%,
5/15/2033(b)
20,000
20,209
5.15%,
3/15/2036
25,000
24,346
5.90%,
3/5/2054(b)
25,000
24,266
7,362,590
Interactive
Media
&
Services
0
.3
%
Alphabet,
Inc.
,
3.88%,
11/15/2028
35,000
34,887
3.70%,
2/15/2029(b)
90,000
89,226
1.10%,
8/15/2030(b)
100,000
87,934
4.10%,
11/15/2030(b)
125,000
124,148
4.10%,
2/15/2031(b)
55,000
54,618
4.38%,
11/15/2032
45,000
44,743
4.40%,
2/15/2033
45,000
44,440
4.50%,
5/15/2035(b)
100,000
98,358
4.70%,
11/15/2035
150,000
148,191
4.80%,
2/15/2036(b)
125,000
124,465
1.90%,
8/15/2040
100,000
66,725
5.35%,
11/15/2045(b)
125,000
122,224
5.50%,
2/15/2046
115,000
114,076
2.05%,
8/15/2050
75,000
40,236
Corporate
Bonds
Principal
Amount
($)
Value
($)
Interactive
Media
&
Services
Alphabet,
Inc.,
5.25%,
5/15/2055(b)
50,000
47,210
5.45%,
11/15/2055(b)
100,000
96,820
5.65%,
2/15/2056(b)
35,000
34,887
2.25%,
8/15/2060
100,000
50,288
5.30%,
5/15/2065(b)
35,000
32,397
5.75%,
2/15/2066
45,000
44,565
5.70%,
11/15/2075(b)
125,000
121,146
Baidu,
Inc.
,
4.38%,
3/29/2028
200,000
200,582
Meta
Platforms,
Inc.
,
3.50%,
8/15/2027
230,000
228,311
4.60%,
5/15/2028(b)
60,000
60,661
4.20%,
11/15/2030(b)
170,000
168,350
3.85%,
8/15/2032(b)
195,000
186,124
4.60%,
11/15/2032
100,000
99,019
4.95%,
5/15/2033
60,000
60,509
4.75%,
8/15/2034(b)
175,000
173,095
4.88%,
11/15/2035(b)
145,000
142,251
5.50%,
11/15/2045
205,000
193,995
4.45%,
8/15/2052(b)
40,000
31,466
5.60%,
5/15/2053(b)
35,000
32,655
5.40%,
8/15/2054
46,000
41,665
5.63%,
11/15/2055(b)
230,000
215,600
5.75%,
5/15/2063(b)
60,000
55,838
5.75%,
11/15/2065(b)
365,000
339,013
3,850,718
IT
Services
0
.1
%
Accenture
Capital,
Inc.
,
3.90%,
10/4/2027
35,000
34,935
4.05%,
10/4/2029
50,000
49,660
4.25%,
10/4/2031(b)
50,000
49,411
4.50%,
10/4/2034(b)
35,000
33,840
Booz
Allen
Hamilton,
Inc.
,
5.95%,
4/15/2035
50,000
50,408
CGI,
Inc.
,
4.95%,
3/14/2030
25,000
25,130
DXC
Technology
Co.
,
2.38%,
9/15/2028
25,000
23,476
IBM
International
Capital
Pte.
Ltd.
,
4.60%,
2/5/2029(b)
100,000
100,602
International
Business
Machines
Corp.
,
1.70%,
5/15/2027(b)
200,000
194,457
3.50%,
5/15/2029
150,000
145,813
4.80%,
2/10/2030(b)
100,000
101,098
5.00%,
2/10/2032
100,000
100,997
5.88%,
11/29/2032(b)
53,000
56,261
4.15%,
5/15/2039(b)
150,000
130,107
4.25%,
5/15/2049(b)
300,000
231,190
5.70%,
2/10/2055(b)
100,000
94,426
Kyndryl
Holdings,
Inc.
,
3.15%,
10/15/2031
150,000
125,047
1,546,858
Leisure
Products
0
.0
%
†
Hasbro,
Inc.
,
6.05%,
5/14/2034
25,000
26,058
34
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Leisure
Products
Hasbro,
Inc.,
5.10%,
5/15/2044
25,000
22,665
48,723
Life
Sciences
Tools
&
Services
0
.1
%
Agilent
Technologies,
Inc.
,
2.30%,
3/12/2031(b)
82,000
73,547
4.75%,
9/9/2034(b)
25,000
24,617
Bio-Rad
Laboratories,
Inc.
,
3.70%,
3/15/2032
50,000
46,441
Danaher
Corp.
,
2.60%,
10/1/2050
44,000
26,295
2.80%,
12/10/2051
65,000
40,042
Illumina,
Inc.
,
5.75%,
12/13/2027
100,000
101,942
4.75%,
12/12/2030(b)
25,000
24,871
Revvity,
Inc.
,
3.30%,
9/15/2029(b)
100,000
95,714
Thermo
Fisher
Scientific,
Inc.
,
1.75%,
10/15/2028(b)
115,000
108,289
5.00%,
1/31/2029
75,000
76,516
4.98%,
8/10/2030(b)
65,000
66,423
4.20%,
3/1/2031
45,000
44,517
4.47%,
10/7/2032
50,000
49,476
4.55%,
6/15/2033(b)
30,000
29,641
4.79%,
10/7/2035(b)
50,000
49,408
4.90%,
2/12/2036(b)
25,000
24,823
4.89%,
10/7/2037(b)
20,000
19,713
2.80%,
10/15/2041(b)
30,000
21,893
5.30%,
2/1/2044
75,000
72,472
996,640
Machinery
0
.2
%
AGCO
Corp.
,
5.80%,
3/21/2034
25,000
25,543
Caterpillar,
Inc.
,
2.60%,
9/19/2029
70,000
66,372
6.05%,
8/15/2036
102,000
111,452
3.80%,
8/15/2042(b)
200,000
164,990
3.25%,
9/19/2049
105,000
72,691
CNH
Industrial
Capital
LLC
,
5.50%,
1/12/2029
100,000
102,486
5.10%,
4/20/2029(b)
50,000
50,602
Cummins,
Inc.
,
5.30%,
5/9/2035
125,000
127,410
Deere
&
Co.
,
5.45%,
1/16/2035
50,000
51,942
3.90%,
6/9/2042(b)
75,000
63,302
5.70%,
1/19/2055(b)
75,000
76,448
Deere
Funding
Canada
Corp.
,
4.15%,
10/9/2030(b)
25,000
24,678
Dover
Corp.
,
5.38%,
3/1/2041
25,000
25,028
Flowserve
Corp.
,
2.80%,
1/15/2032
25,000
22,068
Illinois
Tool
Works,
Inc.
,
4.88%,
9/15/2041
75,000
70,795
Ingersoll
Rand,
Inc.
,
5.20%,
6/15/2027(b)
50,000
50,433
5.18%,
6/15/2029(b)
50,000
51,186
5.70%,
8/14/2033
100,000
103,888
5.45%,
6/15/2034
50,000
51,054
Corporate
Bonds
Principal
Amount
($)
Value
($)
Machinery
Nordson
Corp.
,
4.50%,
12/15/2029
25,000
24,943
5.80%,
9/15/2033(b)
25,000
25,986
nVent
Finance
Sarl
,
5.65%,
5/15/2033
40,000
41,013
Otis
Worldwide
Corp.
,
5.25%,
8/16/2028(b)
30,000
30,620
3.11%,
2/15/2040
125,000
95,059
Parker-Hannifin
Corp.
,
4.25%,
9/15/2027
65,000
65,027
3.25%,
6/14/2029
104,000
100,736
4.50%,
9/15/2029
45,000
45,260
4.20%,
11/21/2034(b)
175,000
167,469
Stanley
Black
&
Decker,
Inc.
,
6.00%,
3/6/2028(b)
100,000
103,063
4.25%,
11/15/2028(b)
50,000
49,920
2.30%,
3/15/2030(b)
175,000
159,781
3.00%,
5/15/2032
40,000
36,071
Westinghouse
Air
Brake
Technologies
Corp.
,
4.70%,
9/15/2028(b)(f)
100,000
100,293
4.90%,
5/29/2030
50,000
50,524
5.50%,
5/29/2035
25,000
25,523
2,433,656
Media
0
.2
%
Charter
Communications
Operating
LLC
,
2.25%,
1/15/2029
100,000
93,462
5.05%,
3/30/2029(b)
100,000
100,506
6.10%,
6/1/2029(b)
75,000
77,689
6.65%,
2/1/2034(b)
125,000
130,392
6.55%,
6/1/2034(b)
75,000
77,862
6.38%,
10/23/2035
250,000
253,871
3.50%,
3/1/2042
100,000
68,454
5.38%,
5/1/2047
150,000
120,703
5.75%,
4/1/2048
175,000
145,950
4.80%,
3/1/2050(b)
175,000
129,387
3.90%,
6/1/2052
75,000
47,744
5.25%,
4/1/2053(b)
180,000
141,155
6.83%,
10/23/2055(b)
85,000
80,019
3.85%,
4/1/2061
310,000
181,044
Fox
Corp.
,
6.50%,
10/13/2033(b)
50,000
53,660
5.58%,
1/25/2049(b)
100,000
92,164
Omnicom
Group,
Inc.
,
4.20%,
3/2/2029
25,000
24,735
2.40%,
3/1/2031
160,000
143,162
2.60%,
8/1/2031(b)
32,000
28,654
5.00%,
6/2/2033
25,000
24,418
5.30%,
11/1/2034
20,000
19,791
5.30%,
6/2/2036(b)
25,000
24,163
3.38%,
3/1/2041
70,000
51,298
2,110,283
Metals
&
Mining
0
.2
%
ArcelorMittal
SA
,
6.80%,
11/29/2032(b)
40,000
44,149
7.00%,
10/15/2039(b)(f)
50,000
54,367
6.35%,
6/17/2054
25,000
25,432
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
35
Corporate
Bonds
Principal
Amount
($)
Value
($)
Metals
&
Mining
Barrick
North
America
Finance
LLC
,
5.75%,
5/1/2043(b)
100,000
98,922
BHP
Billiton
Finance
USA
Ltd.
,
5.10%,
9/8/2028(b)
100,000
101,846
5.00%,
2/21/2030(b)
100,000
101,850
5.25%,
9/8/2030
100,000
102,922
5.13%,
2/21/2032
75,000
76,551
4.90%,
2/28/2033
35,000
35,059
5.25%,
9/8/2033(b)
50,000
51,057
5.30%,
2/21/2035
75,000
76,343
4.13%,
2/24/2042
92,000
77,996
5.00%,
9/30/2043(b)
100,000
93,134
Freeport-McMoRan,
Inc.
,
5.40%,
11/14/2034(b)
50,000
50,734
Newmont
Corp.
,
5.35%,
3/15/2034
25,000
25,711
5.88%,
4/1/2035
86,000
91,199
4.88%,
3/15/2042
50,000
46,509
Nucor
Corp.
,
4.65%,
6/1/2030(b)
50,000
50,465
5.10%,
6/1/2035(b)
50,000
50,518
5.20%,
8/1/2043
75,000
71,399
Rio
Tinto
Alcan,
Inc.
,
5.75%,
6/1/2035
56,000
58,490
Rio
Tinto
Finance
USA
Ltd.
,
2.75%,
11/2/2051
100,000
60,229
Rio
Tinto
Finance
USA
plc
,
4.50%,
3/14/2028
40,000
40,190
4.88%,
3/14/2030(b)
80,000
81,252
5.00%,
3/14/2032(b)
55,000
56,119
5.25%,
3/14/2035(b)
85,000
86,358
4.13%,
8/21/2042
100,000
84,296
5.13%,
3/9/2053
60,000
54,793
5.75%,
3/14/2055(b)
60,000
59,856
Southern
Copper
Corp.
,
6.75%,
4/16/2040(b)
150,000
163,042
Steel
Dynamics,
Inc.
,
4.00%,
12/15/2028(b)
50,000
49,457
3.25%,
1/15/2031
75,000
70,256
5.38%,
8/15/2034(b)
50,000
50,456
5.25%,
5/15/2035(b)
50,000
50,021
Vale
Overseas
Ltd.
,
3.75%,
7/8/2030
300,000
285,515
6.40%,
6/28/2054(b)
75,000
75,952
2,652,445
Multi-Utilities
0
.5
%
Ameren
Corp.
,
5.00%,
1/15/2029(b)
50,000
50,789
5.38%,
3/15/2035(b)
25,000
25,272
5.00%,
5/15/2036
25,000
24,329
Ameren
Illinois
Co.
,
3.85%,
9/1/2032(b)
40,000
38,058
2.90%,
6/15/2051
100,000
62,308
5.90%,
12/1/2052
50,000
50,382
Berkshire
Hathaway
Energy
Co.
,
6.13%,
4/1/2036(b)
150,000
160,069
5.15%,
11/15/2043
150,000
139,743
4.60%,
5/1/2053(b)
50,000
40,855
Corporate
Bonds
Principal
Amount
($)
Value
($)
Multi-Utilities
Black
Hills
Corp.
,
3.05%,
10/15/2029
210,000
199,490
4.55%,
1/31/2031(b)
25,000
24,732
6.00%,
1/15/2035
25,000
25,952
CenterPoint
Energy,
Inc.
,
5.40%,
6/1/2029
50,000
51,231
Consolidated
Edison
Co.
of
New
York,
Inc.
,
5.20%,
3/1/2033(b)
40,000
41,105
5.50%,
3/15/2034(b)
50,000
51,863
5.13%,
3/15/2035
125,000
125,680
3.95%,
3/1/2043
75,000
60,349
4.50%,
12/1/2045(b)
125,000
105,265
6.15%,
11/15/2052(b)
50,000
52,016
5.90%,
11/15/2053
50,000
49,921
4.63%,
12/1/2054
50,000
41,193
5.75%,
11/15/2055(b)
35,000
34,545
3.60%,
6/15/2061(b)
200,000
133,568
Consumers
Energy
Co.
,
4.90%,
2/15/2029
100,000
101,659
4.70%,
1/15/2030(b)
25,000
25,248
4.50%,
1/15/2031
40,000
40,049
5.05%,
5/15/2035
100,000
100,414
4.35%,
4/15/2049
175,000
142,998
3.10%,
8/15/2050
45,000
29,258
Dominion
Energy,
Inc.
,
4.60%,
5/15/2028
50,000
50,157
Series
C,
3.38%,
4/1/2030(b)
150,000
143,219
5.00%,
6/15/2030
50,000
50,671
Series
A,
4.35%,
8/15/2032
40,000
38,698
5.38%,
11/15/2032(b)
50,000
51,155
Series
B,
5.95%,
6/15/2035(b)
151,000
156,899
Series
C,
4.90%,
8/1/2041
200,000
178,425
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.26%),
6.00%,
2/15/2056(d)
25,000
24,841
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.01%),
6.20%,
2/15/2056(b)(d)
25,000
24,780
DTE
Energy
Co.
,
4.88%,
6/1/2028
40,000
40,359
5.10%,
3/1/2029
75,000
76,264
2.95%,
3/1/2030
50,000
47,099
5.05%,
10/1/2035(b)
25,000
24,635
National
Grid
plc
,
5.42%,
1/11/2034(b)
100,000
101,902
NiSource,
Inc.
,
5.25%,
3/30/2028(b)
104,000
105,639
5.20%,
7/1/2029
50,000
50,989
2.95%,
9/1/2029(b)
125,000
118,788
1.70%,
2/15/2031
85,000
73,872
5.35%,
4/1/2034
25,000
25,437
5.35%,
7/15/2035
100,000
100,680
5.95%,
6/15/2041
175,000
178,036
5.00%,
6/15/2052
70,000
60,522
36
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Multi-Utilities
NiSource,
Inc.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.04%),
5.75%,
7/15/2056(b)(d)
25,000
24,620
Public
Service
Enterprise
Group,
Inc.
,
5.88%,
10/15/2028
50,000
51,597
5.20%,
4/1/2029
50,000
50,949
4.90%,
3/15/2030(b)
25,000
25,248
5.45%,
4/1/2034
50,000
50,755
5.40%,
3/15/2035
25,000
25,254
Puget
Energy,
Inc.
,
2.38%,
6/15/2028
50,000
47,655
4.22%,
3/15/2032
40,000
38,156
5.73%,
3/15/2035
25,000
25,182
Puget
Sound
Energy,
Inc.
,
5.33%,
6/15/2034
25,000
25,551
5.64%,
4/15/2041
175,000
173,023
San
Diego
Gas
&
Electric
Co.
,
Series
VVV,
1.70%,
10/1/2030(b)
100,000
88,464
5.40%,
4/15/2035
25,000
25,424
3.32%,
4/15/2050
75,000
50,328
5.35%,
4/1/2053
20,000
18,399
5.55%,
4/15/2054
50,000
47,383
Sempra
,
3.40%,
2/1/2028(b)
300,000
294,377
5.25%,
3/15/2036
25,000
24,648
6.00%,
10/15/2039(b)
95,000
96,959
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%),
6.40%,
10/1/2054(b)(d)
26,000
25,919
Southern
Co.
Gas
Capital
Corp.
,
Series
20-A,
1.75%,
1/15/2031
250,000
219,291
5.75%,
9/15/2033
50,000
51,962
Series
B,
5.10%,
9/15/2035
25,000
24,674
WEC
Energy
Group,
Inc.
,
1.80%,
10/15/2030
103,000
90,624
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.91%),
5.63%,
5/15/2056(b)(d)
25,000
24,496
5,372,346
Office
REITs
0
.0
%
†
Boston
Properties
LP
,
2.90%,
3/15/2030(b)
100,000
92,668
3.25%,
1/30/2031(b)
89,000
82,090
2.45%,
10/1/2033
100,000
80,749
COPT
Defense
Properties
LP
,
4.50%,
10/15/2030
25,000
24,677
2.90%,
12/1/2033
50,000
42,307
Highwoods
Realty
LP
,
3.05%,
2/15/2030
100,000
92,178
Kilroy
Realty
LP
,
3.05%,
2/15/2030
100,000
91,183
Corporate
Bonds
Principal
Amount
($)
Value
($)
Office
REITs
Kilroy
Realty
LP,
6.25%,
1/15/2036
25,000
24,768
530,620
Oil,
Gas
&
Consumable
Fuels
1
.7
%
Antero
Resources
Corp.
,
5.40%,
2/1/2036
25,000
24,584
APA
Corp.
,
6.10%,
2/15/2035
25,000
25,669
6.75%,
2/15/2055(b)
25,000
25,051
Boardwalk
Pipelines
LP
,
3.40%,
2/15/2031
125,000
116,604
5.63%,
8/1/2034(b)
25,000
25,617
5.38%,
2/15/2036
25,000
24,598
BP
Capital
Markets
America,
Inc.
,
5.02%,
11/17/2027
100,000
101,313
4.23%,
11/6/2028
275,000
275,072
4.70%,
4/10/2029
50,000
50,590
4.87%,
11/25/2029
25,000
25,451
2.72%,
1/12/2032
50,000
45,181
4.89%,
9/11/2033(b)
15,000
15,077
5.23%,
11/17/2034(b)
75,000
76,541
3.06%,
6/17/2041(b)
50,000
37,578
3.00%,
2/24/2050
75,000
48,208
2.77%,
11/10/2050
125,000
76,758
2.94%,
6/4/2051
150,000
94,571
3.00%,
3/17/2052
50,000
31,640
3.38%,
2/8/2061
50,000
32,092
BP
Capital
Markets
plc
,
3.28%,
9/19/2027
300,000
296,238
Canadian
Natural
Resources
Ltd.
,
5.40%,
12/15/2034(b)
25,000
25,290
6.25%,
3/15/2038(b)
90,000
94,661
4.95%,
6/1/2047(b)
75,000
65,401
Cenovus
Energy,
Inc.
,
4.65%,
3/20/2031
50,000
49,654
2.65%,
1/15/2032
45,000
40,010
5.40%,
3/20/2036(b)
50,000
49,742
6.75%,
11/15/2039
17,000
18,512
5.40%,
6/15/2047(b)
30,000
27,155
3.75%,
2/15/2052(b)
25,000
17,445
Cheniere
Corpus
Christi
Holdings
LLC
,
3.70%,
11/15/2029(b)
65,000
63,151
Cheniere
Energy
Partners
LP
,
4.50%,
10/1/2029
150,000
149,344
4.00%,
3/1/2031
75,000
71,994
3.25%,
1/31/2032(b)
50,000
45,571
5.75%,
8/15/2034(b)
75,000
77,252
5.55%,
10/30/2035(b)
50,000
50,917
Cheniere
Energy,
Inc.
,
5.65%,
4/15/2034(b)
100,000
102,953
Chevron
Corp.
,
2.00%,
5/11/2027
120,000
117,457
2.24%,
5/11/2030(b)
77,000
71,090
3.08%,
5/11/2050
25,000
16,840
Chevron
USA,
Inc.
,
1.02%,
8/12/2027(b)
120,000
115,254
4.05%,
8/13/2028
25,000
25,030
4.30%,
10/15/2030
75,000
75,188
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
37
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Chevron
USA,
Inc.,
4.98%,
4/15/2035
50,000
50,640
4.85%,
10/15/2035(b)
50,000
50,177
2.34%,
8/12/2050
100,000
57,552
CNOOC
Finance
2013
Ltd.
,
3.30%,
9/30/2049
200,000
151,259
Columbia
Pipeline
Group,
Inc.
,
5.80%,
6/1/2045(b)
25,000
24,377
ConocoPhillips
,
5.90%,
10/15/2032
52,000
55,869
6.50%,
2/1/2039
50,000
55,195
ConocoPhillips
Co.
,
4.85%,
1/15/2032
50,000
50,788
5.00%,
1/15/2035(b)
25,000
25,088
3.76%,
3/15/2042
50,000
40,247
4.30%,
11/15/2044
105,000
87,901
3.80%,
3/15/2052
50,000
36,527
5.30%,
5/15/2053(b)
40,000
37,016
5.55%,
3/15/2054(b)
50,000
47,908
5.50%,
1/15/2055(b)
55,000
52,541
4.03%,
3/15/2062
50,000
36,017
5.70%,
9/15/2063(b)
50,000
48,120
Continental
Resources,
Inc.
,
4.90%,
6/1/2044
35,000
27,615
Coterra
Energy,
Inc.
,
5.40%,
2/15/2035(b)
100,000
100,319
Devon
Energy
Corp.
,
5.88%,
6/15/2028(b)
100,000
100,045
5.20%,
9/15/2034
75,000
75,188
4.75%,
5/15/2042(b)
75,000
65,827
5.75%,
9/15/2054(b)
75,000
70,483
Diamondback
Energy,
Inc.
,
5.20%,
4/18/2027
125,000
125,984
6.25%,
3/15/2033
35,000
37,344
4.40%,
3/24/2051(b)
50,000
39,838
4.25%,
3/15/2052(b)
60,000
46,436
5.75%,
4/18/2054(b)
50,000
47,287
5.90%,
4/18/2064(b)
60,000
56,775
Eastern
Energy
Gas
Holdings
LLC
,
5.80%,
1/15/2035
25,000
25,926
5.65%,
10/15/2054
90,000
84,769
Eastern
Gas
Transmission
&
Storage,
Inc.
,
3.00%,
11/15/2029
100,000
94,720
Enbridge,
Inc.
,
5.25%,
4/5/2027
25,000
25,209
4.60%,
6/20/2028
25,000
25,065
6.00%,
11/15/2028
50,000
51,884
4.20%,
11/20/2028
50,000
49,649
3.13%,
11/15/2029
75,000
71,483
4.90%,
6/20/2030
35,000
35,366
6.20%,
11/15/2030
80,000
84,715
4.50%,
2/15/2031
50,000
49,430
4.85%,
3/27/2031(b)
25,000
25,101
5.70%,
3/8/2033
105,000
108,768
5.63%,
4/5/2034(b)
131,000
135,125
5.55%,
6/20/2035
50,000
51,070
5.20%,
11/20/2035
50,000
49,814
5.45%,
3/27/2036
25,000
25,215
4.00%,
11/15/2049(b)
100,000
75,447
3.40%,
8/1/2051
15,000
10,062
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Enbridge,
Inc.,
5.95%,
4/5/2054(b)
25,000
24,826
Energy
Transfer
LP
,
5.55%,
2/15/2028
50,000
50,956
5.25%,
7/1/2029
30,000
30,656
3.75%,
5/15/2030(b)
60,000
57,999
6.40%,
12/1/2030
40,000
42,733
5.75%,
2/15/2033
155,000
161,200
5.70%,
4/1/2035(b)
100,000
102,703
5.00%,
5/15/2044(f)
150,000
130,580
5.35%,
5/15/2045
200,000
178,793
5.30%,
4/15/2047
200,000
176,476
5.00%,
5/15/2050
200,000
165,975
5.95%,
5/15/2054(b)
40,000
37,507
6.05%,
9/1/2054(b)
50,000
47,608
Enterprise
Products
Operating
LLC
,
4.30%,
6/20/2028(b)
75,000
75,100
2.80%,
1/31/2030(b)
70,000
65,987
4.60%,
1/15/2031
135,000
135,220
5.35%,
1/31/2033(b)
70,000
72,201
4.85%,
1/31/2034
50,000
49,907
4.95%,
2/15/2035
50,000
49,846
6.13%,
10/15/2039(b)
85,000
90,438
4.45%,
2/15/2043
100,000
86,423
4.85%,
3/15/2044
100,000
90,255
4.25%,
2/15/2048
100,000
80,541
4.80%,
2/1/2049(b)
75,000
65,336
4.20%,
1/31/2050
59,000
46,894
3.70%,
1/31/2051(b)
75,000
54,240
3.20%,
2/15/2052
30,000
19,553
4.95%,
10/15/2054
50,000
43,850
5.55%,
2/16/2055(b)
45,000
43,287
EOG
Resources,
Inc.
,
4.40%,
7/15/2028
75,000
75,230
4.40%,
1/15/2031
25,000
24,822
5.35%,
1/15/2036(b)
75,000
76,112
4.95%,
4/15/2050(b)
60,000
53,059
5.65%,
12/1/2054(b)
25,000
24,348
5.95%,
7/15/2055(b)
35,000
35,540
EQT
Corp.
,
3.90%,
10/1/2027(b)
300,000
296,343
5.75%,
2/1/2034
50,000
51,547
Equinor
ASA
,
4.25%,
6/2/2028
50,000
50,121
3.13%,
4/6/2030
200,000
191,282
4.50%,
9/3/2030
25,000
25,133
5.13%,
6/3/2035
50,000
50,905
4.75%,
11/14/2035
25,000
24,615
3.70%,
4/6/2050
100,000
74,684
Expand
Energy
Corp.
,
5.70%,
1/15/2035
100,000
101,565
Exxon
Mobil
Corp.
,
3.48%,
3/19/2030
50,000
48,637
2.61%,
10/15/2030(b)
125,000
116,777
4.23%,
3/19/2040(b)
125,000
113,111
4.11%,
3/1/2046(b)
175,000
144,250
3.10%,
8/16/2049
50,000
33,738
4.33%,
3/19/2050(b)
101,000
83,981
3.45%,
4/15/2051
49,000
34,902
Hess
Corp.
,
5.60%,
2/15/2041(b)
75,000
76,196
38
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Kinder
Morgan
Energy
Partners
LP
,
5.00%,
8/15/2042
100,000
90,130
Kinder
Morgan,
Inc.
,
5.00%,
2/1/2029(b)
60,000
60,904
5.10%,
8/1/2029
40,000
40,814
2.00%,
2/15/2031
50,000
44,241
5.20%,
6/1/2033(b)
90,000
91,489
5.40%,
2/1/2034(b)
75,000
76,705
5.30%,
12/1/2034
150,000
151,156
5.05%,
2/15/2046(b)
250,000
222,780
3.25%,
8/1/2050
50,000
32,474
3.60%,
2/15/2051(b)
100,000
69,070
5.95%,
8/1/2054(b)
25,000
24,803
Marathon
Petroleum
Corp.
,
5.70%,
3/1/2035(b)
50,000
51,330
6.50%,
3/1/2041
150,000
159,662
MPLX
LP
,
4.00%,
3/15/2028(b)
100,000
99,194
2.65%,
8/15/2030
140,000
129,042
4.80%,
2/15/2031(b)
70,000
70,160
4.95%,
9/1/2032(b)
90,000
89,592
5.00%,
1/15/2033
50,000
49,633
5.00%,
3/1/2033
35,000
34,803
5.50%,
6/1/2034
60,000
60,618
5.40%,
4/1/2035
50,000
49,950
5.40%,
9/15/2035(b)
50,000
49,777
5.30%,
4/1/2036
25,000
24,642
4.50%,
4/15/2038
100,000
89,862
5.20%,
3/1/2047(b)
100,000
88,349
4.70%,
4/15/2048
75,000
60,960
5.50%,
2/15/2049(b)
50,000
45,192
6.20%,
9/15/2055(b)
40,000
39,477
6.10%,
4/1/2056(b)
25,000
24,308
Occidental
Petroleum
Corp.
,
5.38%,
1/1/2032(b)
70,000
71,049
5.55%,
10/1/2034(b)
55,000
55,933
6.45%,
9/15/2036(b)
50,000
53,425
4.20%,
3/15/2048
120,000
90,188
ONEOK
Partners
LP
,
6.13%,
2/1/2041
100,000
101,543
ONEOK,
Inc.
,
4.55%,
7/15/2028
86,000
86,107
5.65%,
11/1/2028
100,000
102,668
4.35%,
3/15/2029
100,000
99,394
5.80%,
11/1/2030
75,000
78,057
4.75%,
10/15/2031
125,000
123,672
4.95%,
10/15/2032(b)
25,000
24,798
5.05%,
11/1/2034(b)
150,000
145,904
5.40%,
10/15/2035(b)
25,000
24,835
5.45%,
6/1/2047(b)
100,000
90,171
5.20%,
7/15/2048(b)
150,000
131,479
6.63%,
9/1/2053(b)
50,000
51,310
6.25%,
10/15/2055(b)
50,000
49,018
5.85%,
11/1/2064(b)
30,000
27,337
Ovintiv,
Inc.
,
5.65%,
5/15/2028
60,000
61,614
6.25%,
7/15/2033
40,000
42,205
6.50%,
2/1/2038
25,000
26,192
7.10%,
7/15/2053
40,000
43,241
Phillips
66
,
4.65%,
11/15/2034(b)
100,000
96,655
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Phillips
66,
5.88%,
5/1/2042
57,000
57,098
4.88%,
11/15/2044
100,000
86,870
Phillips
66
Co.
,
4.95%,
12/1/2027
40,000
40,380
5.25%,
6/15/2031(b)
75,000
76,880
4.95%,
3/15/2035(b)
75,000
73,847
4.90%,
10/1/2046
50,000
43,303
5.50%,
3/15/2055
25,000
22,916
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%),
6.20%,
3/15/2056(d)
25,000
24,888
Pioneer
Natural
Resources
Co.
,
2.15%,
1/15/2031(b)
200,000
180,238
Plains
All
American
Pipeline
LP
,
3.55%,
12/15/2029
106,000
102,575
5.70%,
9/15/2034
50,000
51,073
5.95%,
6/15/2035
50,000
51,625
5.60%,
1/15/2036(b)
50,000
50,162
5.15%,
6/1/2042
100,000
89,730
Sabine
Pass
Liquefaction
LLC
,
4.50%,
5/15/2030(b)
150,000
148,911
Shell
Finance
US,
Inc.
,
4.13%,
11/6/2030
50,000
49,509
4.75%,
1/6/2036
50,000
49,154
6.38%,
12/15/2038(b)(c)
250,000
274,945
4.55%,
8/12/2043(b)
50,000
44,004
4.38%,
5/11/2045
100,000
85,031
4.00%,
5/10/2046
100,000
79,343
3.75%,
9/12/2046
100,000
76,485
3.00%,
11/26/2051(c)
25,000
15,901
South
Bow
USA
Infrastructure
Holdings
LLC
,
5.58%,
10/1/2034
45,000
44,692
6.18%,
10/1/2054
30,000
28,561
Spectra
Energy
Partners
LP
,
4.50%,
3/15/2045
100,000
83,766
Suncor
Energy,
Inc.
,
7.15%,
2/1/2032(b)
100,000
110,637
5.95%,
12/1/2034
50,000
52,384
6.85%,
6/1/2039
70,000
76,669
Targa
Resources
Corp.
,
5.20%,
7/1/2027
60,000
60,471
4.35%,
1/15/2029
50,000
49,791
6.15%,
3/1/2029
35,000
36,465
4.90%,
9/15/2030
50,000
50,422
6.13%,
3/15/2033
100,000
105,758
5.50%,
2/15/2035
100,000
100,889
5.55%,
8/15/2035
50,000
50,427
5.65%,
2/15/2036
50,000
50,735
5.40%,
7/30/2036
50,000
49,635
6.25%,
7/1/2052
60,000
59,746
Targa
Resources
Partners
LP
,
4.88%,
2/1/2031(b)
100,000
99,842
4.00%,
1/15/2032
25,000
23,693
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
39
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
TotalEnergies
Capital
International
SA
,
3.46%,
2/19/2029(b)
75,000
73,664
3.13%,
5/29/2050
125,000
82,646
3.39%,
6/29/2060
100,000
64,210
TotalEnergies
Capital
SA
,
5.15%,
4/5/2034(b)
50,000
51,135
5.49%,
4/5/2054(b)
64,000
61,436
5.28%,
9/10/2054
75,000
69,957
5.64%,
4/5/2064
50,000
47,979
5.43%,
9/10/2064(b)
50,000
46,490
TransCanada
PipeLines
Ltd.
,
4.25%,
5/15/2028
400,000
398,200
4.10%,
4/15/2030
100,000
98,092
4.63%,
3/1/2034(b)
100,000
96,776
5.85%,
3/15/2036(b)
150,000
156,100
6.10%,
6/1/2040
50,000
51,824
Valero
Energy
Corp.
,
2.80%,
12/1/2031
25,000
22,523
7.50%,
4/15/2032(b)
18,000
20,371
6.63%,
6/15/2037(b)
100,000
109,451
3.65%,
12/1/2051
50,000
33,938
Viper
Energy
Partners
LLC
,
5.70%,
8/1/2035(b)
25,000
25,195
Western
Midstream
Operating
LP
,
4.05%,
2/1/2030(f)
104,000
100,992
4.80%,
3/1/2031
25,000
24,730
6.15%,
4/1/2033(b)
100,000
104,368
5.30%,
3/1/2048
70,000
59,167
Williams
Cos.,
Inc.
(The)
,
5.15%,
3/15/2034
150,000
150,193
5.60%,
3/15/2035
50,000
51,098
5.30%,
9/30/2035
50,000
49,953
5.15%,
3/15/2036
50,000
49,256
6.30%,
4/15/2040
100,000
105,831
5.80%,
11/15/2043
150,000
147,006
4.90%,
1/15/2045
75,000
65,605
5.80%,
11/15/2054(b)
100,000
96,226
5.95%,
3/15/2056(b)
45,000
44,288
18,947,576
Paper
&
Forest
Products
0
.0
%
†
Georgia-Pacific
LLC
,
8.88%,
5/15/2031
50,000
59,629
Suzano
Austria
GmbH
,
5.00%,
1/15/2030
200,000
197,359
256,988
Passenger
Airlines
0
.0
%
†
American
Airlines
Pass-
Through
Trust
,
Series
2021-1,
Class
A,
2.88%,
7/11/2034
20,308
18,146
Southwest
Airlines
Co.
,
4.38%,
11/15/2028
50,000
49,352
2.63%,
2/10/2030
50,000
45,750
5.25%,
11/15/2035(b)
50,000
46,930
160,178
Corporate
Bonds
Principal
Amount
($)
Value
($)
Personal
Care
Products
0
.0
%
†
Estee
Lauder
Cos.,
Inc.
(The)
,
2.38%,
12/1/2029(b)
35,000
32,585
1.95%,
3/15/2031(b)
100,000
88,185
5.00%,
2/14/2034
75,000
74,635
3.13%,
12/1/2049
100,000
63,411
Kenvue,
Inc.
,
5.05%,
3/22/2028
30,000
30,458
5.00%,
3/22/2030
30,000
30,541
4.85%,
5/22/2032
50,000
50,533
5.10%,
3/22/2043
60,000
56,666
5.05%,
3/22/2053
50,000
45,210
5.20%,
3/22/2063(b)
45,000
40,302
512,526
Pharmaceuticals
0
.9
%
Astrazeneca
Finance
LLC
,
4.85%,
2/26/2029
75,000
76,294
4.90%,
2/26/2031
75,000
76,581
4.00%,
3/2/2031
25,000
24,566
4.30%,
3/2/2033
25,000
24,498
4.88%,
3/3/2033(b)
100,000
101,745
5.00%,
2/26/2034(b)
25,000
25,367
4.60%,
3/2/2036
25,000
24,500
AstraZeneca
plc
,
4.00%,
1/17/2029
90,000
89,789
6.45%,
9/15/2037
200,000
223,516
4.00%,
9/18/2042
75,000
63,090
Bristol-Myers
Squibb
Co.
,
3.40%,
7/26/2029
200,000
194,812
5.75%,
2/1/2031(b)
75,000
79,198
5.10%,
2/22/2031(b)
230,000
236,428
2.95%,
3/15/2032(b)
140,000
128,317
5.90%,
11/15/2033
31,000
33,228
5.20%,
2/22/2034(b)
170,000
174,285
4.13%,
6/15/2039(b)
100,000
89,072
3.25%,
8/1/2042
50,000
37,586
5.50%,
2/22/2044
25,000
24,520
4.55%,
2/20/2048
45,000
38,061
4.25%,
10/26/2049
100,000
80,307
2.55%,
11/13/2050
100,000
58,443
3.70%,
3/15/2052
25,000
18,025
5.55%,
2/22/2054(b)
110,000
105,920
Eli
Lilly
&
Co.
,
4.15%,
8/14/2027
75,000
75,094
4.00%,
10/15/2028(b)
95,000
94,895
4.50%,
2/9/2029(b)
75,000
75,749
4.20%,
8/14/2029(b)
65,000
65,062
4.75%,
2/12/2030(b)
50,000
50,906
4.25%,
3/15/2031(b)
75,000
74,641
4.90%,
2/12/2032(b)
50,000
51,111
4.70%,
2/27/2033
40,000
40,286
4.70%,
2/9/2034(b)
100,000
99,836
4.90%,
10/15/2035(b)
25,000
24,988
3.95%,
3/15/2049
25,000
19,621
2.25%,
5/15/2050(b)
175,000
98,633
4.88%,
2/27/2053(b)
40,000
35,735
5.00%,
2/9/2054(b)
85,000
77,424
5.50%,
2/12/2055(b)
50,000
49,010
5.55%,
10/15/2055(b)
25,000
24,678
2.50%,
9/15/2060
150,000
79,516
5.10%,
2/9/2064
75,000
67,465
5.20%,
8/14/2064(b)
50,000
45,455
40
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Pharmaceuticals
Eli
Lilly
&
Co.,
5.65%,
10/15/2065
50,000
49,110
GlaxoSmithKline
Capital,
Inc.
,
3.88%,
5/15/2028(b)
25,000
24,873
4.50%,
4/15/2030
25,000
25,155
4.88%,
4/15/2035
25,000
24,901
6.38%,
5/15/2038
125,000
138,340
4.20%,
3/18/2043
50,000
43,272
Johnson
&
Johnson
,
0.95%,
9/1/2027(b)
300,000
288,428
4.80%,
6/1/2029
75,000
76,876
4.70%,
3/1/2030(b)
50,000
51,103
1.30%,
9/1/2030(b)
125,000
110,989
4.90%,
6/1/2031(b)
75,000
77,495
4.85%,
3/1/2032(b)
50,000
51,418
5.00%,
3/1/2035(b)
50,000
51,475
3.63%,
3/3/2037(b)
100,000
89,827
3.70%,
3/1/2046(b)
250,000
198,616
5.25%,
6/1/2054(b)
50,000
49,457
2.45%,
9/1/2060
75,000
40,195
Merck
&
Co.,
Inc.
,
1.70%,
6/10/2027(b)
170,000
165,541
1.90%,
12/10/2028(b)
130,000
123,086
3.40%,
3/7/2029(b)
125,000
122,583
3.85%,
3/15/2029(b)
30,000
29,782
4.30%,
5/17/2030
35,000
34,947
4.15%,
3/15/2031(b)
50,000
49,441
4.45%,
12/4/2032(b)
25,000
24,829
4.50%,
5/17/2033(b)
35,000
34,898
4.95%,
9/15/2035
50,000
50,095
4.75%,
12/4/2035(b)
30,000
29,437
3.90%,
3/7/2039(b)
100,000
87,672
3.60%,
9/15/2042
50,000
39,694
4.90%,
5/17/2044(b)
40,000
36,694
3.70%,
2/10/2045
100,000
77,822
5.50%,
3/15/2046
40,000
39,187
4.00%,
3/7/2049
100,000
78,298
2.45%,
6/24/2050
62,000
35,896
2.75%,
12/10/2051
70,000
42,576
5.00%,
5/17/2053(b)
60,000
54,072
5.70%,
9/15/2055(b)
75,000
74,419
5.55%,
12/4/2055(b)
30,000
29,133
2.90%,
12/10/2061
25,000
14,270
5.15%,
5/17/2063
25,000
22,427
5.70%,
12/4/2065
50,000
48,577
Novartis
Capital
Corp.
,
3.90%,
11/5/2028(b)
50,000
49,755
4.10%,
3/16/2029
30,000
29,964
4.10%,
11/5/2030(b)
50,000
49,443
4.40%,
3/18/2031(b)
30,000
29,994
4.30%,
11/5/2032
50,000
49,273
4.60%,
3/18/2033
50,000
49,787
4.60%,
11/5/2035(b)
50,000
48,996
4.90%,
3/18/2036
55,000
54,868
4.40%,
5/6/2044
88,000
77,140
5.20%,
11/5/2045
25,000
23,917
4.00%,
11/20/2045(b)
100,000
82,128
2.75%,
8/14/2050
50,000
31,427
4.70%,
9/18/2054(b)
30,000
26,208
5.30%,
11/5/2055(b)
25,000
23,892
Corporate
Bonds
Principal
Amount
($)
Value
($)
Pharmaceuticals
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
4.45%,
5/19/2028
300,000
301,781
4.65%,
5/19/2030(b)
175,000
176,328
4.75%,
5/19/2033(b)
95,000
94,638
5.11%,
5/19/2043
150,000
141,539
5.30%,
5/19/2053(b)
220,000
204,461
5.34%,
5/19/2063
150,000
136,249
Pfizer,
Inc.
,
3.88%,
11/15/2027(b)
25,000
24,946
1.70%,
5/28/2030
140,000
125,861
4.20%,
11/15/2030(b)
35,000
34,757
4.50%,
11/15/2032(b)
50,000
49,590
4.88%,
11/15/2035
50,000
49,501
7.20%,
3/15/2039(b)
150,000
175,344
2.55%,
5/28/2040(b)
45,000
32,620
4.13%,
12/15/2046
100,000
80,521
4.00%,
3/15/2049
100,000
78,032
2.70%,
5/28/2050
65,000
39,866
5.60%,
11/15/2055(b)
25,000
24,493
5.70%,
11/15/2065
25,000
24,138
Royalty
Pharma
plc
,
2.20%,
9/2/2030(b)
50,000
45,034
4.45%,
3/25/2031(b)
25,000
24,669
5.20%,
9/25/2035(b)
25,000
24,673
3.55%,
9/2/2050
50,000
33,741
3.35%,
9/2/2051
50,000
32,398
5.90%,
9/2/2054(b)
50,000
48,004
Sanofi
SA
,
3.75%,
11/3/2027
25,000
24,904
3.63%,
6/19/2028
96,000
94,972
3.80%,
11/3/2028
25,000
24,826
4.20%,
11/3/2032
25,000
24,540
Takeda
Pharmaceutical
Co.
Ltd.
,
5.30%,
7/5/2034
200,000
202,271
3.03%,
7/9/2040(b)
200,000
150,403
Utah
Acquisition
Sub,
Inc.
,
5.25%,
6/15/2046(b)
100,000
80,336
Viatris,
Inc.
,
2.70%,
6/22/2030
50,000
45,300
4.00%,
6/22/2050
100,000
65,541
Wyeth
LLC
,
6.50%,
2/1/2034(b)
106,000
117,087
Zoetis,
Inc.
,
4.15%,
8/17/2028
50,000
49,845
3.90%,
8/20/2028
75,000
74,301
5.00%,
8/17/2035
50,000
49,593
3.00%,
5/15/2050
150,000
96,573
9,645,627
Professional
Services
0
.1
%
Automatic
Data
Processing,
Inc.
,
1.25%,
9/1/2030(b)
25,000
21,960
4.75%,
5/8/2032
50,000
50,513
4.45%,
9/9/2034(b)
50,000
49,024
Broadridge
Financial
Solutions,
Inc.
,
2.60%,
5/1/2031(b)
60,000
53,433
Concentrix
Corp.
,
6.60%,
8/2/2028(b)
50,000
49,695
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
41
Corporate
Bonds
Principal
Amount
($)
Value
($)
Professional
Services
Equifax,
Inc.
,
5.10%,
12/15/2027
20,000
20,200
5.10%,
6/1/2028
40,000
40,510
4.80%,
9/15/2029(b)
40,000
40,235
2.35%,
9/15/2031(b)
50,000
43,827
Jacobs
Engineering
Group,
Inc.
,
6.35%,
8/18/2028(b)
100,000
103,776
Jacobs
Solutions,
Inc.
,
4.75%,
3/3/2031
25,000
24,650
5.38%,
3/3/2036
25,000
24,381
Paychex,
Inc.
,
5.10%,
4/15/2030(b)
50,000
50,448
5.35%,
4/15/2032(b)
50,000
50,252
5.60%,
4/15/2035(b)
75,000
75,324
UL
Solutions,
Inc.
,
6.50%,
10/20/2028
25,000
26,161
Verisk
Analytics,
Inc.
,
5.25%,
3/15/2035(b)
25,000
24,786
3.63%,
5/15/2050
60,000
41,861
791,036
Real
Estate
Management
&
Development
0
.0
%
†
CBRE
Services,
Inc.
,
4.80%,
6/15/2030(b)
25,000
25,051
4.90%,
1/15/2033
25,000
24,653
5.95%,
8/15/2034
25,000
26,025
5.50%,
6/15/2035(b)
25,000
25,230
Jones
Lang
LaSalle,
Inc.
,
6.88%,
12/1/2028(b)
25,000
26,394
127,353
Residential
REITs
0
.1
%
American
Homes
4
Rent
LP
,
5.50%,
2/1/2034
50,000
50,438
5.25%,
3/15/2035(b)
75,000
73,878
AvalonBay
Communities,
Inc.
,
1.90%,
12/1/2028
50,000
47,032
2.30%,
3/1/2030
76,000
70,046
4.35%,
12/1/2030
25,000
24,728
2.45%,
1/15/2031(b)
210,000
190,958
Camden
Property
Trust
,
2.80%,
5/15/2030
80,000
74,704
4.90%,
2/28/2036(b)
25,000
24,247
ERP
Operating
LP
,
4.65%,
9/15/2034(b)
25,000
24,365
4.50%,
7/1/2044
100,000
86,814
Essential
Properties
LP
,
2.95%,
7/15/2031(b)
50,000
45,038
Essex
Portfolio
LP
,
4.00%,
3/1/2029(b)
100,000
98,412
3.00%,
1/15/2030
75,000
70,659
5.50%,
4/1/2034
50,000
50,627
4.88%,
2/15/2036
25,000
24,029
Invitation
Homes
Operating
Partnership
LP
,
4.15%,
4/15/2032(b)
100,000
93,871
4.95%,
1/15/2033
25,000
24,414
Mid-America
Apartments
LP
,
2.75%,
3/15/2030
50,000
46,834
5.30%,
2/15/2032
25,000
25,700
4.65%,
1/15/2033
25,000
24,553
Corporate
Bonds
Principal
Amount
($)
Value
($)
Residential
REITs
Mid-America
Apartments
LP,
5.00%,
3/15/2034(b)
25,000
24,836
Store
Capital
LLC
,
2.70%,
12/1/2031(b)
50,000
43,509
Sun
Communities
Operating
LP
,
2.70%,
7/15/2031
30,000
26,835
4.20%,
4/15/2032(b)
30,000
28,562
UDR,
Inc.
,
3.00%,
8/15/2031
100,000
91,540
1.90%,
3/15/2033
55,000
45,004
1,431,633
Retail
REITs
0
.1
%
Brixmor
Operating
Partnership
LP
,
4.05%,
7/1/2030
59,000
57,404
2.50%,
8/16/2031(b)
100,000
89,006
5.50%,
2/15/2034
25,000
25,354
Federal
Realty
OP
LP
,
3.50%,
6/1/2030
125,000
119,385
Kimco
Realty
OP
LLC
,
2.25%,
12/1/2031
25,000
22,015
4.45%,
9/1/2047(b)
150,000
124,320
NNN
REIT,
Inc.
,
2.50%,
4/15/2030
100,000
92,040
4.60%,
2/15/2031
25,000
24,849
5.60%,
10/15/2033
25,000
25,727
5.50%,
6/15/2034
25,000
25,380
3.50%,
4/15/2051
40,000
27,674
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
,
2.63%,
11/15/2031
50,000
44,280
4.95%,
1/15/2035(b)
25,000
24,214
Realty
Income
Corp.
,
4.70%,
12/15/2028
40,000
40,225
3.95%,
2/1/2029
25,000
24,710
4.75%,
2/15/2029
25,000
25,244
3.40%,
1/15/2030
125,000
119,870
3.25%,
1/15/2031(b)
65,000
61,120
5.63%,
10/13/2032
45,000
46,921
2.85%,
12/15/2032
125,000
110,867
4.50%,
2/1/2033
25,000
24,372
1.80%,
3/15/2033(b)
55,000
45,358
4.90%,
7/15/2033
60,000
59,839
5.13%,
2/15/2034(b)
25,000
25,168
Regency
Centers
LP
,
3.70%,
6/15/2030(b)
300,000
291,071
1,576,413
Semiconductors
&
Semiconductor
Equipment
0
.6
%
Advanced
Micro
Devices,
Inc.
,
4.32%,
3/24/2028(b)
25,000
25,158
3.92%,
6/1/2032(b)
75,000
73,139
4.39%,
6/1/2052(b)
50,000
41,464
Analog
Devices,
Inc.
,
4.25%,
6/15/2028
75,000
75,119
4.50%,
6/15/2030
50,000
50,158
2.10%,
10/1/2031
52,000
45,879
5.05%,
4/1/2034(b)
25,000
25,504
2.80%,
10/1/2041
100,000
71,693
5.30%,
4/1/2054
25,000
23,727
42
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Semiconductors
&
Semiconductor
Equipment
Applied
Materials,
Inc.
,
2.75%,
6/1/2050
85,000
53,632
Broadcom,
Inc.
,
5.05%,
7/12/2027
27,000
27,277
4.00%,
4/15/2029(c)
95,000
94,058
4.75%,
4/15/2029
100,000
101,116
5.05%,
7/12/2029(b)
75,000
76,551
4.60%,
7/15/2030
75,000
75,373
4.20%,
10/15/2030
30,000
29,651
4.15%,
11/15/2030
121,000
119,111
2.45%,
2/15/2031
200,000
181,638
4.15%,
4/15/2032(c)
80,000
77,400
4.90%,
7/15/2032
125,000
126,092
4.60%,
1/15/2033
25,000
24,619
2.60%,
2/15/2033(b)
260,000
227,335
3.42%,
4/15/2033
84,000
76,812
3.47%,
4/15/2034
700,000
630,307
5.20%,
7/15/2035
125,000
125,975
4.80%,
2/15/2036
50,000
48,747
4.93%,
5/15/2037(b)(c)
113,000
109,601
3.50%,
2/15/2041
100,000
79,781
Intel
Corp.
,
3.15%,
5/11/2027
300,000
295,732
4.88%,
2/10/2028
110,000
110,774
1.60%,
8/12/2028(b)
75,000
70,276
4.00%,
8/5/2029(b)
60,000
58,993
2.45%,
11/15/2029(b)
150,000
139,367
3.90%,
3/25/2030
50,000
48,467
5.00%,
2/21/2031
30,000
30,267
2.00%,
8/12/2031(b)
25,000
21,632
4.15%,
8/5/2032(b)
100,000
95,337
5.15%,
2/21/2034(b)
40,000
39,891
2.80%,
8/12/2041
30,000
20,606
5.63%,
2/10/2043
45,000
42,608
4.10%,
5/11/2047(b)
300,000
223,831
3.25%,
11/15/2049
100,000
63,180
5.70%,
2/10/2053(b)
120,000
110,492
3.10%,
2/15/2060
200,000
110,483
5.90%,
2/10/2063(b)
110,000
102,038
KLA
Corp.
,
4.65%,
7/15/2032(b)
50,000
50,222
4.70%,
2/1/2034(b)
25,000
24,778
3.30%,
3/1/2050
70,000
47,677
5.25%,
7/15/2062(b)
75,000
68,413
Lam
Research
Corp.
,
4.00%,
3/15/2029(b)
94,000
93,441
1.90%,
6/15/2030(b)
90,000
81,400
4.88%,
3/15/2049(b)
75,000
67,157
Microchip
Technology,
Inc.
,
4.90%,
3/15/2028
50,000
50,303
5.05%,
3/15/2029(b)
50,000
50,726
5.05%,
2/15/2030
50,000
50,433
Micron
Technology,
Inc.
,
5.30%,
1/15/2031(b)
40,000
41,869
2.70%,
4/15/2032(b)
100,000
90,216
5.80%,
1/15/2035(b)
125,000
133,092
6.05%,
11/1/2035(b)
50,000
53,952
3.37%,
11/1/2041(b)
25,000
19,395
NVIDIA
Corp.
,
2.85%,
4/1/2030(b)
110,000
104,429
2.00%,
6/15/2031
50,000
44,786
3.50%,
4/1/2050(b)
130,000
95,875
Corporate
Bonds
Principal
Amount
($)
Value
($)
Semiconductors
&
Semiconductor
Equipment
NXP
BV
,
4.30%,
8/19/2028
25,000
24,879
4.30%,
6/18/2029
25,000
24,780
3.40%,
5/1/2030(b)
35,000
33,366
2.50%,
5/11/2031(b)
90,000
80,786
2.65%,
2/15/2032
40,000
35,282
4.85%,
8/19/2032
25,000
24,660
5.00%,
1/15/2033
10,000
9,952
5.25%,
8/19/2035(b)
50,000
49,849
3.25%,
5/11/2041
45,000
33,112
3.25%,
11/30/2051
30,000
19,228
QUALCOMM,
Inc.
,
2.15%,
5/20/2030(b)
80,000
73,226
4.50%,
5/20/2030
50,000
50,292
1.65%,
5/20/2032(b)
90,000
76,227
5.40%,
5/20/2033
25,000
26,016
5.00%,
5/20/2035(b)
50,000
49,924
4.30%,
5/20/2047
100,000
81,174
4.50%,
5/20/2052(b)
90,000
73,731
6.00%,
5/20/2053(b)
100,000
101,709
Texas
Instruments,
Inc.
,
4.60%,
2/8/2029(b)
25,000
25,325
2.25%,
9/4/2029
50,000
46,870
4.50%,
5/23/2030
50,000
50,230
3.65%,
8/16/2032(b)
40,000
38,063
4.90%,
3/14/2033
20,000
20,341
4.85%,
2/8/2034
25,000
25,226
4.15%,
5/15/2048(b)
50,000
40,517
2.70%,
9/15/2051
50,000
30,007
5.00%,
3/14/2053(b)
20,000
18,040
5.15%,
2/8/2054(b)
75,000
69,488
5.05%,
5/18/2063(b)
45,000
39,537
TSMC
Arizona
Corp.
,
4.50%,
4/22/2052(b)
200,000
186,589
6,927,481
Software
0
.7
%
Adobe,
Inc.
,
4.80%,
4/4/2029(b)
25,000
25,407
2.30%,
2/1/2030(b)
50,000
46,223
4.95%,
4/4/2034
25,000
25,034
AppLovin
Corp.
,
5.13%,
12/1/2029(b)
75,000
75,435
5.38%,
12/1/2031
25,000
25,245
5.50%,
12/1/2034(b)
55,000
54,545
Atlassian
Corp.
,
5.50%,
5/15/2034(b)
25,000
24,481
Autodesk,
Inc.
,
2.40%,
12/15/2031(b)
30,000
26,323
5.30%,
6/15/2035(b)
35,000
35,045
Cadence
Design
Systems,
Inc.
,
4.20%,
9/10/2027
35,000
34,971
4.30%,
9/10/2029(b)
50,000
49,842
4.70%,
9/10/2034(b)
25,000
24,544
Intuit,
Inc.
,
5.13%,
9/15/2028(b)
75,000
76,446
5.20%,
9/15/2033(b)
75,000
76,301
5.50%,
9/15/2053(b)
47,000
43,230
Microsoft
Corp.
,
3.50%,
2/12/2035(b)
175,000
162,911
3.45%,
8/8/2036(b)
164,000
147,831
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
43
Corporate
Bonds
Principal
Amount
($)
Value
($)
Software
Microsoft
Corp.,
2.53%,
6/1/2050
436,000
261,428
2.92%,
3/17/2052
275,000
176,860
2.68%,
6/1/2060
200,000
111,706
3.04%,
3/17/2062
100,000
60,758
Oracle
Corp.
,
3.25%,
11/15/2027
300,000
292,762
4.80%,
8/3/2028(b)
150,000
150,064
4.55%,
2/4/2029(b)
125,000
123,420
6.15%,
11/9/2029
65,000
67,024
2.95%,
4/1/2030
175,000
159,747
4.65%,
5/6/2030(b)
55,000
53,754
3.25%,
5/15/2030(b)
50,000
46,218
4.45%,
9/26/2030(b)
150,000
144,552
4.95%,
2/4/2031(b)
125,000
122,305
2.88%,
3/25/2031(b)
125,000
111,024
5.25%,
2/3/2032
70,000
68,751
4.80%,
9/26/2032(b)
190,000
180,946
5.35%,
5/4/2033
125,000
121,685
4.70%,
9/27/2034(b)
100,000
91,262
5.20%,
9/26/2035(b)
150,000
140,699
5.70%,
2/4/2036
65,000
62,497
3.80%,
11/15/2037(b)
200,000
158,829
3.60%,
4/1/2040(b)
300,000
217,493
5.88%,
9/26/2045(b)
240,000
207,058
6.55%,
2/4/2046
150,000
139,943
3.60%,
4/1/2050
400,000
241,491
6.90%,
11/9/2052
180,000
169,943
5.55%,
2/6/2053
130,000
103,722
5.38%,
9/27/2054
95,000
73,485
5.95%,
9/26/2055(b)
120,000
100,953
6.70%,
2/4/2056
150,000
139,216
3.85%,
4/1/2060
250,000
147,119
4.10%,
3/25/2061
150,000
92,236
6.85%,
2/4/2066
150,000
137,898
Roper
Technologies,
Inc.
,
4.20%,
9/15/2028
82,000
81,495
4.50%,
10/15/2029
25,000
24,855
4.45%,
9/15/2030
25,000
24,620
1.75%,
2/15/2031(b)
95,000
82,012
4.75%,
2/15/2032
50,000
49,408
4.90%,
10/15/2034(b)
25,000
24,138
5.10%,
9/15/2035(b)
25,000
24,309
Salesforce,
Inc.
,
4.50%,
3/15/2028
125,000
125,032
3.70%,
4/11/2028(b)
200,000
197,742
4.65%,
3/15/2029
125,000
125,259
4.90%,
9/15/2031
125,000
124,823
5.20%,
3/15/2033
100,000
99,829
5.55%,
3/15/2036
125,000
124,611
2.70%,
7/15/2041
100,000
68,104
6.40%,
3/15/2046
100,000
100,692
2.90%,
7/15/2051
90,000
52,716
6.55%,
3/15/2056
125,000
125,434
6.70%,
3/15/2066
50,000
50,821
ServiceNow,
Inc.
,
1.40%,
9/1/2030(b)
70,000
60,738
Synopsys,
Inc.
,
4.65%,
4/1/2028(b)
65,000
65,238
4.85%,
4/1/2030(b)
75,000
75,552
5.00%,
4/1/2032(b)
125,000
126,085
5.15%,
4/1/2035(b)
170,000
170,325
Corporate
Bonds
Principal
Amount
($)
Value
($)
Software
Synopsys,
Inc.,
5.70%,
4/1/2055(b)
35,000
33,463
VMware
LLC
,
4.70%,
5/15/2030(b)
150,000
150,919
Workday,
Inc.
,
3.80%,
4/1/2032(b)
45,000
41,772
7,660,654
Specialized
REITs
0
.2
%
American
Tower
Corp.
,
5.50%,
3/15/2028(b)
60,000
61,046
5.25%,
7/15/2028
40,000
40,693
5.80%,
11/15/2028(b)
85,000
87,657
3.95%,
3/15/2029(b)
150,000
147,519
2.90%,
1/15/2030(b)
110,000
103,244
4.90%,
3/15/2030(b)
50,000
50,452
1.88%,
10/15/2030
165,000
145,623
2.30%,
9/15/2031(b)
95,000
83,635
5.90%,
11/15/2033
100,000
104,734
5.40%,
1/31/2035
25,000
25,226
5.35%,
3/15/2035
25,000
25,162
Crown
Castle,
Inc.
,
5.00%,
1/11/2028(b)
65,000
65,466
3.80%,
2/15/2028
150,000
147,853
3.10%,
11/15/2029
160,000
151,002
2.25%,
1/15/2031(b)
92,000
81,251
5.10%,
5/1/2033
35,000
34,505
5.20%,
9/1/2034(b)
50,000
49,434
4.75%,
5/15/2047
100,000
83,091
CubeSmart
LP
,
2.00%,
2/15/2031
50,000
43,862
2.50%,
2/15/2032(b)
50,000
43,812
EPR
Properties
,
4.95%,
4/15/2028
200,000
199,732
4.75%,
11/15/2030
25,000
24,400
Equinix,
Inc.
,
2.00%,
5/15/2028
30,000
28,559
3.20%,
11/18/2029
30,000
28,563
2.50%,
5/15/2031
65,000
58,017
2.95%,
9/15/2051
100,000
60,856
3.40%,
2/15/2052
25,000
16,482
Extra
Space
Storage
LP
,
5.50%,
7/1/2030(b)
50,000
51,290
2.40%,
10/15/2031(b)
65,000
56,856
2.35%,
3/15/2032
40,000
34,322
5.40%,
2/1/2034
25,000
25,205
5.35%,
1/15/2035
25,000
25,083
5.40%,
6/15/2035
50,000
50,124
Public
Storage
Operating
Co.
,
5.13%,
1/15/2029
30,000
30,712
4.38%,
7/1/2030(b)
50,000
49,934
5.10%,
8/1/2033(b)
74,000
75,571
5.00%,
7/1/2035(b)
40,000
40,070
5.35%,
8/1/2053(b)
25,000
23,577
Weyerhaeuser
Co.
,
7.38%,
3/15/2032(b)
118,000
131,536
2,586,156
Specialty
Retail
0
.3
%
AutoNation,
Inc.
,
4.45%,
1/15/2029
25,000
24,792
2.40%,
8/1/2031(b)
90,000
78,636
44
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Specialty
Retail
AutoNation,
Inc.,
3.85%,
3/1/2032(b)
30,000
27,894
AutoZone,
Inc.
,
6.25%,
11/1/2028(b)
25,000
26,095
4.00%,
4/15/2030
100,000
97,592
5.13%,
6/15/2030
25,000
25,430
4.75%,
8/1/2032
40,000
39,616
4.75%,
2/1/2033(b)
50,000
49,236
5.20%,
8/1/2033(b)
25,000
25,267
6.55%,
11/1/2033
25,000
27,210
Best
Buy
Co.,
Inc.
,
1.95%,
10/1/2030
25,000
22,278
Dick's
Sporting
Goods,
Inc.
,
4.10%,
1/15/2052
50,000
35,414
Home
Depot,
Inc.
(The)
,
4.88%,
6/25/2027(b)
65,000
65,627
0.90%,
3/15/2028
130,000
122,482
3.90%,
12/6/2028
50,000
49,801
2.95%,
6/15/2029
186,000
178,951
3.95%,
9/15/2030
40,000
39,479
1.38%,
3/15/2031(b)
75,000
64,804
4.85%,
6/25/2031(b)
85,000
86,891
3.25%,
4/15/2032(b)
100,000
93,342
4.65%,
9/15/2035(b)
50,000
48,747
5.88%,
12/16/2036(b)
125,000
133,068
5.95%,
4/1/2041
50,000
52,623
4.20%,
4/1/2043
50,000
42,234
4.40%,
3/15/2045
100,000
84,799
4.25%,
4/1/2046(b)
100,000
82,670
4.50%,
12/6/2048
100,000
83,950
3.35%,
4/15/2050(b)
60,000
41,411
2.38%,
3/15/2051
50,000
28,000
2.75%,
9/15/2051
50,000
30,109
3.63%,
4/15/2052
140,000
99,929
5.30%,
6/25/2054(b)
75,000
70,102
Lowe's
Cos.,
Inc.
,
3.35%,
4/1/2027
60,000
59,528
3.95%,
10/15/2027(b)
75,000
74,742
1.70%,
9/15/2028
80,000
75,183
4.00%,
10/15/2028
75,000
74,380
6.50%,
3/15/2029
236,000
249,079
1.70%,
10/15/2030
75,000
66,085
4.25%,
3/15/2031
75,000
73,608
3.75%,
4/1/2032(b)
45,000
42,581
4.50%,
10/15/2032(b)
75,000
73,711
5.15%,
7/1/2033
50,000
50,572
4.85%,
10/15/2035(b)
75,000
73,037
2.80%,
9/15/2041(b)
60,000
42,252
4.05%,
5/3/2047
100,000
76,694
3.00%,
10/15/2050
95,000
58,697
4.25%,
4/1/2052(b)
65,000
49,820
5.63%,
4/15/2053(b)
75,000
70,903
5.85%,
4/1/2063(b)
110,000
105,294
O'Reilly
Automotive,
Inc.
,
4.70%,
6/15/2032
100,000
99,321
5.00%,
8/19/2034
25,000
24,723
5.10%,
3/12/2036
25,000
24,673
Tractor
Supply
Co.
,
1.75%,
11/1/2030(b)
55,000
48,484
5.25%,
5/15/2033(b)
20,000
20,306
3,512,152
Corporate
Bonds
Principal
Amount
($)
Value
($)
Technology
Hardware,
Storage
&
Peripherals
0
.3
%
Apple,
Inc.
,
3.20%,
5/11/2027(b)
300,000
297,794
4.00%,
5/10/2028
60,000
60,072
3.25%,
8/8/2029(b)
100,000
97,673
2.20%,
9/11/2029(b)
235,000
221,567
1.65%,
5/11/2030
300,000
272,088
1.25%,
8/20/2030(b)
300,000
265,687
3.35%,
8/8/2032(b)
150,000
142,826
3.85%,
5/4/2043
225,000
186,010
4.38%,
5/13/2045
155,000
135,647
4.65%,
2/23/2046(b)
285,000
256,134
2.65%,
5/11/2050
150,000
91,781
2.40%,
8/20/2050(b)
100,000
57,704
2.65%,
2/8/2051
125,000
75,650
2.70%,
8/5/2051
50,000
30,622
2.55%,
8/20/2060
200,000
106,576
2.80%,
2/8/2061
60,000
34,252
2.85%,
8/5/2061
50,000
28,941
Dell
International
LLC
,
4.15%,
2/15/2029
75,000
74,376
4.35%,
2/1/2030
25,000
24,745
5.00%,
4/1/2030(b)
30,000
30,361
4.50%,
2/15/2031
75,000
74,114
5.30%,
4/1/2032(b)
50,000
50,776
4.75%,
10/6/2032(b)
75,000
73,934
5.75%,
2/1/2033(b)
60,000
62,362
4.85%,
2/1/2035(b)
75,000
72,566
5.50%,
4/1/2035(b)
50,000
50,582
5.10%,
2/15/2036(b)
75,000
73,335
3.38%,
12/15/2041(b)
100,000
74,557
3.45%,
12/15/2051(b)
55,000
37,223
Hewlett
Packard
Enterprise
Co.
,
4.05%,
9/15/2027(b)
75,000
74,514
4.40%,
9/25/2027
75,000
74,889
4.50%,
3/23/2028(b)
25,000
25,002
5.25%,
7/1/2028(b)
20,000
20,302
4.40%,
10/15/2030
75,000
73,637
4.85%,
10/15/2031
40,000
39,730
5.25%,
4/1/2033
25,000
24,852
5.00%,
10/15/2034
85,000
82,279
6.35%,
10/15/2045(b)(f)
50,000
49,919
5.60%,
10/15/2054(b)
60,000
53,560
HP,
Inc.
,
4.75%,
1/15/2028
30,000
30,131
4.00%,
4/15/2029(b)
60,000
58,953
5.40%,
4/25/2030
25,000
25,525
2.65%,
6/17/2031
50,000
44,468
5.50%,
1/15/2033(b)
60,000
60,744
6.10%,
4/25/2035
25,000
26,011
6.00%,
9/15/2041(b)
25,000
24,708
NetApp,
Inc.
,
5.70%,
3/17/2035(b)
50,000
50,937
3,900,116
Textiles,
Apparel
&
Luxury
Goods
0
.0
%
†
NIKE,
Inc.
,
2.85%,
3/27/2030(b)
400,000
377,795
3.88%,
11/1/2045(b)
100,000
78,262
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
45
Corporate
Bonds
Principal
Amount
($)
Value
($)
Textiles,
Apparel
&
Luxury
Goods
PVH
Corp.
,
5.50%,
6/13/2030(b)
25,000
25,186
481,243
Tobacco
0
.3
%
Altria
Group,
Inc.
,
6.20%,
11/1/2028
25,000
26,075
4.80%,
2/14/2029
225,000
226,820
4.50%,
8/6/2030(b)
25,000
24,892
5.80%,
2/14/2039
150,000
150,592
4.50%,
5/2/2043
175,000
145,390
5.38%,
1/31/2044
95,000
88,029
5.95%,
2/14/2049(b)
100,000
96,955
3.70%,
2/4/2051
70,000
48,185
BAT
Capital
Corp.
,
4.70%,
4/2/2027(b)
100,000
100,221
3.56%,
8/15/2027
198,000
195,827
2.26%,
3/25/2028(b)
85,000
81,583
6.34%,
8/2/2030(b)
75,000
80,061
4.74%,
3/16/2032(b)
70,000
69,762
5.35%,
8/15/2032(b)
25,000
25,653
4.63%,
3/22/2033(b)
30,000
29,358
6.42%,
8/2/2033(b)
90,000
97,606
6.00%,
2/20/2034(b)
25,000
26,424
5.63%,
8/15/2035(b)
50,000
51,423
4.39%,
8/15/2037
125,000
113,567
4.54%,
8/15/2047
100,000
81,193
4.76%,
9/6/2049(b)
100,000
82,915
5.65%,
3/16/2052(b)
70,000
64,845
BAT
International
Finance
plc
,
5.93%,
2/2/2029
100,000
103,738
Philip
Morris
International,
Inc.
,
5.13%,
11/17/2027
90,000
91,207
4.88%,
2/15/2028(b)
25,000
25,256
5.25%,
9/7/2028(b)
25,000
25,637
3.88%,
10/27/2028
40,000
39,661
4.88%,
2/13/2029(b)
50,000
50,745
4.63%,
11/1/2029
50,000
50,440
5.63%,
11/17/2029(b)
70,000
72,756
5.13%,
2/15/2030(b)
100,000
102,034
5.50%,
9/7/2030
25,000
25,961
4.00%,
10/29/2030
50,000
48,941
5.13%,
2/13/2031
100,000
102,278
4.75%,
11/1/2031
25,000
25,114
4.25%,
10/29/2032(b)
50,000
48,436
5.75%,
11/17/2032
80,000
84,217
5.38%,
2/15/2033
125,000
128,468
5.63%,
9/7/2033
25,000
26,084
5.25%,
2/13/2034(b)
75,000
76,373
4.90%,
11/1/2034
50,000
49,732
4.63%,
10/29/2035
50,000
48,098
6.38%,
5/16/2038(b)
85,000
92,650
3.88%,
8/21/2042
100,000
80,249
4.25%,
11/10/2044
60,000
49,693
Reynolds
American,
Inc.
,
5.70%,
8/15/2035
120,000
123,344
5.85%,
8/15/2045(b)
75,000
72,636
3,551,124
Corporate
Bonds
Principal
Amount
($)
Value
($)
Trading
Companies
&
Distributors
0
.1
%
Air
Lease
Corp.
,
2.10%,
9/1/2028(b)
100,000
94,037
3.25%,
10/1/2029(b)
250,000
237,240
2.88%,
1/15/2032(b)
60,000
53,141
GATX
Corp.
,
4.90%,
3/15/2033
145,000
142,423
6.90%,
5/1/2034
25,000
27,408
5.50%,
6/15/2035
25,000
25,206
6.05%,
6/5/2054(b)
50,000
49,648
WW
Grainger,
Inc.
,
3.75%,
5/15/2046
100,000
77,372
706,475
Water
Utilities
0
.0
%
†
American
Water
Capital
Corp.
,
4.45%,
6/1/2032
60,000
59,058
5.15%,
3/1/2034(b)
50,000
50,825
5.25%,
3/1/2035(b)
75,000
76,206
5.20%,
4/1/2036
25,000
25,051
4.30%,
9/1/2045
150,000
124,677
5.45%,
3/1/2054
25,000
23,695
5.70%,
9/1/2055(b)
50,000
48,919
Essential
Utilities,
Inc.
,
4.80%,
8/15/2027
25,000
25,095
3.35%,
4/15/2050
150,000
99,301
532,827
Wireless
Telecommunication
Services
0
.3
%
America
Movil
SAB
de
CV
,
6.38%,
3/1/2035(b)
100,000
108,442
6.13%,
3/30/2040
150,000
156,360
Rogers
Communications,
Inc.
,
5.30%,
2/15/2034
50,000
49,782
4.50%,
3/15/2042(b)
70,000
59,030
4.50%,
3/15/2043
100,000
82,782
5.00%,
3/15/2044
55,000
48,250
4.55%,
3/15/2052(b)
80,000
63,187
T-Mobile
USA,
Inc.
,
3.75%,
4/15/2027
400,000
397,524
4.95%,
3/15/2028(b)
85,000
85,883
4.80%,
7/15/2028(b)
30,000
30,287
3.38%,
4/15/2029
75,000
72,684
2.55%,
2/15/2031(b)
200,000
181,743
2.70%,
3/15/2032
80,000
71,164
5.13%,
5/15/2032
50,000
50,718
4.63%,
1/15/2033(b)
60,000
58,905
5.05%,
7/15/2033(b)
100,000
100,693
5.15%,
4/15/2034(b)
25,000
25,183
4.70%,
1/15/2035
75,000
72,539
5.30%,
5/15/2035
75,000
75,620
4.95%,
11/15/2035(b)
75,000
73,632
5.00%,
2/15/2036(b)
75,000
73,869
4.38%,
4/15/2040
125,000
109,877
4.50%,
4/15/2050
100,000
80,741
3.30%,
2/15/2051
75,000
49,086
3.40%,
10/15/2052
25,000
16,372
5.65%,
1/15/2053
125,000
118,216
5.75%,
1/15/2054(b)
80,000
76,755
6.00%,
6/15/2054(b)
100,000
99,001
5.25%,
6/15/2055
100,000
88,945
5.88%,
11/15/2055(b)
80,000
78,012
5.70%,
1/15/2056(b)
75,000
71,358
46
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Wireless
Telecommunication
Services
T-Mobile
USA,
Inc.,
5.85%,
2/15/2056(b)
50,000
48,524
Vodafone
Group
plc
,
7.88%,
2/15/2030
106,000
118,556
5.25%,
5/30/2048(b)
47,000
42,325
4.25%,
9/17/2050
20,000
15,360
5.63%,
2/10/2053(b)
100,000
93,383
5.75%,
6/28/2054(b)
50,000
47,248
5.75%,
2/10/2063
100,000
92,837
3,184,873
Total
Corporate
Bonds
(cost
$293,988,217)
274,574,010
Foreign
Government
Securities
1
.5
%
CANADA
0
.3
%
Canada
Government
Bond
,
3.75%,
4/26/2028
300,000
299,625
4.00%,
3/18/2030(b)
180,000
180,749
Export
Development
Canada
,
4.13%,
2/13/2029
500,000
503,475
4.00%,
6/20/2030
100,000
100,189
Province
of
Alberta
,
3.30%,
3/15/2028
500,000
494,288
Province
of
British
Columbia
,
4.90%,
4/24/2029
200,000
205,377
4.75%,
6/12/2034(b)
250,000
254,013
4.80%,
6/11/2035(b)
115,000
116,863
Province
of
Manitoba
,
4.90%,
5/31/2034(b)
100,000
102,457
Province
of
Ontario
,
2.00%,
10/2/2029(b)
700,000
654,980
4.70%,
1/15/2030
35,000
35,843
5.05%,
4/24/2034(b)
150,000
155,856
4.85%,
6/11/2035(b)
160,000
163,680
Province
of
Quebec
,
7.50%,
9/15/2029
53,000
58,873
3.88%,
1/14/2031
45,000
44,608
4.25%,
9/5/2034(b)
200,000
196,218
4.63%,
8/28/2035(b)
150,000
150,385
3,717,479
CHILE
0
.1
%
Republic
of
Chile
,
2.45%,
1/31/2031(b)
200,000
182,474
3.10%,
5/7/2041
200,000
151,322
3.50%,
1/25/2050(b)
250,000
178,463
5.33%,
1/5/2054(b)
328,290
309,577
821,836
HUNGARY
0
.0
%
†
Hungary
Government
Bond
,
7.63%,
3/29/2041
60,000
67,937
INDONESIA
0
.1
%
Republic
of
Indonesia
,
4.15%,
9/20/2027
200,000
199,161
3.50%,
1/11/2028
500,000
492,180
4.65%,
9/20/2032(b)
200,000
195,782
4.75%,
9/10/2034
200,000
192,239
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
INDONESIA
Republic
of
Indonesia
4.20%,
10/15/2050
200,000
154,805
3.05%,
3/12/2051
300,000
187,227
1,421,394
ISRAEL
0
.1
%
State
of
Israel
Government
Bond
,
3.25%,
1/17/2028
200,000
194,830
5.50%,
3/12/2034
250,000
253,149
3.38%,
1/15/2050
200,000
128,983
5.75%,
3/12/2054(b)
250,000
232,373
809,335
ITALY
0
.0
%
†
Italian
Republic
Government
Bond
,
4.00%,
10/17/2049
200,000
152,207
JAPAN
0
.1
%
Japan
Bank
for
International
Cooperation
,
3.50%,
10/31/2028
400,000
395,054
1.88%,
4/15/2031
400,000
357,292
4.38%,
1/23/2036
200,000
196,239
Japan
International
Cooperation
Agency
,
4.00%,
5/23/2028
450,000
449,128
1,397,713
MEXICO
0
.3
%
United
Mexican
States
,
4.50%,
4/22/2029(b)
300,000
297,669
2.66%,
5/24/2031(b)
500,000
441,325
5.85%,
7/2/2032
200,000
200,720
4.88%,
5/19/2033(b)
200,000
189,250
3.50%,
2/12/2034
250,000
212,875
6.35%,
2/9/2035
200,000
204,310
5.63%,
9/22/2035
200,000
193,500
6.88%,
5/13/2037(b)
300,000
314,250
6.63%,
1/29/2038
200,000
203,800
4.75%,
3/8/2044
200,000
160,270
5.55%,
1/21/2045
200,000
178,760
4.50%,
1/31/2050(b)
200,000
146,780
4.40%,
2/12/2052
200,000
141,680
6.40%,
5/7/2054
200,000
187,070
6.75%,
2/9/2056
200,000
194,120
3.77%,
5/24/2061
200,000
119,350
3,385,729
PANAMA
0
.1
%
Republic
of
Panama
,
3.88%,
3/17/2028
200,000
196,316
2.25%,
9/29/2032
200,000
164,240
6.40%,
2/14/2035
200,000
207,564
4.50%,
4/1/2056
400,000
294,912
3.87%,
7/23/2060
200,000
129,908
992,940
PERU
0
.1
%
Republic
of
Peru
,
2.78%,
1/23/2031
150,000
136,552
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
47
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
PERU
Republic
of
Peru
3.00%,
1/15/2034
125,000
106,669
5.50%,
3/30/2036
162,000
161,417
3.30%,
3/11/2041(b)
125,000
94,175
5.63%,
11/18/2050(b)
100,000
94,970
5.88%,
8/8/2054
125,000
120,344
6.20%,
6/30/2055(b)
75,000
75,210
3.60%,
1/15/2072
50,000
30,710
820,047
PHILIPPINES
0
.1
%
Republic
of
Philippines
,
9.50%,
2/2/2030(b)
300,000
351,478
2.46%,
5/5/2030(b)
300,000
275,261
7.75%,
1/14/2031
200,000
224,485
6.38%,
10/23/2034
200,000
215,055
3.70%,
3/1/2041(b)
250,000
199,915
3.70%,
2/2/2042
200,000
159,015
3.20%,
7/6/2046
200,000
137,346
1,562,555
POLAND
0
.1
%
Republic
of
Poland
,
4.88%,
10/4/2033
100,000
99,934
5.13%,
9/18/2034
250,000
251,228
5.38%,
2/12/2035
125,000
127,264
5.50%,
4/4/2053
125,000
115,705
5.50%,
3/18/2054
115,000
106,234
700,365
SOUTH
KOREA
0
.1
%
Export-Import
Bank
of
Korea
,
3.88%,
1/13/2031
200,000
197,380
5.13%,
1/11/2033(b)
200,000
207,691
4.38%,
1/13/2036
200,000
195,363
Republic
of
Korea
,
4.13%,
6/10/2044(b)
250,000
224,050
824,484
SWEDEN
0
.0
%
†
Svensk
Exportkredit
AB
,
4.13%,
6/14/2028
500,000
502,086
URUGUAY
0
.0
%
†
Oriental
Republic
of
Uruguay
,
4.38%,
10/27/2027
33,333
33,353
4.38%,
1/23/2031
100,000
99,660
5.75%,
10/28/2034
100,000
104,380
5.44%,
2/14/2037
25,000
25,504
5.10%,
6/18/2050
200,000
183,230
4.98%,
4/20/2055
100,000
88,390
5.25%,
9/10/2060
75,000
68,010
602,527
Total
Foreign
Government
Securities
(cost
$18,892,733)
17,778,634
Mortgage-Backed
Securities
23
.8
%
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
J18702
3.00%,
3/1/2027
6,971
6,931
Pool#
J19106
3.00%,
5/1/2027
4,164
4,136
Pool#
G14609
3.00%,
11/1/2027
39,498
39,168
Pool#
C00566
7.50%,
12/1/2027
57
58
Pool#
G15100
2.50%,
7/1/2028
21,149
20,855
Pool#
C18271
7.00%,
11/1/2028
326
343
Pool#
C00678
7.00%,
11/1/2028
99
104
Pool#
C00836
7.00%,
7/1/2029
97
102
Pool#
C31285
7.00%,
9/1/2029
192
201
Pool#
G18536
2.50%,
1/1/2030
499,349
486,254
Pool#
C37436
8.00%,
1/1/2030
322
335
Pool#
C36429
7.00%,
2/1/2030
303
318
Pool#
C36306
7.00%,
2/1/2030
198
209
Pool#
C00921
7.50%,
2/1/2030
272
280
Pool#
G01108
7.00%,
4/1/2030
72
76
Pool#
U49055
3.00%,
6/1/2030
16,080
15,820
Pool#
J32243
3.00%,
7/1/2030
157,040
153,900
Pool#
C41561
8.00%,
8/1/2030
1,027
1,053
Pool#
C01051
8.00%,
9/1/2030
438
454
Pool#
C43550
7.00%,
10/1/2030
686
721
Pool#
C44017
7.50%,
10/1/2030
236
239
Pool#
C44957
8.00%,
11/1/2030
457
466
Pool#
G18578
3.00%,
12/1/2030
70,921
69,349
Pool#
C01103
7.50%,
12/1/2030
150
156
Pool#
C46932
7.50%,
1/1/2031
358
363
Pool#
G18587
3.00%,
2/1/2031
53,694
52,445
Pool#
G18592
3.00%,
3/1/2031
59,188
57,768
Pool#
C91366
4.50%,
4/1/2031
18,122
18,178
Pool#
G18601
3.00%,
5/1/2031
34,831
34,008
Pool#
G18605
3.00%,
6/1/2031
19,979
19,505
Pool#
J34627
3.00%,
6/1/2031
5,446
5,315
48
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
C91377
4.50%,
6/1/2031
9,836
9,868
Pool#
C53324
7.00%,
6/1/2031
888
933
Pool#
J35107
2.50%,
8/1/2031
35,650
34,413
Pool#
G01309
7.00%,
8/1/2031
288
303
Pool#
G01311
7.00%,
9/1/2031
1,773
1,864
Pool#
C01222
7.00%,
9/1/2031
271
284
Pool#
G01315
7.00%,
9/1/2031
67
70
Pool#
J35522
2.50%,
10/1/2031
138,409
133,501
Pool#
C60012
7.00%,
11/1/2031
281
295
Pool#
C61298
8.00%,
11/1/2031
1,243
1,268
Pool#
J35957
2.50%,
12/1/2031
214,493
206,914
Pool#
C61105
7.00%,
12/1/2031
2,960
3,111
Pool#
C63171
7.00%,
1/1/2032
1,626
1,709
Pool#
D99004
3.50%,
3/1/2032
38,724
38,084
Pool#
G30577
3.50%,
4/1/2032
80,791
79,018
Pool#
G01391
7.00%,
4/1/2032
3,199
3,363
Pool#
C01345
7.00%,
4/1/2032
1,425
1,498
Pool#
C01370
8.00%,
4/1/2032
389
400
Pool#
C01381
8.00%,
5/1/2032
5,741
6,013
Pool#
C68290
7.00%,
6/1/2032
1,459
1,534
Pool#
C68300
7.00%,
6/1/2032
401
421
Pool#
D99266
3.50%,
7/1/2032
63,344
62,304
Pool#
G01449
7.00%,
7/1/2032
2,086
2,192
Pool#
C69908
7.00%,
8/1/2032
11,021
11,585
Pool#
C91558
3.50%,
9/1/2032
12,091
11,851
Pool#
G16407
2.50%,
1/1/2033
102,454
98,479
Pool#
G16408
2.50%,
1/1/2033
77,574
74,597
Pool#
G01536
7.00%,
3/1/2033
2,794
2,937
Pool#
C01528
5.00%,
4/1/2033
17,264
17,452
Pool#
G30646
3.00%,
5/1/2033
82,954
80,201
Pool#
G30642
3.00%,
5/1/2033
42,023
40,596
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
K90535
3.00%,
5/1/2033
17,326
16,728
Pool#
G18693
4.00%,
5/1/2033
24,043
23,930
Pool#
G18696
3.50%,
7/1/2033
6,815
6,701
Pool#
A16419
6.50%,
11/1/2033
9,958
10,306
Pool#
A21356
6.50%,
4/1/2034
12,779
13,226
Pool#
C01851
6.50%,
4/1/2034
11,801
12,213
Pool#
A24301
6.50%,
5/1/2034
19,428
20,107
Pool#
A22067
6.50%,
5/1/2034
7,394
7,653
Pool#
G18737
3.50%,
6/1/2034
46,487
45,432
Pool#
A24988
6.50%,
7/1/2034
7,637
7,904
Pool#
G01741
6.50%,
10/1/2034
3,050
3,179
Pool#
G08023
6.50%,
11/1/2034
6,838
7,089
Pool#
G01947
7.00%,
5/1/2035
2,913
3,063
Pool#
G08073
5.50%,
8/1/2035
30,893
31,918
Pool#
A37135
5.50%,
9/1/2035
71,442
73,620
Pool#
A47368
5.00%,
10/1/2035
45,022
45,492
Pool#
A38531
5.50%,
10/1/2035
97,729
99,127
Pool#
A38255
5.50%,
10/1/2035
55,059
56,738
Pool#
G08088
6.50%,
10/1/2035
33,154
34,742
Pool#
A39759
5.50%,
11/1/2035
3,107
3,202
Pool#
A40376
5.50%,
12/1/2035
1,232
1,240
Pool#
A42305
5.50%,
1/1/2036
4,198
4,327
Pool#
A41548
7.00%,
1/1/2036
4,936
5,188
Pool#
G08111
5.50%,
2/1/2036
45,935
47,459
Pool#
A43885
5.50%,
3/1/2036
129,094
130,681
Pool#
A43886
5.50%,
3/1/2036
63,288
63,677
Pool#
A43884
5.50%,
3/1/2036
49,596
50,808
Pool#
A43861
5.50%,
3/1/2036
25,945
26,553
Pool#
A48378
5.50%,
3/1/2036
25,163
25,317
Pool#
G08116
5.50%,
3/1/2036
10,110
10,446
Pool#
A48735
5.50%,
5/1/2036
5,345
5,470
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
49
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
A53039
6.50%,
10/1/2036
34,985
36,508
Pool#
G05254
5.00%,
1/1/2037
31,601
31,924
Pool#
G04331
5.00%,
2/1/2037
31,710
32,041
Pool#
G05941
6.00%,
2/1/2037
156,168
163,530
Pool#
G03620
6.50%,
10/1/2037
1,203
1,261
Pool#
G03721
6.00%,
12/1/2037
15,093
15,850
Pool#
G03969
6.00%,
2/1/2038
16,992
17,845
Pool#
C91982
3.50%,
3/1/2038
58,796
56,550
Pool#
G04913
5.00%,
3/1/2038
58,450
59,144
Pool#
G05299
4.50%,
6/1/2038
50,531
50,072
Pool#
G04581
6.50%,
8/1/2038
29,939
31,183
Pool#
C92013
3.50%,
9/1/2038
144,000
138,724
Pool#
A81674
6.00%,
9/1/2038
99,008
103,704
Pool#
G05459
5.50%,
5/1/2039
459,436
472,748
Pool#
G05535
4.50%,
7/1/2039
163,846
162,355
Pool#
A89500
4.50%,
10/1/2039
14,795
14,661
Pool#
A91165
5.00%,
2/1/2040
655,348
663,146
Pool#
G60342
4.50%,
5/1/2042
165,227
163,723
Pool#
G60195
4.00%,
6/1/2042
218,701
211,453
Pool#
Q08977
4.00%,
6/1/2042
52,500
50,672
Pool#
Q09824
4.00%,
8/1/2042
29,497
28,527
Pool#
Q11087
4.00%,
9/1/2042
21,295
20,509
Pool#
G07158
3.50%,
10/1/2042
119,960
113,210
Pool#
G07163
3.50%,
10/1/2042
92,665
87,498
Pool#
Q11532
3.50%,
10/1/2042
89,177
84,141
Pool#
Q12051
3.50%,
10/1/2042
70,377
66,496
Pool#
Q12052
3.50%,
10/1/2042
29,596
27,930
Pool#
C09020
3.50%,
11/1/2042
206,132
194,489
Pool#
G07264
3.50%,
12/1/2042
184,534
174,111
Pool#
Q14292
3.50%,
1/1/2043
49,774
46,999
Pool#
Q15884
3.00%,
2/1/2043
278,584
255,569
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
Q16470
3.00%,
3/1/2043
549,147
503,783
Pool#
V80002
2.50%,
4/1/2043
240,276
210,971
Pool#
Q16915
3.00%,
4/1/2043
206,458
189,403
Pool#
Q17675
3.50%,
4/1/2043
220,224
208,218
Pool#
Q18523
3.50%,
5/1/2043
224,818
211,886
Pool#
Q18751
3.50%,
6/1/2043
314,334
296,383
Pool#
G07410
3.50%,
7/1/2043
88,723
83,886
Pool#
Q20332
3.50%,
7/1/2043
31,547
29,713
Pool#
G07459
3.50%,
8/1/2043
263,768
248,597
Pool#
G60038
3.50%,
1/1/2044
553,226
521,970
Pool#
Q26869
4.00%,
6/1/2044
240,689
232,372
Pool#
G07946
4.00%,
7/1/2044
7,619
7,360
Pool#
Q28607
3.50%,
9/1/2044
93,397
87,917
Pool#
G61231
3.50%,
9/1/2044
26,526
25,006
Pool#
G08609
3.50%,
10/1/2044
85,232
80,142
Pool#
Q30833
4.00%,
1/1/2045
11,348
10,938
Pool#
G60400
4.50%,
1/1/2045
72,312
71,430
Pool#
G07925
4.00%,
2/1/2045
21,996
21,270
Pool#
Q34165
4.00%,
6/1/2045
152,632
147,406
Pool#
V81873
4.00%,
8/1/2045
86,625
83,501
Pool#
G08669
4.00%,
9/1/2045
126,494
121,874
Pool#
Q38357
4.00%,
1/1/2046
30,125
28,975
Pool#
G08697
3.00%,
3/1/2046
383,347
347,169
Pool#
Q39440
4.00%,
3/1/2046
22,713
21,838
Pool#
G08704
4.50%,
4/1/2046
10,708
10,577
Pool#
Q40097
4.50%,
4/1/2046
2,679
2,646
Pool#
G08707
4.00%,
5/1/2046
60,133
57,825
Pool#
G08708
4.50%,
5/1/2046
9,249
9,136
Pool#
Q41548
3.00%,
7/1/2046
50,797
46,003
Pool#
Q41903
3.50%,
7/1/2046
72,207
67,756
Pool#
G61791
4.00%,
7/1/2046
59,254
57,139
50
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
Q41947
4.50%,
7/1/2046
2,240
2,213
Pool#
G61237
3.50%,
8/1/2046
11,699
11,035
Pool#
Q42680
4.00%,
8/1/2046
2,207
2,129
Pool#
G08720
4.50%,
8/1/2046
7,309
7,220
Pool#
G61323
3.00%,
9/1/2046
364,358
333,820
Pool#
G08721
3.00%,
9/1/2046
213,876
193,149
Pool#
G60733
4.50%,
9/1/2046
78,060
77,108
Pool#
G60722
3.00%,
10/1/2046
604,392
546,569
Pool#
Q44035
3.00%,
10/1/2046
298,038
268,923
Pool#
G61815
4.00%,
10/1/2046
23,719
22,852
Pool#
G08732
3.00%,
11/1/2046
39,097
35,278
Pool#
G60989
3.00%,
12/1/2046
219,056
197,985
Pool#
G08738
3.50%,
12/1/2046
820,294
767,820
Pool#
G08741
3.00%,
1/1/2047
357,422
321,106
Pool#
G08748
3.50%,
2/1/2047
169,276
157,976
Pool#
G08751
3.50%,
3/1/2047
252,139
235,904
Pool#
G60988
3.00%,
5/1/2047
743,768
672,611
Pool#
Q48237
4.50%,
5/1/2047
48,809
48,093
Pool#
Q48414
4.50%,
6/1/2047
33,852
32,744
Pool#
Q48365
4.50%,
6/1/2047
9,340
9,200
Pool#
V83270
3.50%,
7/1/2047
100,304
93,576
Pool#
Q49917
3.50%,
8/1/2047
40,440
37,777
Pool#
Q53085
3.00%,
9/1/2047
126,781
114,954
Pool#
G61295
3.50%,
9/1/2047
275,667
258,713
Pool#
Q52075
4.00%,
11/1/2047
94,246
90,640
Pool#
G67707
3.50%,
1/1/2048
304,622
285,424
Pool#
V83909
4.00%,
1/1/2048
113,151
108,874
Pool#
T65458
3.50%,
2/1/2048
51,842
47,873
Pool#
Q54460
4.00%,
2/1/2048
84,497
81,262
Pool#
G61298
4.00%,
2/1/2048
41,363
39,664
Pool#
Q55401
5.00%,
4/1/2048
23,055
23,216
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
G08821
5.00%,
5/1/2048
5,944
5,979
Pool#
G67712
4.00%,
6/1/2048
83,130
80,084
Pool#
G67713
4.00%,
6/1/2048
68,583
65,767
Pool#
Q56473
4.50%,
6/1/2048
22,063
21,643
Pool#
Q56472
4.50%,
6/1/2048
19,864
19,601
Pool#
Q57401
4.50%,
7/1/2048
22,121
21,719
Pool#
Q57402
4.50%,
7/1/2048
5,913
5,833
Pool#
G08833
5.00%,
7/1/2048
2,476
2,493
Pool#
G67716
4.50%,
10/1/2048
47,280
46,566
Pool#
V85044
4.00%,
12/1/2048
79,829
76,546
Pool#
V85139
4.50%,
1/1/2049
19,342
19,028
FHLMC
Non
Gold
Pool
Pool#
1B8478
6.60%,
7/1/2041(a)
10,817
11,228
Pool#
2B0108
6.15%,
1/1/2042(a)
269
277
FHLMC
UMBS
Pool
Pool#
ZT1998
4.00%,
7/1/2029
212
211
Pool#
ZS7757
3.00%,
3/1/2030
100,897
99,267
Pool#
SB0383
2.50%,
4/1/2032
329,776
317,500
Pool#
ZS8701
3.50%,
6/1/2033
23,981
23,557
Pool#
SB0218
3.00%,
10/1/2033
42,639
41,444
Pool#
SB0366
3.50%,
2/1/2034
57,491
56,434
Pool#
SB0095
3.50%,
7/1/2034
9,359
9,218
Pool#
SB0069
3.00%,
9/1/2034
78,251
75,446
Pool#
SB8021
3.00%,
12/1/2034
165,624
159,376
Pool#
RC1826
2.00%,
2/1/2036
249,952
230,118
Pool#
SB8092
1.50%,
3/1/2036
293,927
265,225
Pool#
SB8103
2.00%,
5/1/2036
248,302
228,597
Pool#
QN7405
2.00%,
8/1/2036
144,390
132,974
Pool#
SB8119
2.00%,
9/1/2036
646,590
595,258
Pool#
SB8140
1.50%,
2/1/2037
439,709
395,407
Pool#
SB8144
1.50%,
3/1/2037
925,097
831,891
Pool#
QN9700
1.50%,
3/1/2037
294,326
264,671
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
51
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
SB8148
2.00%,
4/1/2037
1,988,657
1,829,576
Pool#
SB8156
3.00%,
4/1/2037
155,338
148,403
Pool#
SB8154
2.50%,
5/1/2037
134,426
127,086
Pool#
SB0725
4.00%,
8/1/2037
43,191
42,198
Pool#
SB1009
4.00%,
2/1/2038
42,138
41,217
Pool#
SB8346
4.00%,
12/1/2039
193,569
189,152
Pool#
RR0066
4.50%,
3/1/2041
27,791
27,602
Pool#
QA2237
3.00%,
7/1/2046
763,686
692,186
Pool#
QA2226
3.00%,
7/1/2046
451,259
409,267
Pool#
ZM2339
3.50%,
1/1/2047
119,383
111,533
Pool#
ZS4746
3.00%,
12/1/2047
292,858
262,570
Pool#
ZA6139
4.50%,
12/1/2048
39,801
39,044
Pool#
SD0295
3.00%,
2/1/2049
1,374,700
1,249,105
Pool#
RA3022
2.50%,
6/1/2050
481,781
409,412
Pool#
SD7521
2.50%,
7/1/2050
655,939
563,952
Pool#
SD7523
2.50%,
8/1/2050
174,083
149,893
Pool#
SD0500
3.00%,
8/1/2050
30,127
27,097
Pool#
SD8100
3.00%,
10/1/2050
1,263,980
1,120,478
Pool#
RA3934
2.50%,
11/1/2050
655,136
553,530
Pool#
SD0522
3.00%,
12/1/2050
407,641
361,234
Pool#
RA4493
2.00%,
2/1/2051
1,167,607
948,750
Pool#
QB9104
2.00%,
2/1/2051
628,781
511,056
Pool#
RA4737
2.00%,
3/1/2051
2,228,664
1,813,607
Pool#
RA4718
2.00%,
3/1/2051
1,009,781
826,351
Pool#
SD7537
2.00%,
3/1/2051
527,970
431,882
Pool#
QC5128
2.00%,
8/1/2051
258,674
211,362
Pool#
SD8166
2.00%,
9/1/2051
1,550,449
1,256,921
Pool#
RA6140
2.00%,
10/1/2051
1,113,269
908,258
Pool#
RA6085
2.00%,
10/1/2051
632,216
519,017
Pool#
RA6624
2.00%,
1/1/2052
4,934,538
3,984,937
Pool#
SD0856
2.00%,
1/1/2052
1,220,184
988,230
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
SD7347
2.00%,
4/1/2052
791,877
640,574
Pool#
SD8211
2.00%,
5/1/2052
6,273,587
5,074,426
Pool#
RA7779
4.50%,
8/1/2052
474,162
459,180
Pool#
SD2215
4.00%,
10/1/2052
471,047
448,886
Pool#
SD1926
5.50%,
11/1/2052
635,124
647,860
Pool#
SD7557
4.50%,
12/1/2052
1,049,670
1,025,312
Pool#
RA8411
5.50%,
1/1/2053
169,560
173,922
Pool#
QF5629
6.00%,
1/1/2053
357,003
373,588
Pool#
RA8794
5.50%,
4/1/2053
749,224
764,010
Pool#
SD2661
5.50%,
4/1/2053
512,125
517,082
Pool#
RA9090
5.50%,
5/1/2053
777,099
783,884
Pool#
SD2890
5.50%,
5/1/2053
300,733
305,793
Pool#
SD2905
5.50%,
5/1/2053
174,469
176,026
Pool#
RA9162
5.50%,
6/1/2053
392,022
399,627
Pool#
SD3085
5.50%,
6/1/2053
193,085
196,782
Pool#
SD3260
6.00%,
6/1/2053
148,625
153,887
Pool#
SD3565
4.50%,
8/1/2053
167,208
162,604
Pool#
SD8348
5.00%,
8/1/2053
981,041
971,447
Pool#
SD3853
5.50%,
8/1/2053
122,962
123,963
Pool#
SD3603
6.00%,
8/1/2053
1,296,744
1,345,232
Pool#
RJ0007
6.50%,
10/1/2053
260,987
273,572
Pool#
SD4340
5.50%,
11/1/2053
842,363
858,704
Pool#
RJ0325
6.50%,
11/1/2053
124,429
128,787
Pool#
RJ0528
6.50%,
12/1/2053
226,448
235,738
Pool#
RJ0530
6.50%,
12/1/2053
183,099
189,732
Pool#
RJ0841
6.00%,
2/1/2054
208,063
215,491
Pool#
RJ0858
6.50%,
2/1/2054
398,989
414,251
Pool#
RJ0992
5.00%,
5/1/2054
706,799
697,783
Pool#
RJ1422
6.00%,
5/1/2054
362,038
376,233
Pool#
RJ1437
6.50%,
5/1/2054
324,185
341,569
Pool#
SD8438
5.50%,
6/1/2054
1,391,394
1,399,051
52
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
SD5812
6.00%,
7/1/2054
412,013
426,922
Pool#
SD6025
6.00%,
8/1/2054
519,874
531,144
Pool#
SD8491
5.00%,
12/1/2054
746,358
736,646
Pool#
SL0050
5.50%,
1/1/2055
777,834
792,923
Pool#
SL0425
6.00%,
2/1/2055
460,397
478,462
Pool#
RJ4130
6.00%,
5/1/2055
461,505
475,183
Pool#
RQ0028
6.00%,
7/1/2055
2,139,302
2,180,735
Pool#
SL2010
6.00%,
8/1/2055
924,489
951,574
Pool#
QZ7777
5.50%,
10/1/2055
355,891
357,732
Pool#
RJ6022
5.50%,
3/1/2056
234,000
237,439
FNMA
Pool
Pool#
AC9890
6.19%,
4/1/2040(a)
116,998
120,351
Pool#
AC9895
6.68%,
4/1/2040(a)
278,948
287,984
Pool#
AJ1249
6.56%,
9/1/2041(a)
33,237
34,711
Pool#
AK0714
5.96%,
2/1/2042(a)
5,243
5,427
Pool#
AT4250
6.25%,
6/1/2043(a)
11,954
12,398
Pool#
BF0203
3.00%,
2/1/2047
319,575
289,129
Pool#
BF0206
4.00%,
2/1/2047
188,740
181,614
Pool#
BF0200
3.50%,
11/1/2051
144,261
131,980
Pool#
BF0171
4.00%,
1/1/2057
126,702
119,852
Pool#
BF0184
4.00%,
2/1/2057
141,651
133,976
FNMA
UMBS
Pool
Pool#
AL0298
4.00%,
5/1/2026
437
436
Pool#
AB4277
3.00%,
1/1/2027
17,250
17,149
Pool#
AL1391
3.50%,
1/1/2027
344
342
Pool#
AP4746
3.00%,
8/1/2027
6,488
6,435
Pool#
AP4640
3.00%,
9/1/2027
4,734
4,691
Pool#
AB6886
3.00%,
11/1/2027
5,126
5,075
Pool#
AQ7406
3.00%,
11/1/2027
3,472
3,437
Pool#
AQ2884
3.00%,
12/1/2027
6,892
6,820
Pool#
AS0487
2.50%,
9/1/2028
38,946
38,303
Pool#
930998
4.50%,
4/1/2029
1,005
1,004
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
BM1507
2.50%,
12/1/2029
17,860
17,613
Pool#
AL8077
3.50%,
12/1/2029
3,577
3,546
Pool#
BM4299
3.00%,
3/1/2030
30,088
29,876
Pool#
AS5412
2.50%,
7/1/2030
36,529
35,457
Pool#
AL7152
3.50%,
7/1/2030
60,688
60,053
Pool#
AS5702
2.50%,
8/1/2030
144,268
139,782
Pool#
AZ9234
3.50%,
10/1/2030
7,525
7,414
Pool#
AS6174
3.50%,
11/1/2030
5,105
5,021
Pool#
AS6272
2.50%,
12/1/2030
49,827
48,189
Pool#
AS6295
3.00%,
12/1/2030
78,202
76,500
Pool#
AH1515
4.00%,
12/1/2030
79,308
78,669
Pool#
AD0716
6.50%,
12/1/2030
153,074
158,254
Pool#
BA6532
2.50%,
1/1/2031
41,579
40,285
Pool#
BM5016
3.00%,
1/1/2031
104,841
102,912
Pool#
AB2121
4.00%,
1/1/2031
13,719
13,623
Pool#
AL8060
3.00%,
2/1/2031
74,400
72,813
Pool#
MA0641
4.00%,
2/1/2031
53,154
52,718
Pool#
560868
7.50%,
2/1/2031
88
88
Pool#
AS6799
3.00%,
3/1/2031
63,215
61,704
Pool#
BC0774
3.00%,
3/1/2031
33,661
32,903
Pool#
AS6919
3.50%,
3/1/2031
4,739
4,678
Pool#
BC4410
3.50%,
3/1/2031
3,862
3,797
Pool#
BC0320
3.50%,
3/1/2031
3,391
3,351
Pool#
AL8565
3.00%,
6/1/2031
42,820
41,734
Pool#
AL8561
3.50%,
6/1/2031
33,935
33,540
Pool#
AL9378
3.00%,
9/1/2031
20,637
20,181
Pool#
MA2775
2.50%,
10/1/2031
332,028
319,984
Pool#
BM1888
2.50%,
10/1/2031
144,038
141,905
Pool#
BC4777
2.50%,
10/1/2031
122,316
117,885
Pool#
607212
7.50%,
10/1/2031
1,856
1,879
Pool#
MA0895
3.50%,
11/1/2031
58,310
57,225
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
53
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
MA2830
2.50%,
12/1/2031
135,881
130,814
Pool#
BM3814
2.50%,
12/1/2031
87,484
84,396
Pool#
AS8594
2.50%,
1/1/2032
107,351
103,404
Pool#
AS8597
2.50%,
1/1/2032
89,546
86,208
Pool#
AL9786
3.00%,
1/1/2032
50,830
49,672
Pool#
AL9585
3.50%,
1/1/2032
22,909
22,577
Pool#
BM1036
2.50%,
2/1/2032
474,162
456,992
Pool#
BM4624
3.00%,
2/1/2032
60,568
59,122
Pool#
AL9740
3.00%,
2/1/2032
48,010
46,657
Pool#
AL9872
3.00%,
2/1/2032
43,951
42,821
Pool#
AL9871
3.00%,
2/1/2032
28,336
27,621
Pool#
AS8767
3.00%,
2/1/2032
5,456
5,309
Pool#
BM1007
2.50%,
3/1/2032
152,927
146,907
Pool#
AL9899
3.00%,
3/1/2032
9,133
8,888
Pool#
MA1029
3.50%,
4/1/2032
53,621
52,572
Pool#
545556
7.00%,
4/1/2032
976
1,025
Pool#
AO2565
3.50%,
5/1/2032
12,422
12,088
Pool#
AS9695
3.50%,
5/1/2032
10,266
10,108
Pool#
545605
7.00%,
5/1/2032
1,320
1,386
Pool#
BM4088
3.00%,
6/1/2032
79,685
77,809
Pool#
AO5103
3.50%,
6/1/2032
53,048
51,639
Pool#
890786
3.50%,
6/1/2032
11,299
11,121
Pool#
MA1107
3.50%,
7/1/2032
7,899
7,739
Pool#
FM1664
4.00%,
7/1/2032
2,019
2,012
Pool#
651361
7.00%,
7/1/2032
640
672
Pool#
BM1669
3.00%,
8/1/2032
49,539
48,119
Pool#
AP1990
3.50%,
8/1/2032
27,062
26,410
Pool#
AP1997
3.50%,
8/1/2032
16,806
16,421
Pool#
BH5355
3.50%,
8/1/2032
2,560
2,520
Pool#
AO7202
3.50%,
9/1/2032
53,250
52,157
Pool#
MA1166
3.50%,
9/1/2032
43,297
42,399
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
BM5167
3.50%,
9/1/2032
5,714
5,628
Pool#
AP3673
3.50%,
10/1/2032
48,685
47,409
Pool#
BH9391
3.50%,
10/1/2032
3,214
3,162
Pool#
BM3389
3.00%,
11/1/2032
85,308
82,903
Pool#
AB6962
3.50%,
11/1/2032
70,746
69,426
Pool#
AQ3343
3.50%,
11/1/2032
47,421
46,219
Pool#
BM3977
3.00%,
12/1/2032
119,955
116,614
Pool#
CA0951
3.00%,
12/1/2032
69,527
67,508
Pool#
FM1661
2.50%,
1/1/2033
180,713
175,850
Pool#
BM4338
2.50%,
1/1/2033
140,018
135,149
Pool#
BM3919
3.00%,
2/1/2033
76,264
74,096
Pool#
BM3750
3.50%,
3/1/2033
66,965
65,917
Pool#
BM4129
3.50%,
4/1/2033
77,495
76,282
Pool#
555346
5.50%,
4/1/2033
15,502
15,737
Pool#
713560
5.50%,
4/1/2033
4,508
4,530
Pool#
694846
6.50%,
4/1/2033
1,341
1,386
Pool#
AB9402
3.00%,
5/1/2033
96,961
93,721
Pool#
AB9403
3.00%,
5/1/2033
44,227
42,659
Pool#
AB9300
3.00%,
5/1/2033
30,928
29,915
Pool#
BM4132
3.50%,
5/1/2033
61,614
60,551
Pool#
MA3372
4.00%,
5/1/2033
51,609
51,337
Pool#
555421
5.00%,
5/1/2033
336,806
338,122
Pool#
MA3393
4.00%,
6/1/2033
23,350
23,224
Pool#
MA3427
4.00%,
7/1/2033
18,014
17,915
Pool#
720087
5.50%,
7/1/2033
40,536
40,740
Pool#
728721
5.50%,
7/1/2033
8,693
8,832
Pool#
555684
5.50%,
7/1/2033
1,890
1,934
Pool#
MA1527
3.00%,
8/1/2033
338,123
326,054
Pool#
743235
5.50%,
10/1/2033
4,820
4,844
Pool#
750229
6.50%,
10/1/2033
11,507
11,897
Pool#
FM2154
4.00%,
12/1/2033
1,164
1,160
54
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
755872
5.50%,
12/1/2033
47,104
47,759
Pool#
725221
5.50%,
1/1/2034
1,424
1,451
Pool#
725223
5.50%,
3/1/2034
173
176
Pool#
725228
6.00%,
3/1/2034
135,405
139,724
Pool#
725425
5.50%,
4/1/2034
82,748
84,389
Pool#
725423
5.50%,
5/1/2034
8,185
8,346
Pool#
725594
5.50%,
7/1/2034
37,318
38,031
Pool#
MA3739
3.50%,
8/1/2034
53,928
52,763
Pool#
788027
6.50%,
9/1/2034
16,585
17,228
Pool#
MA3827
2.50%,
11/1/2034
317,794
300,611
Pool#
FM1905
3.00%,
11/1/2034
39,289
37,845
Pool#
807310
7.00%,
11/1/2034
1,235
1,297
Pool#
FM2412
3.50%,
1/1/2035
20,502
20,061
Pool#
735141
5.50%,
1/1/2035
116,365
118,819
Pool#
889852
5.50%,
5/1/2035
3,011
3,045
Pool#
FM4900
2.00%,
12/1/2035
41,020
37,843
Pool#
256023
6.00%,
12/1/2035
106,806
112,046
Pool#
CA8793
2.00%,
2/1/2036
989,405
912,737
Pool#
FM5908
2.00%,
2/1/2036
330,308
304,722
Pool#
CA9141
2.00%,
2/1/2036
323,901
298,806
Pool#
CA9145
2.00%,
2/1/2036
275,261
253,420
Pool#
FM5571
2.00%,
2/1/2036
148,383
136,688
Pool#
CA9435
2.00%,
3/1/2036
299,471
275,708
Pool#
CA9475
2.00%,
3/1/2036
290,412
267,368
Pool#
CB0262
2.00%,
4/1/2036
463,584
426,790
Pool#
745418
5.50%,
4/1/2036
17,467
18,025
Pool#
745516
5.50%,
5/1/2036
9,978
10,297
Pool#
MA4360
2.00%,
6/1/2036
844,459
777,434
Pool#
889745
5.50%,
6/1/2036
1,813
1,835
Pool#
FM8538
2.00%,
8/1/2036
154,122
141,936
Pool#
995065
5.50%,
9/1/2036
55,129
56,085
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
888635
5.50%,
9/1/2036
38,709
39,422
Pool#
MA4441
1.50%,
10/1/2036
193,204
173,965
Pool#
MA4566
1.50%,
3/1/2037
1,462,976
1,315,576
Pool#
MA4581
1.50%,
4/1/2037
385,606
346,966
Pool#
MA4582
2.00%,
4/1/2037
1,816,875
1,671,536
Pool#
MA4628
2.50%,
6/1/2037
135,167
127,787
Pool#
FS2497
1.50%,
8/1/2037
239,982
215,936
Pool#
995024
5.50%,
8/1/2037
22,912
23,632
Pool#
MA4726
4.00%,
9/1/2037
57,102
55,853
Pool#
995050
6.00%,
9/1/2037
216,185
226,767
Pool#
MA4797
4.00%,
11/1/2037
81,588
79,804
Pool#
955194
7.00%,
11/1/2037
20,775
22,049
Pool#
MA5023
4.00%,
5/1/2038
38,441
37,600
Pool#
MA3389
4.00%,
6/1/2038
47,320
46,338
Pool#
MA3464
3.50%,
9/1/2038
104,284
100,177
Pool#
990810
7.00%,
10/1/2038
35,664
37,450
Pool#
MA5223
4.00%,
11/1/2038
23,154
22,626
Pool#
MA5556
4.00%,
12/1/2039
997,324
974,569
Pool#
AD8536
5.00%,
8/1/2040
73,237
74,017
Pool#
AB1735
3.50%,
11/1/2040
4,128
3,916
Pool#
AE9747
4.50%,
12/1/2040
265,888
263,139
Pool#
AB2067
3.50%,
1/1/2041
101,094
96,082
Pool#
932888
3.50%,
1/1/2041
80,569
76,546
Pool#
AB2068
3.50%,
1/1/2041
58,704
55,730
Pool#
932891
3.50%,
1/1/2041
15,509
14,675
Pool#
MA5977
4.50%,
2/1/2041
27,407
27,221
Pool#
AL3650
5.00%,
2/1/2041
5,109
5,164
Pool#
AL6521
5.00%,
4/1/2041
438,624
443,285
Pool#
AL0390
5.00%,
5/1/2041
148,641
150,224
Pool#
AL5863
4.50%,
6/1/2041
768,173
762,542
Pool#
AI9851
4.50%,
9/1/2041
16,785
16,597
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
55
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AL0761
5.00%,
9/1/2041
52,183
52,739
Pool#
BM3907
5.50%,
9/1/2041
99,495
101,667
Pool#
AJ5431
4.50%,
10/1/2041
43,824
43,230
Pool#
AJ4861
4.00%,
12/1/2041
51,236
49,465
Pool#
AX5316
4.50%,
1/1/2042
28,011
27,721
Pool#
AL2499
4.50%,
1/1/2042
8,106
8,029
Pool#
AW8167
3.50%,
2/1/2042
336,862
318,903
Pool#
AB5185
3.50%,
5/1/2042
159,513
150,533
Pool#
AO3575
4.50%,
5/1/2042
40,327
39,774
Pool#
AO4647
3.50%,
6/1/2042
333,678
314,993
Pool#
AO8036
4.50%,
7/1/2042
129,281
127,945
Pool#
AP2092
4.50%,
8/1/2042
10,202
10,012
Pool#
AP6579
3.50%,
9/1/2042
206,364
194,746
Pool#
AL2782
4.50%,
9/1/2042
48,387
47,827
Pool#
AB6524
3.50%,
10/1/2042
469,351
441,809
Pool#
AB7074
3.00%,
11/1/2042
288,277
264,004
Pool#
AP8785
3.00%,
11/1/2042
90,228
82,630
Pool#
AL2677
3.50%,
11/1/2042
280,783
265,063
Pool#
AB6786
3.50%,
11/1/2042
156,156
147,187
Pool#
MA1273
3.50%,
12/1/2042
126,399
119,139
Pool#
AR4210
3.50%,
1/1/2043
81,420
76,676
Pool#
AT4040
3.00%,
3/1/2043
70,500
64,552
Pool#
AR8213
3.50%,
4/1/2043
62,170
58,804
Pool#
AB9238
3.00%,
5/1/2043
427,107
390,944
Pool#
AB9237
3.00%,
5/1/2043
338,617
310,053
Pool#
AB9236
3.00%,
5/1/2043
102,630
93,940
Pool#
AB9362
3.50%,
5/1/2043
446,548
420,530
Pool#
AT4145
3.00%,
6/1/2043
132,983
121,723
Pool#
AB9814
3.00%,
7/1/2043
409,660
374,974
Pool#
AT6871
3.00%,
7/1/2043
56,073
51,272
Pool#
AS0203
3.00%,
8/1/2043
316,878
289,899
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AS0255
4.50%,
8/1/2043
120,761
119,139
Pool#
AS0516
3.00%,
9/1/2043
225,134
205,861
Pool#
AL4471
4.00%,
9/1/2043
156,965
151,508
Pool#
AL6951
3.50%,
10/1/2043
218,526
205,835
Pool#
BM4222
3.00%,
1/1/2044
308,612
282,402
Pool#
AS2276
4.50%,
4/1/2044
176,001
173,637
Pool#
AW1006
4.00%,
5/1/2044
61,773
59,710
Pool#
AL7767
4.50%,
6/1/2044
14,875
14,696
Pool#
AS3161
4.00%,
8/1/2044
381,787
367,720
Pool#
BM4650
3.00%,
10/1/2044
559,434
512,009
Pool#
CA0688
3.50%,
10/1/2044
137,040
128,940
Pool#
BC5090
4.00%,
10/1/2044
28,920
27,886
Pool#
AS3946
4.00%,
12/1/2044
431,976
416,194
Pool#
AL8303
3.00%,
1/1/2045
98,076
89,773
Pool#
BM4384
4.00%,
1/1/2045
168,285
162,373
Pool#
BM3611
4.00%,
1/1/2045
133,993
129,328
Pool#
BM3804
3.50%,
2/1/2045
61,288
57,691
Pool#
AL9555
4.00%,
2/1/2045
842,809
814,001
Pool#
AX9524
4.00%,
2/1/2045
487,377
470,702
Pool#
AS4418
4.00%,
2/1/2045
349,968
337,996
Pool#
AS4375
4.00%,
2/1/2045
226,686
218,930
Pool#
AL6889
4.50%,
2/1/2045
52,344
51,641
Pool#
BM3931
3.00%,
3/1/2045
267,891
245,349
Pool#
AY1312
3.50%,
3/1/2045
779,760
734,205
Pool#
AX9567
3.50%,
3/1/2045
45,409
42,238
Pool#
BM4975
4.00%,
3/1/2045
68,294
65,820
Pool#
AS4578
4.00%,
3/1/2045
62,534
60,394
Pool#
BM3664
3.00%,
5/1/2045
302,401
276,861
Pool#
AS4921
3.50%,
5/1/2045
402,948
378,371
Pool#
AS5012
4.00%,
5/1/2045
637,009
615,214
Pool#
BM5562
4.00%,
6/1/2045
119,214
115,061
56
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AS5312
3.50%,
7/1/2045
82,536
77,502
Pool#
AZ7111
4.00%,
7/1/2045
10,242
9,843
Pool#
AZ9866
4.00%,
8/1/2045
6,739
6,436
Pool#
AL7207
4.50%,
8/1/2045
69,077
68,149
Pool#
AL9634
3.50%,
10/1/2045
50,200
47,373
Pool#
BA2164
3.00%,
11/1/2045
71,341
64,900
Pool#
AS6311
3.50%,
12/1/2045
653,665
613,282
Pool#
AS6282
3.50%,
12/1/2045
607,481
570,422
Pool#
BC0092
3.50%,
12/1/2045
38,215
35,805
Pool#
BC0475
3.50%,
12/1/2045
24,992
23,467
Pool#
AS6362
4.50%,
12/1/2045
12,370
12,203
Pool#
AS6474
3.50%,
1/1/2046
151,164
142,491
Pool#
AS6539
3.50%,
1/1/2046
131,956
124,386
Pool#
AL9849
3.50%,
1/1/2046
75,091
70,715
Pool#
AS6527
4.00%,
1/1/2046
91,719
88,164
Pool#
BC0178
4.50%,
1/1/2046
1,928
1,901
Pool#
BC2667
4.00%,
2/1/2046
16,593
15,953
Pool#
BC0605
4.00%,
2/1/2046
12,926
12,395
Pool#
AL9781
4.50%,
2/1/2046
124,613
122,896
Pool#
BM4621
3.50%,
3/1/2046
191,394
180,499
Pool#
AS6795
4.00%,
3/1/2046
50,103
48,156
Pool#
BA6972
4.00%,
3/1/2046
17,468
16,794
Pool#
BC0311
4.50%,
3/1/2046
1,287
1,270
Pool#
AS7026
4.00%,
4/1/2046
37,441
35,955
Pool#
AS7251
4.00%,
5/1/2046
6,317
6,065
Pool#
AL8833
4.00%,
6/1/2046
386,333
373,115
Pool#
AL8824
3.50%,
7/1/2046
85,672
80,757
Pool#
BD5180
4.50%,
7/1/2046
1,139
1,122
Pool#
MA2705
3.00%,
8/1/2046
315,066
284,409
Pool#
BC1489
3.00%,
8/1/2046
72,509
65,595
Pool#
AS7760
4.00%,
8/1/2046
67,598
64,908
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AS7648
4.00%,
8/1/2046
31,918
30,612
Pool#
AS7795
4.00%,
8/1/2046
23,288
22,345
Pool#
BD3923
4.00%,
8/1/2046
5,737
5,496
Pool#
BD3911
4.00%,
8/1/2046
5,507
5,287
Pool#
AS7770
4.50%,
8/1/2046
18,705
18,455
Pool#
BD5232
4.50%,
8/1/2046
3,443
3,391
Pool#
AL9263
3.00%,
10/1/2046
103,442
93,430
Pool#
AL9234
3.50%,
10/1/2046
40,863
38,382
Pool#
FM1871
4.00%,
10/1/2046
60,909
58,800
Pool#
BC4766
4.50%,
10/1/2046
22,181
21,883
Pool#
AS8154
4.50%,
10/1/2046
5,831
5,758
Pool#
FM1368
3.00%,
11/1/2046
585,066
530,950
Pool#
MA2806
3.00%,
11/1/2046
212,998
192,008
Pool#
BE5038
4.00%,
11/1/2046
6,954
6,728
Pool#
AS8488
3.00%,
12/1/2046
164,409
148,801
Pool#
AS8509
3.00%,
12/1/2046
52,643
47,939
Pool#
AS8492
3.50%,
12/1/2046
325,744
306,261
Pool#
AL9697
3.00%,
1/1/2047
403,652
365,331
Pool#
AS8647
3.00%,
1/1/2047
307,472
278,283
Pool#
AL9774
3.50%,
1/1/2047
208,577
196,946
Pool#
BM3204
3.50%,
1/1/2047
163,849
154,117
Pool#
BD2440
3.50%,
1/1/2047
125,011
116,842
Pool#
AS8692
3.50%,
1/1/2047
114,264
106,792
Pool#
BD2450
3.50%,
1/1/2047
84,287
78,892
Pool#
BE6548
3.50%,
1/1/2047
43,072
40,267
Pool#
BE5856
4.50%,
1/1/2047
5,268
5,201
Pool#
BE7115
4.50%,
1/1/2047
5,117
5,034
Pool#
BE6503
4.50%,
1/1/2047
657
647
Pool#
BM3908
5.50%,
1/1/2047
21,099
21,763
Pool#
BD5046
3.50%,
2/1/2047
52,771
49,345
Pool#
BM5274
4.00%,
2/1/2047
43,898
42,188
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
57
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
BE7869
4.50%,
2/1/2047
2,721
2,678
Pool#
BE8495
4.50%,
2/1/2047
2,518
2,481
Pool#
BM5383
4.00%,
3/1/2047
31,922
30,732
Pool#
AS8979
4.50%,
3/1/2047
28,898
28,480
Pool#
BE9247
4.50%,
3/1/2047
3,798
3,737
Pool#
BM3707
2.50%,
4/1/2047
120,618
104,343
Pool#
AS9467
4.00%,
4/1/2047
143,362
137,479
Pool#
BH0304
4.50%,
4/1/2047
4,936
4,862
Pool#
BM3237
3.50%,
5/1/2047
220,230
207,015
Pool#
BM1268
4.00%,
5/1/2047
176,694
169,407
Pool#
AS9747
4.00%,
6/1/2047
407,703
391,320
Pool#
BM3549
4.00%,
6/1/2047
171,561
164,814
Pool#
BM1295
4.50%,
6/1/2047
63,826
62,877
Pool#
BE9624
4.50%,
6/1/2047
7,395
7,164
Pool#
AS9938
3.50%,
7/1/2047
89,152
83,745
Pool#
AS9973
4.00%,
7/1/2047
18,786
17,997
Pool#
CA0240
3.50%,
8/1/2047
80,348
74,798
Pool#
CA0123
4.00%,
8/1/2047
219,685
210,840
Pool#
BH5359
4.00%,
8/1/2047
79,303
76,033
Pool#
BH4004
4.00%,
9/1/2047
129,886
124,435
Pool#
BM3556
4.00%,
9/1/2047
76,425
73,704
Pool#
BM1959
3.50%,
10/1/2047
222,122
208,743
Pool#
CA0493
4.00%,
10/1/2047
143,069
137,065
Pool#
BM3015
4.00%,
10/1/2047
93,139
89,661
Pool#
CA0496
4.50%,
10/1/2047
103,962
102,291
Pool#
CA0623
4.50%,
10/1/2047
22,620
22,307
Pool#
BM3358
3.50%,
11/1/2047
96,718
90,885
Pool#
CA0696
4.00%,
11/1/2047
252,685
242,080
Pool#
BM3191
4.00%,
11/1/2047
53,448
51,205
Pool#
CA0808
4.00%,
11/1/2047
41,484
39,890
Pool#
BM3379
3.00%,
12/1/2047
331,328
299,272
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
MA3211
4.00%,
12/1/2047
379,872
364,751
Pool#
BJ1699
4.00%,
12/1/2047
109,583
105,406
Pool#
CA1025
4.50%,
1/1/2048
183,517
180,663
Pool#
CA1242
3.50%,
2/1/2048
105,089
99,077
Pool#
BJ8271
4.50%,
2/1/2048
195,778
192,733
Pool#
BJ8269
4.50%,
2/1/2048
160,916
158,339
Pool#
BK1972
4.50%,
3/1/2048
33,190
32,650
Pool#
BJ0640
5.00%,
3/1/2048
11,420
11,486
Pool#
CA1531
3.50%,
4/1/2048
83,395
78,589
Pool#
CA1560
4.50%,
4/1/2048
70,594
69,361
Pool#
BJ2681
5.00%,
4/1/2048
26,428
26,555
Pool#
MA3348
5.00%,
4/1/2048
2,283
2,296
Pool#
BM4024
3.50%,
5/1/2048
52,221
49,241
Pool#
MA3374
5.00%,
5/1/2048
7,333
7,374
Pool#
CA1898
4.50%,
6/1/2048
88,843
87,388
Pool#
MA3472
5.00%,
9/1/2048
8,811
8,829
Pool#
BM5024
3.00%,
11/1/2048
432,654
387,927
Pool#
BN3944
4.00%,
1/1/2049
65,443
62,658
Pool#
BN3960
4.50%,
1/1/2049
104,974
103,077
Pool#
CA3394
5.00%,
4/1/2049
19,506
19,602
Pool#
MA3665
4.50%,
5/1/2049
152,388
149,305
Pool#
FM1051
4.50%,
5/1/2049
92,290
90,623
Pool#
FM8304
4.00%,
7/1/2049
468,979
449,077
Pool#
CA3825
4.00%,
7/1/2049
184,681
177,280
Pool#
BO5494
3.00%,
11/1/2049
67,447
60,612
Pool#
BO6225
3.00%,
12/1/2049
547,302
487,215
Pool#
BO5380
3.00%,
12/1/2049
78,534
70,574
Pool#
CA5152
3.00%,
2/1/2050
173,934
154,456
Pool#
FM2887
3.00%,
3/1/2050
366,647
326,160
Pool#
FM0077
3.00%,
3/1/2050
86,854
77,201
Pool#
CA5510
3.00%,
4/1/2050
275,972
245,412
58
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
MA4077
2.00%,
7/1/2050
843,310
687,524
Pool#
CA6598
2.50%,
8/1/2050
680,743
583,479
Pool#
BQ4909
2.00%,
9/1/2050
1,471,456
1,201,188
Pool#
CA6985
2.00%,
9/1/2050
739,552
604,961
Pool#
FM4222
2.50%,
9/1/2050
403,093
346,489
Pool#
CA7029
2.50%,
9/1/2050
381,543
328,030
Pool#
CA7368
2.50%,
10/1/2050
1,012,813
863,713
Pool#
CA7573
2.50%,
11/1/2050
3,486,272
2,973,013
Pool#
FM4808
2.50%,
11/1/2050
680,096
578,014
Pool#
FM6360
3.00%,
1/1/2051
443,270
392,666
Pool#
FM6031
2.00%,
2/1/2051
2,257,647
1,822,459
Pool#
CA8823
2.00%,
2/1/2051
896,353
729,423
Pool#
CA8893
2.00%,
2/1/2051
895,190
728,477
Pool#
BQ9747
2.00%,
2/1/2051
667,000
541,946
Pool#
CA8866
2.50%,
2/1/2051
547,896
467,396
Pool#
FM6554
2.00%,
3/1/2051
1,598,099
1,307,250
Pool#
CB0149
2.00%,
4/1/2051
278,516
227,924
Pool#
BR7647
2.00%,
4/1/2051
189,925
155,424
Pool#
BR7703
2.50%,
4/1/2051
298,757
254,718
Pool#
MA4325
2.00%,
5/1/2051
800,809
650,206
Pool#
CB0400
2.00%,
5/1/2051
255,405
211,053
Pool#
CB0514
2.50%,
5/1/2051
1,085,827
933,643
Pool#
FS1463
4.00%,
5/1/2051
219,571
208,920
Pool#
CB0684
2.00%,
6/1/2051
1,116,851
912,766
Pool#
MA4355
2.00%,
6/1/2051
1,002,453
813,719
Pool#
CB0819
2.00%,
6/1/2051
995,664
813,724
Pool#
FM7719
2.00%,
6/1/2051
718,638
587,844
Pool#
MA4378
2.00%,
7/1/2051
1,805,596
1,465,176
Pool#
CB1110
2.00%,
7/1/2051
473,879
387,228
Pool#
FM8160
2.50%,
7/1/2051
525,786
452,224
Pool#
FM8007
2.50%,
7/1/2051
340,624
290,444
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
CB1065
2.50%,
7/1/2051
286,028
242,497
Pool#
CB1330
2.50%,
8/1/2051
1,270,603
1,081,941
Pool#
FM8011
2.50%,
8/1/2051
1,062,023
912,118
Pool#
CB1400
3.00%,
8/1/2051
32,173
28,727
Pool#
BU1052
2.00%,
10/1/2051
400,113
328,084
Pool#
FS1215
2.50%,
10/1/2051
914,905
775,518
Pool#
FM9450
2.00%,
11/1/2051
1,613,731
1,320,000
Pool#
MA4465
2.00%,
11/1/2051
1,571,813
1,273,428
Pool#
MA4466
2.50%,
11/1/2051
4,508,073
3,820,583
Pool#
BU5908
2.00%,
12/1/2051
2,781,578
2,276,171
Pool#
MA4493
2.50%,
12/1/2051
2,902,275
2,458,761
Pool#
FM9543
2.50%,
12/1/2051
2,130,156
1,821,651
Pool#
CB2410
2.50%,
12/1/2051
1,553,826
1,316,624
Pool#
FM9806
2.50%,
12/1/2051
1,313,467
1,126,829
Pool#
FM9864
2.50%,
12/1/2051
795,794
682,037
Pool#
CB2469
2.50%,
12/1/2051
731,303
625,574
Pool#
FM9697
2.50%,
12/1/2051
363,302
311,048
Pool#
FS1192
2.00%,
1/1/2052
3,850,360
3,125,438
Pool#
FS1095
2.00%,
1/1/2052
2,330,965
1,893,320
Pool#
MA4512
2.50%,
1/1/2052
3,577,766
3,031,013
Pool#
FS2639
2.50%,
1/1/2052
771,709
653,031
Pool#
BU9905
2.00%,
2/1/2052
786,987
636,766
Pool#
CB3237
3.00%,
3/1/2052
735,622
647,594
Pool#
BV5355
2.50%,
4/1/2052
756,684
640,340
Pool#
CB3368
3.00%,
4/1/2052
765,023
673,376
Pool#
MA4653
3.00%,
7/1/2052
702,298
618,170
Pool#
CB4673
4.50%,
9/1/2052
728,020
711,126
Pool#
CB4831
4.50%,
10/1/2052
1,191,631
1,160,180
Pool#
MA4785
5.00%,
10/1/2052
2,545,787
2,524,288
Pool#
MA4805
4.50%,
11/1/2052
697,661
676,070
Pool#
CB5642
5.50%,
2/1/2053
554,827
561,957
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
59
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
FS3801
5.50%,
2/1/2053
153,187
154,756
Pool#
CB6004
5.50%,
4/1/2053
2,544,076
2,598,479
Pool#
CB6082
5.50%,
4/1/2053
554,918
559,800
Pool#
CB6182
5.00%,
5/1/2053
824,730
817,511
Pool#
CB6650
5.50%,
6/1/2053
1,852,469
1,892,086
Pool#
FS5214
5.00%,
7/1/2053
636,585
634,178
Pool#
FS7303
5.00%,
7/1/2053
528,086
522,109
Pool#
FS5424
4.50%,
8/1/2053
476,120
463,011
Pool#
CB6921
6.00%,
8/1/2053
387,723
403,159
Pool#
CB7115
6.00%,
9/1/2053
1,216,994
1,264,707
Pool#
CB7482
6.00%,
11/1/2053
1,480,474
1,518,529
Pool#
CB7484
6.50%,
11/1/2053
828,224
856,249
Pool#
CB7449
6.50%,
11/1/2053
145,262
150,515
Pool#
CB7650
6.50%,
12/1/2053
1,999,970
2,109,148
Pool#
CB7653
6.50%,
12/1/2053
704,942
741,474
Pool#
CB7649
6.50%,
12/1/2053
564,029
596,474
Pool#
CB7803
6.50%,
1/1/2054
133,772
140,059
Pool#
FS7172
6.50%,
2/1/2054
269,119
282,337
Pool#
CB8024
6.50%,
2/1/2054
249,310
265,297
Pool#
MA5297
6.50%,
3/1/2054
32,831
33,942
Pool#
CB8756
6.00%,
6/1/2054
874,264
891,895
Pool#
CB8823
6.50%,
7/1/2054
454,016
475,693
Pool#
CB9009
6.00%,
8/1/2054
1,339,970
1,388,461
Pool#
CB9010
6.00%,
8/1/2054
271,538
277,643
Pool#
FS8674
6.50%,
8/1/2054
535,469
555,671
Pool#
FA2727
6.50%,
8/1/2054
346,503
362,590
Pool#
CB9219
6.00%,
9/1/2054
827,304
850,220
Pool#
CB9472
5.00%,
11/1/2054
1,131,149
1,118,316
Pool#
FA2035
6.00%,
11/1/2054
911,532
943,637
Pool#
CB9738
5.00%,
1/1/2055
1,528,707
1,516,266
Pool#
FA1766
5.50%,
2/1/2055
346,035
352,521
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
CC0750
6.50%,
7/1/2055
48,727
50,784
Pool#
FA2810
6.00%,
9/1/2055
1,199,036
1,223,008
Pool#
FA3133
5.50%,
10/1/2055
63,111
64,312
Pool#
DF6910
5.00%,
1/1/2056
47,885
47,547
FNMA/FHLMC
UMBS,
15
Year,
Single
Family
TBA
2.00%,
4/25/2041
1,004,750
924,031
3.50%,
4/25/2041
100,000
96,255
4.00%,
4/25/2041
250,000
244,133
4.50%,
4/25/2041
215,000
213,451
5.00%,
4/25/2041
35,000
35,256
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
Conventional
Pool
TBA
6.00%,
4/25/2056
425,000
433,215
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
5.00%,
4/25/2056
1,376,000
1,356,910
5.50%,
4/25/2056
2,925,000
2,938,472
GNMA
I
Pool
Pool#
457801
7.00%,
8/15/2028
368
374
Pool#
486936
6.50%,
2/15/2029
154
156
Pool#
502969
6.00%,
3/15/2029
778
794
Pool#
487053
7.00%,
3/15/2029
271
274
Pool#
781014
6.00%,
4/15/2029
406
413
Pool#
509099
7.00%,
6/15/2029
1,334
1,359
Pool#
434505
7.50%,
8/15/2029
23
23
Pool#
781124
7.00%,
12/15/2029
1,680
1,730
Pool#
507396
7.50%,
9/15/2030
13,492
13,713
Pool#
531352
7.50%,
9/15/2030
1,051
1,068
Pool#
536334
7.50%,
10/15/2030
90
91
Pool#
535388
7.50%,
1/15/2031
297
303
Pool#
486019
7.50%,
1/15/2031
294
299
Pool#
528589
6.50%,
3/15/2031
5,249
5,310
Pool#
508473
7.50%,
4/15/2031
1,509
1,537
Pool#
781287
7.00%,
5/15/2031
826
855
Pool#
781319
7.00%,
7/15/2031
296
309
Pool#
485879
7.00%,
8/15/2031
898
919
Pool#
572554
6.50%,
9/15/2031
11,181
11,298
60
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
781328
7.00%,
9/15/2031
790
819
Pool#
550991
6.50%,
10/15/2031
297
301
Pool#
571267
7.00%,
10/15/2031
106
108
Pool#
555171
6.50%,
12/15/2031
734
745
Pool#
781380
7.50%,
12/15/2031
282
295
Pool#
781481
7.50%,
1/15/2032
1,154
1,197
Pool#
580972
6.50%,
2/15/2032
88
91
Pool#
781401
7.50%,
2/15/2032
1,032
1,093
Pool#
781916
6.50%,
3/15/2032
6,876
7,024
Pool#
552474
7.00%,
3/15/2032
2,231
2,303
Pool#
781478
7.50%,
3/15/2032
532
557
Pool#
781429
8.00%,
3/15/2032
929
971
Pool#
781431
7.00%,
4/15/2032
3,714
3,885
Pool#
552616
7.00%,
6/15/2032
16,850
17,268
Pool#
570022
7.00%,
7/15/2032
6,268
6,473
Pool#
595077
6.00%,
10/15/2032
1,931
1,975
Pool#
552903
6.50%,
11/15/2032
29,335
29,917
Pool#
552952
6.00%,
12/15/2032
1,620
1,638
Pool#
602102
6.00%,
2/15/2033
9,356
9,452
Pool#
588192
6.00%,
2/15/2033
1,935
1,961
Pool#
553144
5.50%,
4/15/2033
3,995
4,048
Pool#
604243
6.00%,
4/15/2033
3,240
3,304
Pool#
611526
6.00%,
5/15/2033
5,214
5,261
Pool#
553320
6.00%,
6/15/2033
9,926
10,140
Pool#
604788
6.50%,
11/15/2033
28,031
28,824
Pool#
781688
6.00%,
12/15/2033
11,000
11,369
Pool#
604875
6.00%,
12/15/2033
9,147
9,361
Pool#
781690
6.00%,
12/15/2033
4,018
4,151
Pool#
781699
7.00%,
12/15/2033
979
994
Pool#
621856
6.00%,
1/15/2034
6,219
6,274
Pool#
564799
6.00%,
3/15/2034
4,197
4,384
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
630038
6.50%,
8/15/2034
22,494
23,936
Pool#
781804
6.00%,
9/15/2034
11,091
11,537
Pool#
781847
6.00%,
12/15/2034
8,874
9,194
Pool#
486921
5.50%,
2/15/2035
2,546
2,568
Pool#
781902
6.00%,
2/15/2035
12,802
13,491
Pool#
781933
6.00%,
6/15/2035
1,212
1,273
Pool#
649513
5.50%,
10/15/2035
51,860
53,362
Pool#
649510
5.50%,
10/15/2035
18,635
18,686
Pool#
652207
5.50%,
3/15/2036
31,695
32,555
Pool#
655519
5.00%,
5/15/2036
14,836
15,062
Pool#
652539
5.00%,
5/15/2036
5,048
5,092
Pool#
606308
5.50%,
5/15/2036
4,994
5,156
Pool#
657912
6.50%,
8/15/2036
2,505
2,638
Pool#
697957
4.50%,
3/15/2039
389,299
384,395
Pool#
704630
5.50%,
7/15/2039
12,704
13,105
Pool#
710724
4.50%,
8/15/2039
103,157
102,664
Pool#
722292
5.00%,
9/15/2039
243,472
248,555
Pool#
782803
6.00%,
11/15/2039
114,686
120,891
Pool#
736666
4.50%,
4/15/2040
269,427
262,498
Pool#
733312
4.00%,
9/15/2040
30,921
29,673
Pool#
742235
4.00%,
12/15/2040
62,206
59,735
Pool#
755959
4.00%,
1/15/2041
63,049
60,614
Pool#
755958
4.00%,
1/15/2041
60,205
57,880
Pool#
742244
4.00%,
1/15/2041
51,937
49,874
Pool#
759075
4.00%,
1/15/2041
50,415
48,412
Pool#
753826
4.00%,
1/15/2041
26,448
25,381
Pool#
690662
4.00%,
1/15/2041
12,429
11,935
Pool#
719486
4.00%,
1/15/2041
6,060
5,785
Pool#
759207
4.00%,
2/15/2041
111,148
106,733
Pool#
757555
4.00%,
2/15/2041
12,377
11,899
Pool#
757557
4.00%,
2/15/2041
6,394
6,163
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
61
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
738107
4.00%,
3/15/2041
129,380
123,523
Pool#
784637
4.00%,
8/15/2041
43,519
41,967
Pool#
778869
4.00%,
2/15/2042
80,078
76,885
Pool#
AD8789
3.50%,
3/15/2043
279,270
261,808
Pool#
AD2254
3.50%,
3/15/2043
32,554
30,570
Pool#
AA6403
3.00%,
5/15/2043
335,540
306,408
Pool#
AD2411
3.50%,
5/15/2043
162,463
152,961
Pool#
783781
3.50%,
6/15/2043
242,167
226,544
Pool#
784015
3.00%,
7/15/2043
64,377
58,789
Pool#
784459
3.00%,
12/15/2046
151,142
136,437
Pool#
784293
3.00%,
12/15/2046
43,318
39,038
Pool#
784355
4.00%,
12/15/2046
63,331
59,643
Pool#
784500
3.00%,
2/15/2047
315,728
284,477
Pool#
784713
3.00%,
2/15/2047
83,540
75,483
Pool#
784747
4.00%,
5/15/2048
42,915
40,679
Pool#
784715
4.00%,
5/15/2048
34,316
32,637
Pool#
785073
4.00%,
9/15/2049
54,258
51,452
Pool#
BD4016
3.00%,
10/15/2049
121,542
108,572
GNMA
II
Pool
Pool#
3851
5.50%,
5/20/2036
135,308
138,922
Pool#
4245
6.00%,
9/20/2038
56,076
59,419
Pool#
4559
5.00%,
10/20/2039
130,173
133,128
Pool#
4715
5.00%,
6/20/2040
33,737
34,462
Pool#
4747
5.00%,
7/20/2040
379,910
387,136
Pool#
4771
4.50%,
8/20/2040
312,960
309,766
Pool#
4802
5.00%,
9/20/2040
260,393
265,346
Pool#
4834
4.50%,
10/20/2040
86,139
85,416
Pool#
737727
4.00%,
12/20/2040
510,763
486,554
Pool#
737730
4.00%,
12/20/2040
156,417
149,004
Pool#
4923
4.50%,
1/20/2041
133,756
132,614
Pool#
4978
4.50%,
3/20/2041
18,837
18,676
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
5017
4.50%,
4/20/2041
191,046
189,395
Pool#
5056
5.00%,
5/20/2041
66,641
67,807
Pool#
5082
4.50%,
6/20/2041
77,864
76,749
Pool#
5175
4.50%,
9/20/2041
92,138
91,318
Pool#
675523
3.50%,
3/20/2042
103,227
95,200
Pool#
5332
4.00%,
3/20/2042
88,187
84,793
Pool#
MA0392
3.50%,
9/20/2042
809,941
767,679
Pool#
MA0462
3.50%,
10/20/2042
643,302
609,735
Pool#
MA0698
3.00%,
1/20/2043
337,084
308,931
Pool#
AF1001
3.50%,
6/20/2043
274,086
253,103
Pool#
MA1376
4.00%,
10/20/2043
133,741
128,564
Pool#
AJ9335
3.50%,
10/20/2044
29,854
27,392
Pool#
MA2677
3.00%,
3/20/2045
111,937
101,729
Pool#
MA2824
2.50%,
5/20/2045
224,944
198,550
Pool#
MA2825
3.00%,
5/20/2045
440,129
399,720
Pool#
AM4381
3.50%,
5/20/2045
284,236
260,529
Pool#
MA2891
3.00%,
6/20/2045
746,757
677,732
Pool#
MA2960
3.00%,
7/20/2045
257,082
233,299
Pool#
784156
4.00%,
8/20/2045
108,709
103,353
Pool#
AO1103
3.50%,
9/20/2045
445,040
410,396
Pool#
AO1099
3.50%,
9/20/2045
244,398
225,374
Pool#
MA3106
4.00%,
9/20/2045
60,275
57,773
Pool#
MA3174
4.00%,
10/20/2045
7,514
7,234
Pool#
MA3244
3.50%,
11/20/2045
225,605
211,380
Pool#
MA3310
3.50%,
12/20/2045
166,808
156,817
Pool#
MA3377
4.00%,
1/20/2046
33,734
32,316
Pool#
MA3520
3.00%,
3/20/2046
304,441
276,133
Pool#
MA3521
3.50%,
3/20/2046
587,012
550,122
Pool#
MA3522
4.00%,
3/20/2046
230,163
220,572
Pool#
MA3596
3.00%,
4/20/2046
160,319
145,003
Pool#
MA3597
3.50%,
4/20/2046
168,531
158,638
62
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA3662
3.00%,
5/20/2046
613,445
556,212
Pool#
MA3735
3.00%,
6/20/2046
371,841
337,120
Pool#
MA3736
3.50%,
6/20/2046
956,844
896,136
Pool#
MA3804
4.00%,
7/20/2046
35,309
33,799
Pool#
MA3876
4.50%,
8/20/2046
36,521
36,101
Pool#
MA3939
4.50%,
9/20/2046
5,650
5,585
Pool#
MA4006
4.50%,
10/20/2046
114,234
112,931
Pool#
MA4069
3.50%,
11/20/2046
12,551
11,807
Pool#
MA4070
4.00%,
11/20/2046
21,642
20,712
Pool#
MA4071
4.50%,
11/20/2046
7,739
7,649
Pool#
MA4125
2.50%,
12/20/2046
71,899
63,082
Pool#
MA4194
2.50%,
1/20/2047
279,117
245,059
Pool#
MA4264
4.50%,
2/20/2047
9,204
9,096
Pool#
AZ1974
3.50%,
4/20/2047
154,616
143,246
Pool#
MA4383
4.00%,
4/20/2047
466,579
445,755
Pool#
MA4384
4.50%,
4/20/2047
10,759
10,630
Pool#
MA4511
4.00%,
6/20/2047
219,573
209,927
Pool#
MA4512
4.50%,
6/20/2047
25,871
25,548
Pool#
MA4587
4.00%,
7/20/2047
656,567
628,044
Pool#
784471
3.50%,
8/20/2047
256,925
239,050
Pool#
BC1888
3.50%,
8/20/2047
249,576
231,220
Pool#
784408
3.50%,
10/20/2047
174,842
162,261
Pool#
MA4780
4.50%,
10/20/2047
8,429
8,315
Pool#
784421
3.50%,
12/20/2047
254,164
238,371
Pool#
MA5018
3.00%,
2/20/2048
82,026
74,137
Pool#
784480
3.50%,
4/20/2048
196,266
182,596
Pool#
784479
3.50%,
4/20/2048
144,032
134,196
Pool#
784481
3.50%,
4/20/2048
61,614
57,150
Pool#
BD4034
4.00%,
4/20/2048
64,865
61,085
Pool#
MA5138
4.50%,
4/20/2048
77,010
75,873
Pool#
MA5192
4.00%,
5/20/2048
350,124
334,800
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA5265
4.50%,
6/20/2048
141,263
138,991
Pool#
MA5331
4.50%,
7/20/2048
62,633
61,724
Pool#
MA5398
4.00%,
8/20/2048
354,191
337,486
Pool#
MA5399
4.50%,
8/20/2048
172,588
169,874
Pool#
MA5466
4.00%,
9/20/2048
78,976
75,308
Pool#
BJ2692
4.00%,
11/20/2048
54,555
50,833
Pool#
MA5597
5.00%,
11/20/2048
5,713
5,764
Pool#
MA5652
4.50%,
12/20/2048
80,116
78,830
Pool#
784656
4.50%,
12/20/2048
47,395
45,506
Pool#
BK2856
4.50%,
12/20/2048
11,733
11,257
Pool#
MA5653
5.00%,
12/20/2048
16,772
16,904
Pool#
MA5712
5.00%,
1/20/2049
61,664
62,176
Pool#
MA5818
4.50%,
3/20/2049
56,299
55,361
Pool#
MA5878
5.00%,
4/20/2049
6,554
6,622
Pool#
MA5987
4.50%,
6/20/2049
371,387
366,915
Pool#
MA6041
4.50%,
7/20/2049
99,879
98,049
Pool#
MA6092
4.50%,
8/20/2049
42,951
42,004
Pool#
MA6153
3.00%,
9/20/2049
83,946
75,277
Pool#
MA6474
3.00%,
2/20/2050
541,600
485,499
Pool#
BW4732
2.50%,
8/20/2050
745,766
630,959
Pool#
BW6206
2.50%,
8/20/2050
710,007
600,705
Pool#
MA6864
2.00%,
9/20/2050
1,035,248
856,630
Pool#
BW4741
2.50%,
9/20/2050
792,620
670,602
Pool#
BY0776
2.50%,
9/20/2050
510,260
439,279
Pool#
BY0805
2.50%,
9/20/2050
480,631
413,773
Pool#
MA6994
2.00%,
11/20/2050
1,379,224
1,140,026
Pool#
MA7053
3.00%,
12/20/2050
654,027
585,832
Pool#
MA7136
2.50%,
1/20/2051
1,434,882
1,236,607
Pool#
MA7192
2.00%,
2/20/2051
3,493,919
2,887,973
Pool#
MA7367
2.50%,
5/20/2051
2,955,759
2,544,640
Pool#
MA7472
2.50%,
7/20/2051
2,568,596
2,211,171
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
63
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA7647
1.50%,
10/20/2051
322,176
255,325
Pool#
MA7648
2.00%,
10/20/2051
2,804,612
2,318,211
Pool#
MA7766
2.00%,
12/20/2051
2,752,583
2,275,206
Pool#
786843
3.00%,
3/20/2052
381,694
340,486
Pool#
MA8265
3.00%,
9/20/2052
353,155
315,938
Pool#
MA8491
5.50%,
12/20/2052
571,576
580,157
Pool#
MA8726
5.50%,
3/20/2053
244,408
248,071
Pool#
MA8800
5.00%,
4/20/2053
907,413
902,301
Pool#
MA8801
5.50%,
4/20/2053
1,106,789
1,123,379
Pool#
MA8879
5.50%,
5/20/2053
423,865
430,091
Pool#
MA8948
5.50%,
6/20/2053
986,195
1,000,381
Pool#
MA9016
5.00%,
7/20/2053
3,308,638
3,290,566
Pool#
MA9017
5.50%,
7/20/2053
1,440,347
1,459,308
Pool#
786798
5.50%,
7/20/2053
362,138
367,684
Pool#
MA9171
5.50%,
9/20/2053
2,248,732
2,274,538
Pool#
MA9243
6.50%,
10/20/2053
523,527
545,001
Pool#
MA9605
5.50%,
4/20/2054
1,194,531
1,209,705
Pool#
MA9780
6.00%,
7/20/2054
1,255,097
1,278,584
Pool#
MA9852
6.00%,
8/20/2054
1,496,514
1,524,306
Pool#
MB0024
4.50%,
11/20/2054
1,516,054
1,467,467
Pool#
MB0558
6.50%,
8/20/2055
365,767
380,114
Pool#
MB0624
6.00%,
9/20/2055
246,087
250,374
Pool#
MB0625
6.50%,
9/20/2055
17,422
18,105
Pool#
MB0748
6.50%,
11/20/2055
197,335
205,195
Pool#
MB0939
6.50%,
2/20/2056
121,256
126,562
GNMA
TBA
5.00%,
4/15/2056
2,350,000
2,327,210
5.50%,
4/15/2056
500,000
503,184
6.00%,
4/15/2056
1,150,000
1,169,327
6.50%,
4/15/2056
275,000
285,788
Total
Mortgage-Backed
Securities
(cost
$292,490,744)
270,001,641
Municipal
Bonds
0
.5
%
Principal
Amount
($)
Value
($)
California
0
.2
%
Alameda
County
Joint
Powers
Authority,
RB,
Series
A,
7.05%,
12/1/2044
100,000
111,967
Bay
Area
Toll
Authority,
RB,
Series
F,
6.26%,
4/1/2049
250,000
260,862
California
State
University,
RB,
Series
B,
2.98%,
11/1/2051
90,000
58,906
Golden
State
Tobacco
Securitization
Corp.,
RB,
Series
A-1,
3.71%,
6/1/2041
90,000
71,302
Los
Angeles
Community
College
District,
GO,
Series
E,
6.75%,
8/1/2049
50,000
55,670
Los
Angeles
County
Public
Works
Financing
Authority,
RB,
Series
B,
7.62%,
8/1/2040
75,000
88,101
Los
Angeles
Department
of
Water
&
Power,
RB,
Series
D,
6.57%,
7/1/2045
50,000
52,973
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
Series
H,
6.55%,
5/15/2048
50,000
53,051
Series
F,
6.58%,
5/15/2049
50,000
53,119
Series
N,
3.26%,
5/15/2060
80,000
50,788
San
Diego
County
Water
Authority,
RB,
Series
B,
6.14%,
5/1/2049
100,000
101,595
State
of
California
7.55%,
4/1/2039
410,000
486,700
7.63%,
3/1/2040
175,000
208,259
University
of
California
Series
2019
BD,
3.35%,
7/1/2029
50,000
48,994
Series
AQ,
4.77%,
5/15/2115
50,000
40,016
1,742,303
Connecticut
0
.0
%
†
State
of
Connecticut,
GO,
Series
A,
5.85%,
3/15/2032
250,000
266,221
Florida
0
.0
%
†
State
Board
of
Administration
Finance
Corp.,
RB,
Series
A,
2.15%,
7/1/2030
105,000
96,640
Georgia
0
.0
%
†
Municipal
Electric
Authority
of
Georgia,
RB,
Series
A,
6.66%,
4/1/2057
100,000
107,895
Illinois
0
.0
%
†
Chicago
Transit
Authority
Sales
&
Transfer
Tax
Receipts
Revenue,
RB,
Series
A,
6.90%,
12/1/2040
131,169
146,473
64
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
Municipal
Bonds
Principal
Amount
($)
Value
($)
Illinois
State
of
Illinois,
GO,
5.10%,
6/1/2033
388,284
395,509
541,982
Louisiana
0
.0
%
†
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Series
A,
4.48%,
8/1/2039
50,000
48,196
5.20%,
12/1/2039
45,000
45,755
93,951
New
Jersey
0
.1
%
New
Jersey
Economic
Development
Authority,
RB,
7.43%,
2/15/2029
93,000
97,541
New
Jersey
Turnpike
Authority,
RB,
Series
F,
7.41%,
1/1/2040
440,000
520,091
Rutgers
The
State
University
of
New
Jersey,
RB,
Series
H,
5.67%,
5/1/2040
100,000
102,235
719,867
New
York
0
.1
%
City
of
New
York
Series
B-2,
5.26%,
10/1/2052
35,000
32,991
Series
D-1,
5.11%,
10/1/2054
35,000
31,970
Metropolitan
Transportation
Authority
Dedicated
Tax
Fund,
RB,
Series
C,
7.34%,
11/15/2039
100,000
115,874
New
York
City
Municipal
Water
Finance
Authority,
RB,
Series
AA,
5.44%,
6/15/2043
50,000
48,193
New
York
State
Dormitory
Authority
Series
B,
5.23%,
7/1/2035
100,000
102,818
Series
F,
5.63%,
3/15/2039
135,000
138,534
Port
Authority
of
New
York
&
New
Jersey
Series
159,
6.04%,
12/1/2029
100,000
107,036
Series
225,
3.18%,
7/15/2060
135,000
87,042
664,458
Ohio
0
.0
%
†
JobsOhio
Beverage
System,
RB,
Series
2013B,
4.53%,
1/1/2035
90,000
89,687
Municipal
Bonds
Principal
Amount
($)
Value
($)
Oklahoma
0
.0
%
†
Oklahoma
Development
Finance
Authority,
RB,
Series
2022,
4.38%,
11/1/2045
60,000
56,733
South
Carolina
0
.0
%
†
South
Carolina
Public
Service
Authority,
RB,
Series
C,
6.45%,
1/1/2050
100,000
106,313
Texas
0
.1
%
Board
of
Regents
of
the
University
of
Texas
System,
RB,
Series
C,
4.79%,
8/15/2046
200,000
188,832
City
of
San
Antonio,
RB,
Series
2025A,
5.57%,
2/1/2050
35,000
34,945
Dallas
Area
Rapid
Transit,
RB,
Series
2009
B,
6.00%,
12/1/2044
200,000
206,903
Dallas
Fort
Worth
International
Airport
Series
C,
2.92%,
11/1/2050
100,000
69,105
Series
A,
4.51%,
11/1/2051
45,000
38,286
Grand
Parkway
Transportation
Corp.,
RB,
Series
B,
3.24%,
10/1/2052
45,000
31,284
Texas
Department
of
Transportation
State
Highway
Fund,
RB,
5.18%,
4/1/2030
150,000
152,607
Texas
Natural
Gas
Securitization
Finance
Corp.
Series
A-1,
5.10%,
4/1/2035
125,596
128,662
Series
A-2,
5.17%,
4/1/2041
70,000
70,895
921,519
Virginia
0
.0
%
†
University
of
Virginia,
RB,
Series
2020,
2.26%,
9/1/2050
90,000
51,423
Total
Municipal
Bonds
(cost
$5,656,169)
5,458,992
Supranational
1
.3
%
African
Development
Bank
4.38%,
3/14/2028
300,000
303,045
3.50%,
9/18/2029(b)
200,000
197,465
4.00%,
3/18/2030(b)
150,000
150,405
4.13%,
1/22/2036
30,000
29,397
Asian
Development
Bank
3.75%,
4/25/2028
1,250,000
1,248,680
4.50%,
8/25/2028
700,000
710,700
1.88%,
1/24/2030
500,000
464,537
3.75%,
8/28/2030
120,000
119,116
4.25%,
1/14/2036
30,000
29,788
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
65
Supranational
Principal
Amount
($)
Value
($)
Asian
Development
Bank
Asian
Infrastructure
Investment
Bank
(The),
4.13%,
1/18/2029(b)
600,000
604,199
Corp.
Andina
de
Fomento,
5.00%,
1/24/2029
200,000
204,776
European
Bank
for
Reconstruction
&
Development,
4.13%,
1/25/2029(b)
475,000
478,401
European
Investment
Bank
2.38%,
5/24/2027(b)
1,500,000
1,475,827
3.63%,
7/15/2030
900,000
889,743
3.88%,
10/15/2030(b)
115,000
114,733
1.25%,
2/14/2031
300,000
264,393
3.75%,
3/13/2031
30,000
29,673
4.25%,
8/16/2032
120,000
120,898
4.13%,
2/13/2034(b)
400,000
397,439
4.63%,
2/12/2035(b)
100,000
102,435
4.25%,
2/8/2036(b)
35,000
34,743
Inter-American
Development
Bank
2.25%,
6/18/2029
250,000
237,971
3.50%,
9/14/2029
650,000
642,088
1.13%,
1/13/2031
400,000
351,033
4.38%,
7/17/2034
210,000
211,491
4.38%,
7/16/2035
235,000
235,714
4.13%,
1/23/2036
50,000
49,027
Inter-American
Investment
Corp.
4.25%,
2/14/2029
100,000
100,880
4.25%,
4/1/2030
100,000
100,792
International
Bank
for
Reconstruction
&
Development
2.50%,
11/22/2027
1,000,000
979,311
1.13%,
9/13/2028
800,000
750,010
3.88%,
2/14/2030
850,000
849,361
4.13%,
3/20/2030
310,000
312,510
4.00%,
7/25/2030
300,000
300,787
1.63%,
11/3/2031
1,000,000
880,207
4.38%,
8/27/2035
300,000
301,038
International
Finance
Corp.,
4.50%,
7/13/2028
400,000
405,863
Nordic
Investment
Bank,
4.38%,
3/14/2028
250,000
252,544
Total
Supranational
(cost
$15,244,435)
14,931,020
U.S.
Government
Agency
Securities
0
.6
%
FHLB,
5.50%,
7/15/2036
1,000,000
1,088,778
FHLMC,
6.25%,
7/15/2032(b)
995,000
1,110,327
FNMA
6.25%,
5/15/2029
2,000,000
2,140,585
7.25%,
5/15/2030
1,500,000
1,693,724
0.88%,
8/5/2030(b)
250,000
219,722
Tennessee
Valley
Authority
4.88%,
1/15/2048
250,000
240,050
U.S.
Government
Agency
Securities
Principal
Amount
($)
Value
($)
Tennessee
Valley
Authority
5.25%,
2/1/2055
25,000
24,613
Total
U.S.
Government
Agency
Securities
(cost
$6,822,189)
6,517,799
U.S.
Treasury
Obligations
45
.3
%
U.S.
Treasury
Bonds
5.38%,
2/15/2031
250,000
265,664
4.25%,
5/15/2039
1,810,000
1,756,761
4.50%,
8/15/2039
1,080,000
1,069,706
4.38%,
11/15/2039
300,000
292,594
1.13%,
5/15/2040
5,020,000
3,162,208
4.38%,
5/15/2040
(b)
450,000
437,080
1.13%,
8/15/2040
4,430,000
2,761,655
3.88%,
8/15/2040
1,000,000
916,562
1.38%,
11/15/2040
2,790,000
1,797,152
4.75%,
2/15/2041
(b)
1,000,000
1,005,430
1.75%,
8/15/2041
4,040,000
2,700,961
2.38%,
2/15/2042
2,370,000
1,727,045
3.13%,
2/15/2042
1,000,000
814,453
3.00%,
5/15/2042
(b)
1,000,000
796,953
3.25%,
5/15/2042
2,000,000
1,647,969
2.75%,
8/15/2042
1,000,000
764,687
3.38%,
8/15/2042
1,473,000
1,230,358
2.75%,
11/15/2042
1,500,000
1,140,879
4.00%,
11/15/2042
1,672,000
1,512,964
3.13%,
2/15/2043
1,750,000
1,401,162
3.88%,
2/15/2043
1,331,000
1,182,666
2.88%,
5/15/2043
620,000
476,165
4.38%,
8/15/2043
1,000,000
943,867
4.75%,
11/15/2043
1,008,000
995,872
4.63%,
5/15/2044
2,000,000
1,939,609
4.13%,
8/15/2044
946,000
858,273
4.63%,
11/15/2044
1,270,000
1,228,874
4.75%,
2/15/2045
(b)
1,565,000
1,537,735
5.00%,
5/15/2045
1,630,000
1,651,203
4.88%,
8/15/2045
2,383,000
2,375,181
4.63%,
11/15/2045
(b)
952,000
918,234
2.50%,
2/15/2046
680,000
469,147
3.00%,
2/15/2047
1,670,000
1,244,280
3.00%,
5/15/2047
1,925,000
1,430,666
2.75%,
8/15/2047
1,730,000
1,224,178
2.75%,
11/15/2047
3,200,000
2,257,125
3.00%,
2/15/2048
3,000,000
2,212,266
3.13%,
5/15/2048
2,000,000
1,505,078
3.00%,
8/15/2048
3,000,000
2,201,719
3.38%,
11/15/2048
4,000,000
3,134,531
3.00%,
2/15/2049
3,000,000
2,191,055
2.88%,
5/15/2049
3,500,000
2,488,281
2.25%,
8/15/2049
3,000,000
1,865,977
2.00%,
2/15/2050
2,630,000
1,531,153
1.25%,
5/15/2050
(b)
1,041,000
494,028
1.38%,
8/15/2050
4,360,000
2,131,972
1.63%,
11/15/2050
3,590,000
1,873,111
2.38%,
5/15/2051
4,350,000
2,721,299
4.00%,
11/15/2052
4,800,000
4,124,062
4.13%,
8/15/2053
988,000
866,430
4.75%,
11/15/2053
4,829,000
4,695,259
4.25%,
2/15/2054
330,000
295,608
4.63%,
5/15/2054
4,700,000
4,481,340
66
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bonds
4.25%,
8/15/2054
4,553,000
4,077,781
4.50%,
11/15/2054
3,733,000
3,487,439
4.63%,
2/15/2055
4,236,000
4,040,250
4.75%,
5/15/2055
2,766,000
2,693,284
4.75%,
8/15/2055
(b)
1,806,000
1,760,003
4.63%,
11/15/2055
(b)
2,710,000
2,589,320
4.75%,
2/15/2056
1,160,000
1,131,362
U.S.
Treasury
Notes
4.50%,
4/15/2027
300,000
302,284
2.75%,
4/30/2027
2,500,000
2,472,922
3.75%,
4/30/2027
1,521,000
1,520,355
0.50%,
5/31/2027
4,100,000
3,946,090
3.88%,
5/31/2027
7,326,000
7,330,865
4.63%,
6/15/2027
3,000,000
3,028,125
3.75%,
6/30/2027
7,323,000
7,317,279
0.38%,
7/31/2027
3,710,000
3,544,499
2.75%,
7/31/2027
3,000,000
2,957,930
0.50%,
8/31/2027
8,000,000
7,634,688
3.13%,
8/31/2027
3,000,000
2,970,586
3.63%,
8/31/2027
6,630,000
6,610,317
3.38%,
9/15/2027
6,800,000
6,755,641
0.38%,
9/30/2027
3,420,000
3,248,866
3.50%,
9/30/2027
(b)
4,413,000
4,391,452
4.13%,
9/30/2027
4,000,000
4,016,406
3.88%,
10/15/2027
1,836,000
1,837,147
0.50%,
10/31/2027
3,000,000
2,847,305
4.13%,
10/31/2027
(b)
2,000,000
2,008,281
2.25%,
11/15/2027
5,390,000
5,255,882
4.13%,
11/15/2027
2,000,000
2,008,594
3.38%,
11/30/2027
5,810,000
5,767,106
3.38%,
12/31/2027
(b)
5,570,000
5,527,137
4.25%,
1/15/2028
6,820,000
6,868,219
4.25%,
2/15/2028
5,990,000
6,035,861
3.88%,
3/15/2028
2,514,000
2,516,848
3.75%,
4/15/2028
(b)
6,700,000
6,690,840
3.75%,
5/15/2028
6,480,000
6,471,141
3.88%,
6/15/2028
6,250,000
6,258,301
3.88%,
7/15/2028
(b)
6,550,000
6,557,676
3.38%,
9/15/2028
4,770,000
4,720,809
3.13%,
11/15/2028
(b)
1,040,000
1,021,881
3.50%,
11/15/2028
(b)
1,481,000
1,469,025
1.50%,
11/30/2028
3,000,000
2,824,922
4.38%,
11/30/2028
3,000,000
3,041,484
1.38%,
12/31/2028
(b)
5,000,000
4,683,203
3.75%,
12/31/2028
3,000,000
2,994,023
1.75%,
1/31/2029
2,000,000
1,889,141
4.00%,
1/31/2029
4,000,000
4,018,125
1.88%,
2/28/2029
4,000,000
3,786,562
4.25%,
2/28/2029
1,953,000
1,975,429
4.13%,
3/31/2029
3,000,000
3,024,961
4.63%,
4/30/2029
536,000
548,144
4.50%,
5/31/2029
4,000,000
4,077,500
4.25%,
6/30/2029
5,000,000
5,060,547
4.00%,
7/31/2029
3,000,000
3,013,359
1.63%,
8/15/2029
(b)
3,000,000
2,791,758
3.13%,
8/31/2029
4,000,000
3,905,781
3.50%,
9/30/2029
2,870,000
2,835,470
3.88%,
9/30/2029
3,500,000
3,500,273
1.75%,
11/15/2029
(b)
1,190,000
1,106,003
3.88%,
11/30/2029
3,000,000
2,999,297
4.13%,
11/30/2029
3,000,000
3,024,844
3.88%,
12/31/2029
3,000,000
2,998,008
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Notes
4.38%,
12/31/2029
2,678,000
2,723,296
3.50%,
1/31/2030
3,000,000
2,958,281
4.25%,
1/31/2030
5,212,000
5,277,964
1.50%,
2/15/2030
4,700,000
4,300,867
4.00%,
2/28/2030
(b)
3,700,000
3,714,020
3.63%,
3/31/2030
2,800,000
2,771,016
4.00%,
3/31/2030
4,861,000
4,878,469
3.50%,
4/30/2030
4,000,000
3,939,062
3.88%,
4/30/2030
3,333,000
3,329,355
3.75%,
5/31/2030
2,500,000
2,484,766
4.00%,
5/31/2030
(b)
5,284,000
5,301,957
3.75%,
6/30/2030
3,000,000
2,980,547
3.88%,
6/30/2030
4,409,000
4,402,283
4.00%,
7/31/2030
3,000,000
3,009,492
0.63%,
8/15/2030
4,720,000
4,099,025
3.63%,
8/31/2030
5,570,000
5,501,680
4.13%,
8/31/2030
3,000,000
3,023,086
4.63%,
9/30/2030
2,500,000
2,570,996
3.63%,
10/31/2030
(b)
3,950,000
3,898,928
4.88%,
10/31/2030
2,000,000
2,077,891
3.50%,
11/30/2030
(b)
3,304,000
3,243,212
4.38%,
11/30/2030
3,000,000
3,054,258
3.63%,
12/31/2030
(b)
3,150,000
3,107,180
3.75%,
12/31/2030
3,000,000
2,974,336
3.75%,
1/31/2031
4,630,000
4,590,573
4.00%,
1/31/2031
2,000,000
2,004,062
3.50%,
2/28/2031
4,681,000
4,590,306
4.25%,
2/28/2031
3,000,000
3,038,906
4.63%,
4/30/2031
3,000,000
3,089,062
1.63%,
5/15/2031
5,500,000
4,905,098
4.63%,
5/31/2031
3,000,000
3,088,945
4.50%,
12/31/2031
1,313,000
1,344,184
4.38%,
1/31/2032
1,735,000
1,764,549
4.13%,
3/31/2032
1,117,000
1,120,927
4.00%,
4/30/2032
1,218,000
1,213,480
2.88%,
5/15/2032
1,700,000
1,589,898
4.13%,
5/31/2032
2,732,000
2,739,150
4.00%,
7/31/2032
2,714,000
2,700,324
3.88%,
8/31/2032
2,258,000
2,229,687
3.88%,
9/30/2032
2,827,000
2,790,116
3.75%,
10/31/2032
1,713,000
1,677,335
4.13%,
11/15/2032
(b)
4,900,000
4,901,723
3.50%,
2/15/2033
8,700,000
8,371,031
3.75%,
2/28/2033
524,000
512,046
3.38%,
5/15/2033
6,550,000
6,239,643
3.88%,
8/15/2033
6,660,000
6,537,987
4.50%,
11/15/2033
4,860,000
4,960,617
4.00%,
2/15/2034
1,109,000
1,093,925
4.38%,
5/15/2034
9,500,000
9,600,195
3.88%,
8/15/2034
5,970,000
5,818,185
4.25%,
11/15/2034
9,290,000
9,287,460
4.63%,
2/15/2035
4,567,000
4,685,813
4.25%,
5/15/2035
1,784,000
1,779,261
4.25%,
8/15/2035
(b)
3,729,000
3,715,016
4.00%,
11/15/2035
1,790,000
1,746,089
4.13%,
2/15/2036
2,592,000
2,551,500
Total
U.S.
Treasury
Obligations
(cost
$537,251,787)
514,436,178
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
67
Repurchase
Agreements
1
.9
%
Principal
Amount
($)
Value
($)
CF
Secured,
LLC
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$4,345,711,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$4,432,625.
(g)
4,345,270
4,345,270
MetLife,
Inc.
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$17,001,728,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$17,348,705.
(g)
17,000,000
17,000,000
Total
Repurchase
Agreements
(cost
$21,345,270)
21,345,270
Total
Investments
(cost
$1,210,454,650)
—
100.7%
1,143,473,100
Liabilities
in
excess
of
other
assets
—
(0.7)%
(
8,473,021
)
NET
ASSETS
—
100.0%
$
1,135,000,079
†
Amount
rounds
to
less
than
0.1%.
(a)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.  The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$173,183,451,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$21,345,270
and
by
$156,900,009
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
4/14/2026
-
2/15/2056,
a
total
value
of
$178,245,279.
(c)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$2,451,106
which
represents
0.22%
of
net
assets.
(d)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(e)
Zero
Coupon
Security.
Debt
security
that
pays
no
cash
income
but
is
sold
at
substantial
discount
from
its
value
at
maturity.
(f)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
March
31,
2026.
(g)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$21,345,270.
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
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
68
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Bond
Index
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
NVIT
Bond
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
69
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
2,130,488
$
–
$
2,130,488
Commercial
Mortgage-Backed
Securities
–
16,299,068
–
16,299,068
Corporate
Bonds
–
274,574,010
–
274,574,010
Foreign
Government
Securities
–
17,778,634
–
17,778,634
Mortgage-Backed
Securities
–
270,001,641
–
270,001,641
Municipal
Bonds
–
5,458,992
–
5,458,992
Repurchase
Agreements
–
21,345,270
–
21,345,270
Supranational
–
14,931,020
–
14,931,020
U.S.
Government
Agency
Securities
–
6,517,799
–
6,517,799
U.S.
Treasury
Obligations
–
514,436,178
–
514,436,178
Total
$
–
$
1,143,473,100
$
–
$
1,143,473,100
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report
70
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Index
Fund
Common
Stocks
97
.7
%
Shares
Value
($)
AUSTRALIA
7
.4
%
Banks
2
.2
%
ANZ
Group
Holdings
Ltd.
118,145
2,969,963
Commonwealth
Bank
of
Australia
65,458
7,645,956
National
Australia
Bank
Ltd.
119,836
3,465,820
Westpac
Banking
Corp.
133,143
3,657,592
17,739,331
Biotechnology
0
.2
%
CSL
Ltd.
19,035
1,869,969
Broadline
Retail
0
.3
%
Wesfarmers
Ltd.
44,335
2,247,448
Capital
Markets
0
.3
%
ASX
Ltd.
7,786
282,671
Macquarie
Group
Ltd.
14,139
2,006,046
2,288,717
Commercial
Services
&
Supplies
0
.1
%
Brambles
Ltd.
52,346
817,955
Consumer
Staples
Distribution
&
Retail
0
.3
%
Coles
Group
Ltd.
52,124
791,129
Woolworths
Group
Ltd.
48,488
1,220,913
2,012,042
Diversified
REITs
0
.0
%
†
Stockland
93,069
278,717
Diversified
Telecommunication
Services
0
.1
%
Telstra
Group
Ltd.
152,600
562,033
Electric
Utilities
0
.1
%
Origin
Energy
Ltd.
69,993
599,866
Financial
Services
0
.0
%
†
Washington
H
Soul
Pattinson
&
Co.
Ltd.(a)
13,530
378,203
Gas
Utilities
0
.0
%
†
APA
Group
52,150
358,610
Health
Care
Equipment
&
Supplies
0
.0
%
†
Cochlear
Ltd.
2,515
295,349
Health
Care
Providers
&
Services
0
.1
%
Sigma
Healthcare
Ltd.(a)
200,087
367,898
Sonic
Healthcare
Ltd.(a)
18,984
268,708
636,606
Health
Care
Technology
0
.0
%
†
Pro
Medicus
Ltd.(a)
2,236
184,729
Hotels,
Restaurants
&
Leisure
0
.1
%
Aristocrat
Leisure
Ltd.
21,326
677,620
Lottery
Corp.
Ltd.
(The)(a)
89,157
332,309
1,009,929
Industrial
REITs
0
.2
%
Goodman
Group
80,647
1,435,673
Insurance
0
.3
%
Insurance
Australia
Group
Ltd.
90,856
457,221
Medibank
Pvt
Ltd.
108,884
329,519
QBE
Insurance
Group
Ltd.
58,761
863,376
Suncorp
Group
Ltd.
44,319
494,431
2,144,547
Interactive
Media
&
Services
0
.1
%
CAR
Group
Ltd.(a)
14,909
241,100
REA
Group
Ltd.(a)
1,853
205,229
446,329
Common
Stocks
Shares
Value
($)
AUSTRALIA
Metals
&
Mining
2
.4
%
BHP
Group
Ltd.
198,508
7,253,128
Evolution
Mining
Ltd.
77,997
706,869
Fortescue
Ltd.
65,049
918,883
Glencore
plc
388,664
2,961,620
Lynas
Rare
Earths
Ltd.*
36,417
494,899
Northern
Star
Resources
Ltd.
52,210
762,205
Rio
Tinto
Ltd.
14,636
1,645,582
Rio
Tinto
plc
44,255
4,113,580
South32
Ltd.
175,072
526,254
19,383,020
Oil,
Gas
&
Consumable
Fuels
0
.3
%
Santos
Ltd.
130,348
715,853
Woodside
Energy
Group
Ltd.
(a)
74,671
1,780,946
2,496,799
Passenger
Airlines
0
.0
%
†
Qantas
Airways
Ltd.
26,003
152,719
Professional
Services
0
.1
%
Computershare
Ltd.
19,996
394,897
Retail
REITs
0
.1
%
Scentre
Group
200,398
462,345
Vicinity
Ltd.
158,646
257,390
719,735
Software
0
.0
%
†
WiseTech
Global
Ltd.(a)
7,859
214,503
Trading
Companies
&
Distributors
0
.0
%
†
SGH
Ltd.(a)
7,137
202,409
Transportation
Infrastructure
0
.1
%
Transurban
Group
119,645
1,162,789
60,032,924
AUSTRIA
0
.3
%
Banks
0
.2
%
BAWAG
Group
AG
Reg.
S(b)
2,978
454,526
Erste
Group
Bank
AG
12,038
1,300,775
Raiffeisen
Bank
International
AG*
4,848
207,371
1,962,672
Electric
Utilities
0
.0
%
†
Verbund
AG
2,388
181,942
Oil,
Gas
&
Consumable
Fuels
0
.1
%
OMV
AG
5,865
425,933
2,570,547
BELGIUM
0
.9
%
Banks
0
.2
%
KBC
Group
NV
9,032
1,104,110
Beverages
0
.3
%
Anheuser-Busch
InBev
SA/
NV
39,096
2,712,881
Chemicals
0
.0
%
†
Syensqo
SA(a)
3,047
176,280
Distributors
0
.0
%
†
D'ieteren
Group(a)
753
139,212
Electric
Utilities
0
.0
%
†
Elia
Group
SA/NV*
1,530
234,468
NVIT
International
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
71
Common
Stocks
Shares
Value
($)
BELGIUM
Financial
Services
0
.1
%
Groupe
Bruxelles
Lambert
NV
3,253
294,044
Sofina
SA(a)
579
140,278
434,322
Food
Products
0
.0
%
†
Lotus
Bakeries
NV(a)
18
204,559
Insurance
0
.1
%
Ageas
SA/NV
5,805
425,170
Pharmaceuticals
0
.2
%
Financiere
de
Tubize
SA(a)
738
182,470
UCB
SA
4,930
1,484,970
1,667,440
7,098,442
BRAZIL
0
.1
%
Chemicals
0
.1
%
Yara
International
ASA
6,683
389,018
CHILE
0
.1
%
Metals
&
Mining
0
.1
%
Antofagasta
plc
15,148
673,886
CHINA
0
.5
%
Banks
0
.1
%
BOC
Hong
Kong
Holdings
Ltd.
145,500
801,720
Broadline
Retail
0
.3
%
Prosus
NV
51,158
2,338,587
Food
Products
0
.0
%
†
Wilmar
International
Ltd.
67,394
203,041
Machinery
0
.1
%
Yangzijiang
Shipbuilding
Holdings
Ltd.
105,000
312,005
Marine
Transportation
0
.0
%
†
SITC
International
Holdings
Co.
Ltd.
47,000
207,491
Real
Estate
Management
&
Development
0
.0
%
†
Wharf
Holdings
Ltd.
(The)(a)
48,708
134,578
3,997,422
CZECH
REPUBLIC
0
.0
%
†
Aerospace
&
Defense
0
.0
%
†
CSG
NV*
7,658
206,062
DENMARK
1
.5
%
Air
Freight
&
Logistics
0
.2
%
DSV
A/S
8,010
1,913,622
Banks
0
.2
%
Danske
Bank
A/S
26,474
1,285,265
Beverages
0
.1
%
Carlsberg
A/S,
Class
B
3,611
450,563
Biotechnology
0
.1
%
Genmab
A/S*
2,412
645,358
Building
Products
0
.0
%
†
ROCKWOOL
A/S,
Class
B
3,381
94,383
Chemicals
0
.1
%
Novonesis
Novozymes
B,
Class
B
13,621
805,951
Common
Stocks
Shares
Value
($)
DENMARK
Electrical
Equipment
0
.1
%
Vestas
Wind
Systems
A/S
38,791
1,161,422
Health
Care
Equipment
&
Supplies
0
.0
%
†
Coloplast
A/S,
Class
B
4,861
331,438
Demant
A/S*
3,757
114,182
445,620
Independent
Power
and
Renewable
Electricity
Producers
0
.1
%
Orsted
A/S
Reg.
S*(b)
20,450
500,689
Insurance
0
.0
%
†
Tryg
A/S
13,266
317,555
Pharmaceuticals
0
.6
%
Novo
Nordisk
A/S,
Class
B
126,362
4,656,336
Textiles,
Apparel
&
Luxury
Goods
0
.0
%
†
Pandora
A/S
3,063
215,130
12,491,894
FINLAND
1
.2
%
Banks
0
.3
%
Nordea
Bank
Abp
120,066
2,066,653
Communications
Equipment
0
.2
%
Nokia
OYJ
208,729
1,663,557
Consumer
Staples
Distribution
&
Retail
0
.0
%
†
Kesko
OYJ,
Class
B(a)
9,578
211,957
Diversified
Telecommunication
Services
0
.0
%
†
Elisa
OYJ(a)
5,799
281,172
Electric
Utilities
0
.1
%
Fortum
OYJ(a)
17,425
442,897
Insurance
0
.1
%
Sampo
OYJ,
Class
A
95,949
1,028,133
Machinery
0
.3
%
Kone
OYJ,
Class
B(a)
13,056
832,403
Metso
Oyj
25,604
442,822
Wartsila
OYJ
Abp
19,320
722,407
1,997,632
Oil,
Gas
&
Consumable
Fuels
0
.1
%
Neste
OYJ
16,831
543,541
Paper
&
Forest
Products
0
.1
%
Stora
Enso
OYJ,
Class
R(a)
23,813
280,497
UPM-Kymmene
OYJ(a)
20,272
630,568
911,065
Pharmaceuticals
0
.0
%
†
Orion
OYJ,
Class
B
4,367
353,182
9,499,789
FRANCE
8
.4
%
Aerospace
&
Defense
1
.3
%
Airbus
SE
23,321
4,380,275
Dassault
Aviation
SA
802
297,462
Safran
SA
13,890
4,542,627
Thales
SA
3,704
1,087,521
10,307,885
Automobile
Components
0
.1
%
Cie
Generale
des
Etablissements
Michelin
SCA
25,754
876,984
72
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Index
Fund
Common
Stocks
Shares
Value
($)
FRANCE
Automobiles
0
.0
%
†
Renault
SA
7,668
260,174
Banks
0
.8
%
BNP
Paribas
SA
39,508
3,763,571
Credit
Agricole
SA
40,989
769,490
Societe
Generale
SA
27,158
1,982,971
6,516,032
Beverages
0
.1
%
Pernod
Ricard
SA
7,874
587,708
Building
Products
0
.2
%
Cie
de
Saint-Gobain
SA
17,255
1,420,004
Capital
Markets
0
.0
%
†
Amundi
SA
Reg.
S(b)
2,644
227,402
Chemicals
0
.6
%
Air
Liquide
SA
22,615
4,658,696
Construction
&
Engineering
0
.5
%
Bouygues
SA
7,554
435,810
Eiffage
SA
2,712
416,382
Vinci
SA
19,435
2,910,730
3,762,922
Consumer
Staples
Distribution
&
Retail
0
.0
%
†
Carrefour
SA
23,247
428,576
Diversified
REITs
0
.0
%
†
Covivio
SA
1,902
113,715
Diversified
Telecommunication
Services
0
.2
%
Orange
SA
73,485
1,501,465
Electrical
Equipment
0
.2
%
Legrand
SA
10,310
1,593,149
Food
Products
0
.2
%
Danone
SA
24,865
1,996,963
Ground
Transportation
0
.0
%
†
Ayvens
SA
Reg.
S(b)
13,644
160,745
Health
Care
Equipment
&
Supplies
0
.4
%
BioMerieux
1,453
154,733
EssilorLuxottica
SA
11,885
2,766,058
2,920,791
Hotels,
Restaurants
&
Leisure
0
.1
%
Accor
SA
7,583
363,319
Sodexo
SA(a)
3,899
200,153
563,472
Insurance
0
.4
%
AXA
SA
65,579
3,006,513
IT
Services
0
.1
%
Capgemini
SE
5,924
692,425
Life
Sciences
Tools
&
Services
0
.0
%
†
Sartorius
Stedim
Biotech
1,033
202,246
Machinery
0
.0
%
†
Alstom
SA*
13,650
388,945
Media
0
.1
%
Publicis
Groupe
SA
8,792
727,107
Multi-Utilities
0
.4
%
Engie
SA
70,805
2,282,766
Veolia
Environnement
SA
24,218
925,133
3,207,899
Common
Stocks
Shares
Value
($)
FRANCE
Office
REITs
0
.0
%
†
Gecina
SA
1,615
127,702
Oil,
Gas
&
Consumable
Fuels
0
.9
%
Bollore
SE
24,656
140,926
TotalEnergies
SE
77,666
7,171,154
7,312,080
Personal
Care
Products
0
.5
%
L'Oreal
SA
9,409
3,858,307
Pharmaceuticals
0
.0
%
†
Ipsen
SA
1,541
288,986
Professional
Services
0
.0
%
†
Bureau
Veritas
SA(a)
13,227
397,331
Retail
REITs
0
.1
%
Klepierre
SA
8,560
322,635
Unibail-Rodamco-Westfield
4,677
522,722
845,357
Software
0
.1
%
Dassault
Systemes
SE
25,764
524,552
Textiles,
Apparel
&
Luxury
Goods
1
.1
%
Hermes
International
SCA
1,239
2,366,366
Kering
SA
2,860
864,826
LVMH
Moet
Hennessy
Louis
Vuitton
SE
9,701
5,392,447
8,623,639
Trading
Companies
&
Distributors
0
.0
%
†
Rexel
SA
8,912
348,544
Transportation
Infrastructure
0
.0
%
†
Aeroports
de
Paris
SA(a)
1,215
147,837
Getlink
SE
12,647
272,537
420,374
68,868,690
GERMANY
8
.6
%
Aerospace
&
Defense
0
.5
%
Hensoldt
AG(a)
2,752
238,901
MTU
Aero
Engines
AG
2,068
740,351
Rheinmetall
AG
1,790
2,985,187
3,964,439
Air
Freight
&
Logistics
0
.2
%
Deutsche
Post
AG
35,586
1,835,212
Automobile
Components
0
.0
%
†
Continental
AG
4,355
299,377
Automobiles
0
.5
%
Bayerische
Motoren
Werke
AG
10,777
973,318
Bayerische
Motoren
Werke
AG
(Preference)
2,100
188,673
Dr
Ing
hc
F
Porsche
AG
(Preference)
Reg.
S(a)(b)
4,869
218,204
Mercedes-Benz
Group
AG
28,397
1,720,421
Porsche
Automobil
Holding
SE
(Preference)
6,179
222,263
Volkswagen
AG
(Preference)
7,921
793,224
4,116,103
Banks
0
.1
%
Commerzbank
AG
29,289
1,051,517
Capital
Markets
0
.5
%
Deutsche
Bank
AG
(Registered)
71,344
2,087,667
NVIT
International
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
73
Common
Stocks
Shares
Value
($)
GERMANY
Capital
Markets
Deutsche
Boerse
AG
7,455
2,167,437
4,255,104
Chemicals
0
.3
%
BASF
SE
35,037
2,117,155
Evonik
Industries
AG
8,988
174,094
Symrise
AG,
Class
A
5,149
435,958
2,727,207
Construction
&
Engineering
0
.0
%
†
Hochtief
AG(a)
573
252,009
Construction
Materials
0
.1
%
Heidelberg
Materials
AG
5,140
1,058,628
Diversified
Telecommunication
Services
0
.7
%
Deutsche
Telekom
AG
(Registered)
144,145
5,315,210
Electrical
Equipment
0
.6
%
Siemens
Energy
AG
30,393
5,001,944
Entertainment
0
.0
%
†
CTS
Eventim
AG
&
Co.
KGaA(a)
2,188
125,480
Health
Care
Equipment
&
Supplies
0
.1
%
Siemens
Healthineers
AG
Reg.
S(b)
12,999
545,313
Health
Care
Providers
&
Services
0
.2
%
Fresenius
Medical
Care
AG
8,450
375,952
Fresenius
SE
&
Co.
KGaA
16,226
831,170
1,207,122
Household
Products
0
.1
%
Henkel
AG
&
Co.
KGaA
4,102
293,790
Henkel
AG
&
Co.
KGaA
(Preference)
6,159
473,212
767,002
Independent
Power
and
Renewable
Electricity
Producers
0
.2
%
RWE
AG
24,989
1,664,361
Industrial
Conglomerates
0
.9
%
Siemens
AG
(Registered)
29,746
7,055,464
Insurance
1
.3
%
Allianz
SE
(Registered)
14,835
6,147,443
Hannover
Rueck
SE
2,316
716,812
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
5,099
3,176,316
Talanx
AG
2,570
312,767
10,353,338
Interactive
Media
&
Services
0
.0
%
†
Scout24
SE
Reg.
S(b)
3,018
231,244
Life
Sciences
Tools
&
Services
0
.0
%
†
Sartorius
AG
(Preference)
1,084
264,526
Machinery
0
.2
%
Daimler
Truck
Holding
AG
18,251
870,049
GEA
Group
AG
5,723
404,447
Knorr-Bremse
AG
2,902
323,998
Rational
AG
179
129,569
1,728,063
Common
Stocks
Shares
Value
($)
GERMANY
Multi-Utilities
0
.2
%
E.ON
SE
88,160
1,926,893
Passenger
Airlines
0
.0
%
†
Deutsche
Lufthansa
AG
(Registered)
24,760
204,370
Personal
Care
Products
0
.1
%
Beiersdorf
AG(a)
3,765
333,099
Pharmaceuticals
0
.3
%
Bayer
AG
(Registered)
38,590
1,754,342
Merck
KGaA(a)
4,965
616,600
2,370,942
Real
Estate
Management
&
Development
0
.1
%
LEG
Immobilien
SE
2,650
172,582
Vonovia
SE
30,474
758,936
931,518
Semiconductors
&
Semiconductor
Equipment
0
.3
%
Infineon
Technologies
AG
51,364
2,256,842
Software
0
.9
%
Nemetschek
SE
2,014
148,236
SAP
SE
40,879
6,918,077
7,066,313
Specialty
Retail
0
.0
%
†
Zalando
SE
Reg.
S*(a)(b)
7,980
190,912
Textiles,
Apparel
&
Luxury
Goods
0
.1
%
adidas
AG
6,826
1,075,683
Trading
Companies
&
Distributors
0
.1
%
Brenntag
SE(a)
4,959
327,178
70,502,413
HONG
KONG
1
.8
%
Capital
Markets
0
.3
%
Futu
Holdings
Ltd.,
ADR*
2,184
298,684
Hong
Kong
Exchanges
&
Clearing
Ltd.
42,200
2,138,920
2,437,604
Diversified
Telecommunication
Services
0
.0
%
†
HKT
Trust
&
HKT
Ltd.
159,220
248,244
Electric
Utilities
0
.2
%
CK
Infrastructure
Holdings
Ltd.
27,500
219,488
CLP
Holdings
Ltd.
66,500
626,120
Power
Assets
Holdings
Ltd.
(a)
54,000
420,731
1,266,339
Food
Products
0
.1
%
WH
Group
Ltd.
Reg.
S(b)
327,045
430,942
Gas
Utilities
0
.0
%
†
Hong
Kong
&
China
Gas
Co.
Ltd.
428,266
392,566
Ground
Transportation
0
.0
%
†
MTR
Corp.
Ltd.(a)
64,500
264,686
Industrial
Conglomerates
0
.0
%
†
Swire
Pacific
Ltd.,
Class
A
16,000
175,482
Insurance
0
.7
%
AIA
Group
Ltd.
410,200
4,608,125
Prudential
plc
98,474
1,373,252
5,981,377
74
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Index
Fund
Common
Stocks
Shares
Value
($)
HONG
KONG
Machinery
0
.1
%
Techtronic
Industries
Co.
Ltd.
58,500
778,673
Real
Estate
Management
&
Development
0
.3
%
CK
Asset
Holdings
Ltd.
74,516
425,648
Henderson
Land
Development
Co.
Ltd.(a)
61,775
229,120
Hongkong
Land
Holdings
Ltd.
44,400
347,272
Sino
Land
Co.
Ltd.
155,000
230,971
Sun
Hung
Kai
Properties
Ltd.
58,000
983,037
Wharf
Real
Estate
Investment
Co.
Ltd.
71,500
207,292
2,423,340
Retail
REITs
0
.1
%
Link
REIT
106,840
494,676
14,893,929
INDONESIA
0
.1
%
Industrial
Conglomerates
0
.1
%
Jardine
Matheson
Holdings
Ltd.
6,300
452,254
IRELAND
0
.4
%
Banks
0
.2
%
AIB
Group
plc
82,078
872,975
Bank
of
Ireland
Group
plc
38,854
711,048
1,584,023
Building
Products
0
.1
%
Kingspan
Group
plc
5,902
498,183
Food
Products
0
.0
%
†
Kerry
Group
plc,
Class
A
6,230
493,391
Trading
Companies
&
Distributors
0
.1
%
AerCap
Holdings
NV
6,772
928,983
3,504,580
ISRAEL
1
.0
%
Aerospace
&
Defense
0
.1
%
Elbit
Systems
Ltd.
1,115
934,036
Banks
0
.4
%
Bank
Hapoalim
BM
48,287
1,130,224
Bank
Leumi
Le-Israel
BM
57,199
1,274,695
Israel
Discount
Bank
Ltd.,
Class
A
46,987
471,108
Mizrahi
Tefahot
Bank
Ltd.
5,998
434,943
3,310,970
Chemicals
0
.0
%
†
ICL
Group
Ltd.(a)
27,157
139,929
Insurance
0
.1
%
Phoenix
Financial
Ltd.
8,797
467,291
Pharmaceuticals
0
.2
%
Teva
Pharmaceutical
Industries
Ltd.,
ADR*
44,936
1,353,472
Real
Estate
Management
&
Development
0
.0
%
†
Azrieli
Group
Ltd.
1,742
233,313
Semiconductors
&
Semiconductor
Equipment
0
.1
%
Nova
Ltd.*
1,151
511,299
Tower
Semiconductor
Ltd.*(a)
4,353
763,295
1,274,594
Common
Stocks
Shares
Value
($)
ISRAEL
Software
0
.1
%
Check
Point
Software
Technologies
Ltd.*
3,299
471,262
Nice
Ltd.*
2,523
278,184
749,446
8,463,051
ITALY
3
.2
%
Aerospace
&
Defense
0
.1
%
Leonardo
SpA
15,545
1,044,127
Automobiles
0
.2
%
Ferrari
NV
4,895
1,649,960
Banks
1
.2
%
Banca
Monte
dei
Paschi
di
Siena
SpA(a)
75,863
661,007
Banco
BPM
SpA
43,651
609,869
BPER
Banca
SpA
59,755
780,030
FinecoBank
Banca
Fineco
SpA
23,492
521,592
Intesa
Sanpaolo
SpA
547,167
3,326,075
UniCredit
SpA
54,759
3,945,793
9,844,366
Beverages
0
.1
%
Coca-Cola
HBC
AG
8,455
479,306
Davide
Campari-Milano
NV(a)
27,118
193,140
672,446
Diversified
Telecommunication
Services
0
.1
%
Telecom
Italia
SpA*(a)
696,023
516,787
Electric
Utilities
0
.5
%
Enel
SpA
320,261
3,486,637
Terna
-
Rete
Elettrica
Nazionale(a)
54,046
618,926
4,105,563
Electrical
Equipment
0
.1
%
Prysmian
SpA
11,177
1,306,969
Financial
Services
0
.1
%
Banca
Mediolanum
SpA
7,842
159,274
Poste
Italiane
SpA
Reg.
S(a)
(b)
17,641
415,051
574,325
Gas
Utilities
0
.1
%
Italgas
SpA
23,572
274,558
Snam
SpA
77,459
589,114
863,672
Insurance
0
.2
%
Generali(a)
32,742
1,320,183
Unipol
Assicurazioni
SpA
14,280
334,285
1,654,468
Oil,
Gas
&
Consumable
Fuels
0
.3
%
Eni
SpA(a)
80,331
2,281,103
Passenger
Airlines
0
.1
%
Ryanair
Holdings
plc
33,416
946,690
Pharmaceuticals
0
.0
%
†
Recordati
Industria
Chimica
e
Farmaceutica
SpA
4,773
271,510
Textiles,
Apparel
&
Luxury
Goods
0
.1
%
Moncler
SpA
8,973
540,778
26,272,764
NVIT
International
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
75
Common
Stocks
Shares
Value
($)
IVORY
COAST
0
.1
%
Metals
&
Mining
0
.1
%
Endeavour
Mining
plc
7,803
472,393
JAPAN
22
.4
%
Automobile
Components
0
.4
%
Aisin
Corp.
19,400
268,549
Bridgestone
Corp.
43,800
909,108
Denso
Corp.
67,100
833,119
Sumitomo
Electric
Industries
Ltd.
28,100
1,573,464
3,584,240
Automobiles
1
.3
%
Honda
Motor
Co.
Ltd.(a)
146,800
1,188,285
Isuzu
Motors
Ltd.(a)
21,400
307,401
Nissan
Motor
Co.
Ltd.*(a)
78,100
165,779
Subaru
Corp.(a)
22,500
359,445
Suzuki
Motor
Corp.
60,700
727,245
Toyota
Motor
Corp.
370,670
7,683,728
Yamaha
Motor
Co.
Ltd.(a)
37,200
265,157
10,697,040
Banks
2
.4
%
Chiba
Bank
Ltd.
(The)(a)
23,100
297,632
Japan
Post
Bank
Co.
Ltd.(a)
71,400
1,174,683
Mitsubishi
UFJ
Financial
Group,
Inc.
440,867
7,448,742
Mizuho
Financial
Group,
Inc.
97,851
3,905,708
Resona
Holdings,
Inc.
80,500
895,721
Sumitomo
Mitsui
Financial
Group,
Inc.(a)
143,859
4,742,117
Sumitomo
Mitsui
Trust
Group,
Inc.
25,680
817,213
Yokohama
Financial
Group,
Inc.(a)
41,300
367,173
19,648,989
Beverages
0
.2
%
Asahi
Group
Holdings
Ltd.
58,400
586,101
Kirin
Holdings
Co.
Ltd.
29,800
474,131
Suntory
Beverage
&
Food
Ltd.
4,900
138,562
1,198,794
Broadline
Retail
0
.1
%
Pan
Pacific
International
Holdings
Corp.
73,200
449,025
Rakuten
Group,
Inc.*
58,700
273,789
Ryohin
Keikaku
Co.
Ltd.
19,500
414,699
1,137,513
Building
Products
0
.2
%
AGC,
Inc.
8,100
285,653
Daikin
Industries
Ltd.(a)
10,500
1,273,816
1,559,469
Capital
Markets
0
.3
%
Daiwa
Securities
Group,
Inc.
(a)
51,400
483,475
Japan
Exchange
Group,
Inc.
38,300
444,696
Nomura
Holdings,
Inc.
119,700
946,780
SBI
Holdings,
Inc.
21,580
401,980
2,276,931
Chemicals
0
.6
%
Asahi
Kasei
Corp.
51,700
500,625
Mitsubishi
Chemical
Group
Corp.
51,600
298,817
Common
Stocks
Shares
Value
($)
JAPAN
Chemicals
Nippon
Paint
Holdings
Co.
Ltd.(a)
39,200
244,673
Nippon
Sanso
Holdings
Corp.(a)
7,300
260,633
Nitto
Denko
Corp.(a)
26,100
522,185
Shin-Etsu
Chemical
Co.
Ltd.
65,700
2,673,174
Toray
Industries,
Inc.(a)
54,800
386,365
4,886,472
Commercial
Services
&
Supplies
0
.2
%
Dai
Nippon
Printing
Co.
Ltd.
16,100
292,363
Secom
Co.
Ltd.
15,800
606,678
TOPPAN
Holdings,
Inc.
9,500
251,752
1,150,793
Construction
&
Engineering
0
.3
%
Kajima
Corp.
16,200
615,407
Obayashi
Corp.
24,700
594,827
Shimizu
Corp.
19,400
349,723
Taisei
Corp.
5,900
616,158
2,176,115
Consumer
Staples
Distribution
&
Retail
0
.3
%
Aeon
Co.
Ltd.(a)
85,500
1,020,491
MatsukiyoCocokara
&
Co.(a)
11,500
183,775
Seven
&
i
Holdings
Co.
Ltd.
(a)
82,600
1,111,746
Tsuruha
Holdings,
Inc.(a)
9,600
151,540
2,467,552
Diversified
Telecommunication
Services
0
.1
%
NTT,
Inc.
1,147,800
1,139,569
Electric
Utilities
0
.1
%
Chubu
Electric
Power
Co.,
Inc.
26,600
436,679
Kansai
Electric
Power
Co.,
Inc.
(The)(a)
36,400
599,560
1,036,239
Electrical
Equipment
0
.6
%
Fuji
Electric
Co.
Ltd.(a)
5,400
378,144
Fujikura
Ltd.
58,200
1,583,563
Mitsubishi
Electric
Corp.
75,100
2,452,577
Nidec
Corp.*
31,900
401,474
4,815,758
Electronic
Equipment,
Instruments
&
Components
0
.9
%
Ibiden
Co.
Ltd.(a)
9,300
456,095
Keyence
Corp.
7,644
2,707,163
Kyocera
Corp.(a)
50,300
777,613
Murata
Manufacturing
Co.
Ltd.
65,800
1,475,283
Shimadzu
Corp.
9,700
230,113
TDK
Corp.
74,700
968,523
Yokogawa
Electric
Corp.
9,200
284,980
6,899,770
Entertainment
0
.5
%
Capcom
Co.
Ltd.(a)
13,600
288,385
Konami
Group
Corp.(a)
3,900
485,238
Nexon
Co.
Ltd.
14,300
269,526
Nintendo
Co.
Ltd.(a)
43,000
2,453,617
Toho
Co.
Ltd.(a)
22,500
237,347
3,734,113
Financial
Services
0
.2
%
Mitsubishi
HC
Capital,
Inc.(a)
35,600
318,063
ORIX
Corp.
44,700
1,339,211
76
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Index
Fund
Common
Stocks
Shares
Value
($)
JAPAN
Financial
Services
Sony
Financial
Group,
Inc.(a)
215,300
196,135
1,853,409
Food
Products
0
.2
%
Ajinomoto
Co.,
Inc.
35,200
986,959
Kikkoman
Corp.(a)
28,100
256,149
1,243,108
Gas
Utilities
0
.1
%
Osaka
Gas
Co.
Ltd.
13,800
559,616
Tokyo
Gas
Co.
Ltd.
12,100
571,325
1,130,941
Ground
Transportation
0
.3
%
Central
Japan
Railway
Co.
29,700
769,083
East
Japan
Railway
Co.
37,128
847,341
Hankyu
Hanshin
Holdings,
Inc.(a)
10,000
289,082
Seibu
Holdings,
Inc.(a)
7,700
215,015
Tokyu
Corp.(a)
17,500
206,707
West
Japan
Railway
Co.(a)
16,700
331,697
2,658,925
Health
Care
Equipment
&
Supplies
0
.4
%
Hoya
Corp.
13,200
2,276,947
Olympus
Corp.(a)
42,800
407,473
Sysmex
Corp.(a)
17,700
154,306
Terumo
Corp.
51,800
693,585
3,532,311
Health
Care
Technology
0
.0
%
†
M3,
Inc.*(a)
15,500
158,240
Hotels,
Restaurants
&
Leisure
0
.1
%
Oriental
Land
Co.
Ltd.(a)
41,500
706,488
Zensho
Holdings
Co.
Ltd.(a)
3,400
197,219
903,707
Household
Durables
0
.9
%
Panasonic
Holdings
Corp.
92,000
1,527,585
Sekisui
House
Ltd.
22,900
511,221
Sony
Group
Corp.
239,200
4,933,822
6,972,628
Household
Products
0
.0
%
†
Unicharm
Corp.
46,100
268,450
Industrial
Conglomerates
0
.7
%
Hikari
Tsushin,
Inc.
800
202,531
Hitachi
Ltd.
178,200
5,208,006
Sekisui
Chemical
Co.
Ltd.(a)
13,200
220,071
5,630,608
Insurance
1
.1
%
Daiichi
Life
Group,
Inc.
135,000
1,233,640
Japan
Post
Holdings
Co.
Ltd.
68,500
785,876
Japan
Post
Insurance
Co.
Ltd.(a)
23,700
239,435
MS&AD
Insurance
Group
Holdings,
Inc.
51,023
1,335,245
Sompo
Holdings,
Inc.
35,150
1,373,427
T&D
Holdings,
Inc.(a)
18,300
465,116
Tokio
Marine
Holdings,
Inc.
71,700
3,348,232
8,780,971
Interactive
Media
&
Services
0
.0
%
†
LY
Corp.(a)
112,100
271,691
IT
Services
0
.5
%
Fujitsu
Ltd.
67,600
1,373,806
NEC
Corp.
51,200
1,275,578
Common
Stocks
Shares
Value
($)
JAPAN
IT
Services
Nomura
Research
Institute
Ltd.(a)
14,515
402,175
Obic
Co.
Ltd.(a)
12,700
309,481
Otsuka
Corp.(a)
8,000
153,420
TIS,
Inc.(a)
8,800
189,889
3,704,349
Leisure
Products
0
.1
%
Bandai
Namco
Holdings,
Inc.
23,400
577,991
Shimano,
Inc.
3,000
314,375
892,366
Machinery
1
.3
%
Daifuku
Co.
Ltd.(a)
12,400
433,221
Ebara
Corp.(a)
18,200
512,831
FANUC
Corp.
37,000
1,288,687
IHI
Corp.
39,800
813,426
Kawasaki
Heavy
Industries
Ltd.(a)
29,500
559,735
Komatsu
Ltd.
37,500
1,472,060
Kubota
Corp.
37,600
593,292
Makita
Corp.
9,100
295,559
MINEBEA
MITSUMI,
Inc.(a)
14,600
239,495
Mitsubishi
Heavy
Industries
Ltd.
124,500
3,396,279
SMC
Corp.
2,200
860,508
Toyota
Industries
Corp.*(a)
1,320
169,828
10,634,921
Marine
Transportation
0
.2
%
Kawasaki
Kisen
Kaisha
Ltd.
(a)
14,700
247,479
Mitsui
OSK
Lines
Ltd.(a)
13,500
558,752
Nippon
Yusen
KK(a)
16,000
587,236
1,393,467
Metals
&
Mining
0
.3
%
JFE
Holdings,
Inc.(a)
23,300
271,405
JX
Advanced
Metals
Corp.(a)
22,100
480,373
Nippon
Steel
Corp.(a)
187,820
689,999
Sumitomo
Metal
Mining
Co.
Ltd.
9,700
562,344
2,004,121
Office
REITs
0
.0
%
†
Nippon
Building
Fund,
Inc.
315
264,400
Oil,
Gas
&
Consumable
Fuels
0
.3
%
ENEOS
Holdings,
Inc.
105,239
939,140
Idemitsu
Kosan
Co.
Ltd.
31,780
308,954
Inpex
Corp.
33,900
994,688
2,242,782
Passenger
Airlines
0
.0
%
†
ANA
Holdings,
Inc.
5,600
99,569
Japan
Airlines
Co.
Ltd.(a)
6,386
103,901
203,470
Personal
Care
Products
0
.1
%
Kao
Corp.(a)
18,200
711,168
Shiseido
Co.
Ltd.(a)
16,500
338,409
1,049,577
Pharmaceuticals
1
.0
%
Astellas
Pharma,
Inc.(a)
69,700
1,137,991
Chugai
Pharmaceutical
Co.
Ltd.
26,500
1,466,201
Daiichi
Sankyo
Co.
Ltd.
69,100
1,218,266
Eisai
Co.
Ltd.(a)
10,600
329,418
NVIT
International
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
77
Common
Stocks
Shares
Value
($)
JAPAN
Pharmaceuticals
Kyowa
Kirin
Co.
Ltd.
8,300
137,105
Otsuka
Holdings
Co.
Ltd.
16,700
1,178,796
Shionogi
&
Co.
Ltd.
30,600
680,821
Takeda
Pharmaceutical
Co.
Ltd.(a)
62,349
2,300,108
8,448,706
Professional
Services
0
.3
%
Recruit
Holdings
Co.
Ltd.
54,900
2,375,024
Real
Estate
Management
&
Development
0
.5
%
Daito
Trust
Construction
Co.
Ltd.(a)
12,200
284,145
Daiwa
House
Industry
Co.
Ltd.(a)
21,500
672,081
Hulic
Co.
Ltd.
16,200
188,585
Mitsubishi
Estate
Co.
Ltd.
40,800
1,128,990
Mitsui
Fudosan
Co.
Ltd.
104,200
1,102,911
Sumitomo
Realty
&
Development
Co.
Ltd.
23,400
657,885
4,034,597
Semiconductors
&
Semiconductor
Equipment
1
.6
%
Advantest
Corp.
30,000
4,058,870
Disco
Corp.
3,600
1,442,508
Kioxia
Holdings
Corp.*
7,400
940,733
Lasertec
Corp.
3,200
705,566
Renesas
Electronics
Corp.
68,300
969,896
SCREEN
Holdings
Co.
Ltd.
(a)
6,600
388,869
Tokyo
Electron
Ltd.
17,500
4,279,662
12,786,104
Software
0
.0
%
†
Oracle
Corp.
Japan(a)
1,700
93,109
Specialty
Retail
0
.4
%
Fast
Retailing
Co.
Ltd.
7,600
3,024,894
Nitori
Holdings
Co.
Ltd.(a)
16,100
255,708
Sanrio
Co.
Ltd.(a)
31,500
194,379
ZOZO,
Inc.(a)
15,600
109,104
3,584,085
Technology
Hardware,
Storage
&
Peripherals
0
.2
%
Canon,
Inc.(a)
33,300
927,392
FUJIFILM
Holdings
Corp.
43,000
817,242
1,744,634
Textiles,
Apparel
&
Luxury
Goods
0
.1
%
Asics
Corp.
26,800
712,646
Tobacco
0
.2
%
Japan
Tobacco,
Inc.
47,100
1,807,249
Trading
Companies
&
Distributors
1
.9
%
ITOCHU
Corp.
231,600
2,943,732
Marubeni
Corp.
55,400
2,037,124
Mitsubishi
Corp.(a)
125,900
4,323,558
Mitsui
&
Co.
Ltd.
96,600
3,719,127
MonotaRO
Co.
Ltd.(a)
8,800
94,602
Sumitomo
Corp.
43,000
1,600,417
Toyota
Tsusho
Corp.(a)
26,600
1,040,882
15,759,442
Wireless
Telecommunication
Services
0
.9
%
KDDI
Corp.(a)
115,100
1,971,076
SoftBank
Corp.(a)
1,132,500
1,511,371
Common
Stocks
Shares
Value
($)
JAPAN
Wireless
Telecommunication
Services
SoftBank
Group
Corp.
145,200
3,489,756
6,972,203
182,521,598
LUXEMBOURG
0
.2
%
Capital
Markets
0
.0
%
†
CVC
Capital
Partners
plc
Reg.
S(a)(b)
7,529
98,707
Life
Sciences
Tools
&
Services
0
.1
%
Eurofins
Scientific
SE
4,734
346,207
Metals
&
Mining
0
.1
%
ArcelorMittal
SA
16,488
859,050
1,303,964
MACAU
0
.1
%
Hotels,
Restaurants
&
Leisure
0
.1
%
Galaxy
Entertainment
Group
Ltd.
77,000
347,135
Sands
China
Ltd.
98,700
209,775
556,910
MEXICO
0
.0
%
†
Metals
&
Mining
0
.0
%
†
Fresnillo
plc
8,754
387,798
NETHERLANDS
4
.7
%
Banks
0
.5
%
ABN
AMRO
Bank
NV,
CVA
Reg.
S(b)
22,400
716,467
ING
Groep
NV
114,522
2,992,378
3,708,845
Beverages
0
.1
%
Heineken
Holding
NV
5,093
364,293
Heineken
NV
11,555
889,196
1,253,489
Biotechnology
0
.2
%
Argenx
SE*
2,392
1,742,837
Capital
Markets
0
.1
%
Euronext
NV
Reg.
S(b)
3,014
484,949
Chemicals
0
.0
%
†
Akzo
Nobel
NV(a)
6,572
377,135
Consumer
Staples
Distribution
&
Retail
0
.2
%
Koninklijke
Ahold
Delhaize
NV
34,975
1,632,766
Diversified
Telecommunication
Services
0
.1
%
Koninklijke
KPN
NV
149,383
830,857
Entertainment
0
.1
%
Universal
Music
Group
NV
43,712
847,583
Financial
Services
0
.2
%
Adyen
NV
Reg.
S*(b)
1,009
1,009,654
EXOR
NV
3,731
285,951
1,295,605
Food
Products
0
.1
%
JDE
Peet's
NV(a)
5,992
220,619
Magnum
Ice
Cream
Co.
NV
(The)*
18,054
265,010
485,629
Health
Care
Equipment
&
Supplies
0
.1
%
Koninklijke
Philips
NV
29,590
810,461
78
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Index
Fund
Common
Stocks
Shares
Value
($)
NETHERLANDS
Insurance
0
.1
%
ASR
Nederland
NV
6,090
419,552
NN
Group
NV
10,333
808,261
1,227,813
Professional
Services
0
.1
%
Randstad
NV(a)
3,806
99,991
Wolters
Kluwer
NV
9,476
708,901
808,892
Semiconductors
&
Semiconductor
Equipment
2
.7
%
ASM
International
NV
1,850
1,409,196
ASML
Holding
NV
15,171
20,080,895
BE
Semiconductor
Industries
NV
2,812
593,298
22,083,389
Software
0
.1
%
Nebius
Group
NV,
Class
A*(a)
8,254
856,435
38,446,685
NEW
ZEALAND
0
.2
%
Electric
Utilities
0
.0
%
†
Contact
Energy
Ltd.
37,150
198,299
Financial
Services
0
.0
%
†
Infratil
Ltd.
37,819
254,631
Health
Care
Equipment
&
Supplies
0
.1
%
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
23,946
518,696
Independent
Power
and
Renewable
Electricity
Producers
0
.0
%
†
Meridian
Energy
Ltd.
45,861
146,582
Software
0
.1
%
Xero
Ltd.*
6,355
339,932
Transportation
Infrastructure
0
.0
%
†
Auckland
International
Airport
Ltd.
67,465
309,455
1,767,595
NIGERIA
0
.0
%
†
Wireless
Telecommunication
Services
0
.0
%
†
Airtel
Africa
plc
Reg.
S(b)
35,277
162,742
NORWAY
0
.7
%
Aerospace
&
Defense
0
.1
%
Kongsberg
Gruppen
ASA
16,964
726,368
Banks
0
.1
%
DNB
Bank
ASA
35,459
1,105,875
Diversified
Telecommunication
Services
0
.1
%
Telenor
ASA
24,325
428,424
Food
Products
0
.1
%
Mowi
ASA
17,912
406,864
Orkla
ASA
28,188
354,510
Salmar
ASA
2,345
136,981
898,355
Insurance
0
.0
%
†
Gjensidige
Forsikring
ASA
7,014
183,099
Metals
&
Mining
0
.1
%
Norsk
Hydro
ASA
53,620
568,553
Oil,
Gas
&
Consumable
Fuels
0
.2
%
Aker
BP
ASA
12,656
464,637
Common
Stocks
Shares
Value
($)
NORWAY
Oil,
Gas
&
Consumable
Fuels
Equinor
ASA
30,036
1,271,307
1,735,944
5,646,618
POLAND
0
.0
%
†
Air
Freight
&
Logistics
0
.0
%
†
InPost
SA*(a)
8,580
150,624
PORTUGAL
0
.2
%
Banks
0
.0
%
†
Banco
Comercial
Portugues
SA,
Class
R
278,371
272,892
Consumer
Staples
Distribution
&
Retail
0
.0
%
†
Jeronimo
Martins
SGPS
SA
11,521
276,377
Electric
Utilities
0
.1
%
EDP
SA
120,746
639,270
Oil,
Gas
&
Consumable
Fuels
0
.1
%
Galp
Energia
SGPS
SA
16,653
404,860
1,593,399
SINGAPORE
1
.7
%
Aerospace
&
Defense
0
.1
%
Singapore
Technologies
Engineering
Ltd.
61,400
523,292
Banks
0
.9
%
DBS
Group
Holdings
Ltd.
81,700
3,630,204
Oversea-Chinese
Banking
Corp.
Ltd.
130,000
2,238,987
United
Overseas
Bank
Ltd.
48,100
1,383,433
7,252,624
Broadline
Retail
0
.2
%
Sea
Ltd.,
ADR*
15,812
1,309,392
Capital
Markets
0
.1
%
Singapore
Exchange
Ltd.
35,700
547,776
Diversified
REITs
0
.1
%
CapitaLand
Integrated
Commercial
Trust
246,286
442,326
Diversified
Telecommunication
Services
0
.1
%
Singapore
Telecommunications
Ltd.
294,650
1,140,635
Ground
Transportation
0
.0
%
†
Grab
Holdings
Ltd.,
Class
A*
90,863
332,558
Industrial
Conglomerates
0
.1
%
Keppel
Ltd.
56,100
520,645
Industrial
REITs
0
.0
%
†
CapitaLand
Ascendas
REIT
154,407
298,334
Multi-Utilities
0
.0
%
†
Sembcorp
Industries
Ltd.
39,900
207,213
Passenger
Airlines
0
.0
%
†
Singapore
Airlines
Ltd.
60,514
313,133
Real
Estate
Management
&
Development
0
.0
%
†
CapitaLand
Investment
Ltd.
84,197
179,473
Semiconductors
&
Semiconductor
Equipment
0
.1
%
STMicroelectronics
NV(a)
26,008
892,823
13,960,224
NVIT
International
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
79
Common
Stocks
Shares
Value
($)
SOUTH
AFRICA
0
.2
%
Metals
&
Mining
0
.2
%
Anglo
American
plc
43,887
1,864,527
SOUTH
KOREA
0
.0
%
†
Hotels,
Restaurants
&
Leisure
0
.0
%
†
Delivery
Hero
SE
Reg.
S*(a)
(b)
6,739
120,261
SPAIN
3
.7
%
Banks
1
.8
%
Banco
Bilbao
Vizcaya
Argentaria
SA(a)
222,483
4,855,985
Banco
de
Sabadell
SA(a)
204,186
734,111
Banco
Santander
SA
575,441
6,511,299
Bankinter
SA(a)
26,155
411,747
CaixaBank
SA
151,691
1,820,048
14,333,190
Biotechnology
0
.0
%
†
Grifols
SA(a)
10,461
109,871
Construction
&
Engineering
0
.1
%
ACS
Actividades
de
Construccion
y
Servicios
SA(a)
6,816
843,429
Diversified
Telecommunication
Services
0
.2
%
Cellnex
Telecom
SA
Reg.
S(b)
18,996
616,752
Telefonica
SA(a)
141,573
626,013
1,242,765
Electric
Utilities
0
.8
%
Acciona
SA(a)
1,055
278,423
Endesa
SA
12,236
515,998
Iberdrola
SA(a)
252,001
5,784,865
Redeia
Corp.
SA(a)
14,231
240,832
6,820,118
Gas
Utilities
0
.1
%
Naturgy
Energy
Group
SA(a)
10,753
322,843
Hotels,
Restaurants
&
Leisure
0
.1
%
Amadeus
IT
Group
SA
17,878
1,016,279
Independent
Power
and
Renewable
Electricity
Producers
0
.0
%
†
EDP
Renovaveis
SA(a)
11,058
176,941
Insurance
0
.0
%
†
Mapfre
SA
34,050
152,422
IT
Services
0
.0
%
†
Indra
Sistemas
SA(a)
3,075
169,443
Oil,
Gas
&
Consumable
Fuels
0
.2
%
Repsol
SA
43,343
1,217,770
Specialty
Retail
0
.3
%
Industria
de
Diseno
Textil
SA
42,725
2,456,517
Transportation
Infrastructure
0
.1
%
Aena
SME
SA
Reg.
S(b)
30,132
897,188
29,758,776
SWEDEN
3
.2
%
Aerospace
&
Defense
0
.1
%
Saab
AB,
Class
B(a)
12,304
807,118
Banks
0
.4
%
Skandinaviska
Enskilda
Banken
AB,
Class
A(a)
60,211
1,106,232
Common
Stocks
Shares
Value
($)
SWEDEN
Banks
Svenska
Handelsbanken
AB,
Class
A(a)
59,129
772,061
Swedbank
AB,
Class
A(a)
33,363
1,132,745
3,011,038
Biotechnology
0
.0
%
†
Swedish
Orphan
Biovitrum
AB*
7,961
332,837
Building
Products
0
.2
%
Assa
Abloy
AB,
Class
B
39,108
1,402,428
Nibe
Industrier
AB,
Class
B(a)
53,147
221,556
1,623,984
Capital
Markets
0
.1
%
EQT
AB(a)
19,276
591,937
Commercial
Services
&
Supplies
0
.0
%
†
Securitas
AB,
Class
B
19,771
332,360
Communications
Equipment
0
.2
%
Telefonaktiebolaget
LM
Ericsson,
Class
B(a)
107,502
1,217,690
Construction
&
Engineering
0
.0
%
†
Skanska
AB,
Class
B(a)
13,474
363,392
Diversified
Telecommunication
Services
0
.1
%
Telia
Co.
AB(a)
92,725
474,153
Electronic
Equipment,
Instruments
&
Components
0
.1
%
Hexagon
AB,
Class
B(a)
80,057
778,944
Financial
Services
0
.4
%
Industrivarden
AB,
Class
A
4,157
206,866
Industrivarden
AB,
Class
C(a)
6,299
313,717
Investor
AB,
Class
B(a)
71,340
2,700,553
L
E
Lundbergforetagen
AB,
Class
B
2,665
152,216
3,373,352
Hotels,
Restaurants
&
Leisure
0
.0
%
†
Evolution
AB
Reg.
S(b)
5,297
330,355
Household
Products
0
.1
%
Essity
AB,
Class
B(a)
23,157
596,945
Industrial
Conglomerates
0
.1
%
Investment
AB
Latour,
Class
B
5,051
108,509
Lifco
AB,
Class
B(a)
9,203
276,896
385,405
Machinery
1
.1
%
Alfa
Laval
AB
11,114
606,423
Atlas
Copco
AB,
Class
A
105,483
1,855,337
Atlas
Copco
AB,
Class
B
62,551
971,883
Epiroc
AB,
Class
A
25,314
621,502
Epiroc
AB,
Class
B(a)
15,505
333,445
Indutrade
AB(a)
11,303
261,394
Sandvik
AB
41,971
1,603,934
SKF
AB,
Class
B
13,398
320,001
Trelleborg
AB,
Class
B
8,029
299,171
Volvo
AB,
Class
B(a)
61,569
2,008,681
8,881,771
Metals
&
Mining
0
.1
%
Boliden
AB*
11,502
610,539
80
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Index
Fund
Common
Stocks
Shares
Value
($)
SWEDEN
Paper
&
Forest
Products
0
.0
%
†
Holmen
AB,
Class
B(a)
2,679
95,895
Svenska
Cellulosa
AB
SCA,
Class
B(a)
24,320
281,496
377,391
Real
Estate
Management
&
Development
0
.0
%
†
Fastighets
AB
Balder,
Class
B*(a)
25,180
148,090
Sagax
AB,
Class
B(a)
7,707
143,652
291,742
Specialty
Retail
0
.0
%
†
H
&
M
Hennes
&
Mauritz
AB,
Class
B(a)
19,539
364,275
Trading
Companies
&
Distributors
0
.1
%
AddTech
AB,
Class
B
10,272
349,025
Beijer
Ref
AB,
Class
B
15,675
215,421
564,446
Wireless
Telecommunication
Services
0
.1
%
Tele2
AB,
Class
B
21,721
446,503
25,756,177
SWITZERLAND
4
.6
%
Banks
0
.0
%
†
Banque
Cantonale
Vaudoise
(Registered)(a)
1,056
171,080
Building
Products
0
.1
%
Belimo
Holding
AG
(Registered)(a)
384
310,376
Geberit
AG
(Registered)(a)
1,303
881,717
1,192,093
Capital
Markets
0
.8
%
Julius
Baer
Group
Ltd.
8,417
620,237
Partners
Group
Holding
AG(a)
892
958,333
UBS
Group
AG
(Registered)
124,395
4,838,220
6,416,790
Chemicals
0
.3
%
DSM-Firmenich
AG
6,908
493,374
EMS-Chemie
Holding
AG
(Registered)
246
192,092
Givaudan
SA
(Registered)
355
1,200,720
Sika
AG
(Registered)
5,856
973,907
2,860,093
Diversified
Telecommunication
Services
0
.1
%
Swisscom
AG
(Registered)
(a)
1,012
844,776
Electric
Utilities
0
.0
%
†
BKW
AG
741
145,949
Electrical
Equipment
0
.6
%
ABB
Ltd.
(Registered)
61,331
4,988,215
Food
Products
0
.2
%
Barry
Callebaut
AG
(Registered)(a)
149
261,247
Chocoladefabriken
Lindt
&
Spruengli
AG
39
547,620
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
5
711,110
1,519,977
Common
Stocks
Shares
Value
($)
SWITZERLAND
Health
Care
Equipment
&
Supplies
0
.1
%
Sonova
Holding
AG
(Registered)
1,947
441,333
Straumann
Holding
AG
(Registered)(a)
4,288
447,330
888,663
Insurance
0
.8
%
Helvetia
Baloise
Holding
AG(a)
3,067
792,236
Swiss
Life
Holding
AG
(Registered)(a)
1,134
1,242,936
Zurich
Insurance
Group
AG
5,738
4,091,197
6,126,369
Life
Sciences
Tools
&
Services
0
.2
%
Lonza
Group
AG
(Registered)
2,761
1,766,458
Machinery
0
.2
%
Schindler
Holding
AG(a)
1,564
515,058
Schindler
Holding
AG
(Registered)
945
297,224
VAT
Group
AG
Reg.
S(b)
1,037
639,715
1,451,997
Marine
Transportation
0
.1
%
Kuehne
+
Nagel
International
AG
(Registered)(a)
1,894
432,696
Pharmaceuticals
0
.3
%
Galderma
Group
AG
7,096
1,375,633
Sandoz
Group
AG
16,056
1,259,407
2,635,040
Professional
Services
0
.1
%
SGS
SA
(Registered)
6,360
673,154
Real
Estate
Management
&
Development
0
.1
%
Swiss
Prime
Site
AG
(Registered)
3,082
522,170
Specialty
Retail
0
.0
%
†
Avolta
AG
3,083
184,935
Technology
Hardware,
Storage
&
Peripherals
0
.1
%
Logitech
International
SA
(Registered)
5,983
546,659
Textiles,
Apparel
&
Luxury
Goods
0
.5
%
Cie
Financiere
Richemont
SA
(Registered)
21,041
3,749,356
Swatch
Group
AG
(The)(a)
1,189
264,313
4,013,669
37,380,783
UNITED
ARAB
EMIRATES
0
.0
%
†
Health
Care
Providers
&
Services
0
.0
%
†
NMC
Health
plc*^∞
11,719
0
UNITED
KINGDOM
10
.5
%
Aerospace
&
Defense
1
.1
%
BAE
Systems
plc
116,870
3,401,967
Melrose
Industries
plc
49,467
333,207
Rolls-Royce
Holdings
plc
329,518
5,032,052
8,767,226
Banks
2
.5
%
Barclays
plc
537,764
2,833,720
HSBC
Holdings
plc
671,289
10,984,452
Lloyds
Banking
Group
plc
2,274,375
2,811,025
NVIT
International
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
81
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Banks
NatWest
Group
plc
308,684
2,290,451
Standard
Chartered
plc
74,776
1,552,936
20,472,584
Beverages
0
.3
%
Coca-Cola
Europacific
Partners
plc
8,080
732,614
Diageo
plc
86,374
1,604,855
2,337,469
Broadline
Retail
0
.1
%
Next
plc
4,706
793,611
Capital
Markets
0
.4
%
3i
Group
plc
38,647
1,266,346
London
Stock
Exchange
Group
plc
18,081
2,136,919
Schroders
plc
30,842
235,167
3,638,432
Commercial
Services
&
Supplies
0
.1
%
Rentokil
Initial
plc
97,031
603,303
Verisure
plc*(a)
9,999
103,507
706,810
Consumer
Staples
Distribution
&
Retail
0
.3
%
J
Sainsbury
plc
69,501
312,104
Marks
&
Spencer
Group
plc
79,110
355,301
Tesco
plc
249,727
1,574,612
2,242,017
Diversified
Consumer
Services
0
.0
%
†
Pearson
plc
23,690
310,862
Diversified
REITs
0
.0
%
†
Land
Securities
Group
plc
25,257
187,413
Diversified
Telecommunication
Services
0
.1
%
BT
Group
plc
229,726
643,917
Electric
Utilities
0
.2
%
SSE
plc
47,485
1,639,374
Electronic
Equipment,
Instruments
&
Components
0
.1
%
Halma
plc
14,583
740,881
Financial
Services
0
.1
%
M&G
plc
90,785
329,979
Wise
plc,
Class
A*
26,588
319,116
649,095
Food
Products
0
.0
%
†
Associated
British
Foods
plc
12,720
318,357
Health
Care
Equipment
&
Supplies
0
.1
%
Smith
&
Nephew
plc
31,770
501,857
Hotels,
Restaurants
&
Leisure
0
.3
%
Compass
Group
plc
65,896
1,830,836
Entain
plc
25,180
190,139
Whitbread
plc
6,134
186,440
2,207,415
Household
Durables
0
.0
%
†
Barratt
Redrow
plc
55,712
194,876
Household
Products
0
.2
%
Reckitt
Benckiser
Group
plc
25,464
1,728,054
Industrial
Conglomerates
0
.1
%
CK
Hutchison
Holdings
Ltd.
105,016
807,090
Smiths
Group
plc
12,782
389,313
1,196,403
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Industrial
REITs
0
.1
%
Segro
plc
49,391
429,520
Insurance
0
.3
%
Admiral
Group
plc
10,052
424,064
Aviva
plc
118,274
942,113
Legal
&
General
Group
plc
218,852
721,309
Standard
Life
plc
29,038
262,596
2,350,082
Interactive
Media
&
Services
0
.0
%
†
Autotrader
Group
plc
Reg.
S(b)
30,593
191,369
Machinery
0
.0
%
†
Spirax
Group
plc
3,006
269,031
Media
0
.1
%
Informa
plc
49,717
495,635
Multi-Utilities
0
.5
%
Centrica
plc
185,266
524,046
National
Grid
plc
195,612
3,297,811
3,821,857
Passenger
Airlines
0
.0
%
†
International
Consolidated
Airlines
Group
SA
43,805
209,357
Personal
Care
Products
0
.6
%
Unilever
plc
84,809
4,754,962
Pharmaceuticals
1
.5
%
AstraZeneca
plc
60,617
11,839,593
Professional
Services
0
.3
%
Intertek
Group
plc
6,132
298,977
RELX
plc
71,286
2,350,242
2,649,219
Software
0
.1
%
Sage
Group
plc
(The)
37,007
413,320
Specialty
Retail
0
.0
%
†
JD
Sports
Fashion
plc
88,961
83,529
Kingfisher
plc
70,780
268,771
352,300
Tobacco
0
.8
%
British
American
Tobacco
plc
85,138
4,959,347
Imperial
Brands
plc
29,398
1,196,482
6,155,829
Trading
Companies
&
Distributors
0
.0
%
†
Bunzl
plc
12,884
386,002
Water
Utilities
0
.1
%
Severn
Trent
plc
10,584
434,591
United
Utilities
Group
plc
26,085
456,028
890,619
Wireless
Telecommunication
Services
0
.1
%
Vodafone
Group
plc
735,648
1,115,438
85,600,786
UNITED
STATES
9
.7
%
Automobiles
0
.1
%
Stellantis
NV(a)
77,453
551,864
Construction
&
Engineering
0
.2
%
Ferrovial
SE
20,368
1,324,295
Construction
Materials
0
.2
%
Buzzi
SpA
2,839
143,204
82
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Index
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
Construction
Materials
Holcim
AG
20,049
1,663,727
1,806,931
Electrical
Equipment
0
.7
%
Schneider
Electric
SE
21,323
5,856,789
Energy
Equipment
&
Services
0
.1
%
Tenaris
SA(a)
15,083
440,567
Entertainment
0
.4
%
Spotify
Technology
SA*
6,173
2,993,350
Food
Products
1
.2
%
Nestle
SA
(Registered)
100,703
9,988,624
Health
Care
Equipment
&
Supplies
0
.2
%
Alcon
AG
19,512
1,463,808
Hotels,
Restaurants
&
Leisure
0
.1
%
InterContinental
Hotels
Group
plc
5,561
732,394
Insurance
0
.3
%
Aegon
Ltd.
51,471
375,270
Swiss
Re
AG(a)
11,476
1,916,388
2,291,658
Life
Sciences
Tools
&
Services
0
.0
%
†
QIAGEN
NV(a)
8,049
322,424
Marine
Transportation
0
.1
%
AP
Moller
-
Maersk
A/S,
Class
A
121
293,931
AP
Moller
-
Maersk
A/S,
Class
B
156
386,607
680,538
Oil,
Gas
&
Consumable
Fuels
1
.9
%
BP
plc
616,465
4,859,337
Shell
plc
222,761
10,402,228
15,261,565
Pharmaceuticals
4
.0
%
GSK
plc
159,420
4,372,071
Haleon
plc
350,136
1,733,148
Novartis
AG
(Registered)
74,307
11,281,998
Roche
Holding
AG
27,459
10,842,621
Roche
Holding
AG
1,229
509,078
Sanofi
SA
42,895
4,137,471
32,876,387
Professional
Services
0
.1
%
Experian
plc
35,296
1,226,839
Software
0
.0
%
†
Monday.com
Ltd.*
1,684
116,381
Trading
Companies
&
Distributors
0
.1
%
Sunbelt
Rentals
Holdings,
Inc.
16,198
1,034,377
78,968,791
Total
Common
Stocks
(cost
$370,204,979)
796,338,316
Rights
0
.0
%
†
Number
of
Rights
Value
($)
ITALY
0
.0
%
†
Diversified
Telecommunication
Services
0
.0
%
†
Telecom
Italia
SpA,
expiring
4/1/2026*∞
696,023
7
SINGAPORE
0
.0
%
†
Industrial
REITs
0
.0
%
†
CapitaLand
Ascendas
REIT,
expiring
4/15/2026*∞
4,323
403
Total
Rights
(cost
$0)
410
Repurchase
Agreements
4
.6
%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,500,254,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$2,550,000.(c)
2,500,000
2,500,000
BNP
Paribas
Securities
Corp.,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$7,000,710,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
4.88%,
maturing
4/30/2026
-
11/15/2052;
total
market
value
$7,140,001.(c)
7,000,000
7,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$12,001,227,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$12,240,000.(c)
12,000,000
12,000,000
NVIT
International
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
83
Repurchase
Agreements
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,290,658,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$2,336,471.(c)
2,290,426
2,290,426
MetLife,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,000,203,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$2,041,024.(c)
2,000,000
2,000,000
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$12,001,213,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$12,240,001.(c)
12,000,000
12,000,000
Total
Repurchase
Agreements
(cost
$37,790,426)
37,790,426
Total
Investments
(cost
$407,995,405)
—
102.3%
834,129,152
Liabilities
in
excess
of
other
assets
—
(2.3)%
(
18,813,151
)
NET
ASSETS
—
100.0%
$
815,316,001
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$75,050,547,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$37,790,426
and
by
$40,550,311
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$78,340,737.
(b)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$8,643,187
which
represents
1.06%
of
net
assets.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$37,790,426.
ADR
American
Depositary
Receipt
CVA
Dutch
Certification
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
84
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Index
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
EURO
STOXX
50
Index
58
6/2026
EUR
3,683,810
(47,551)
FTSE
100
Index
18
6/2026
GBP
2,429,891
14,585
Nikkei
225
Index
10
6/2026
JPY
1,617,151
(53,824)
SPI
200
Index
9
6/2026
AUD
1,321,548
(9,504)
Net
contracts
(96,294)
Currency:
AUD
Australian
Dollar
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
NVIT
International
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
85
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
86
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Index
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
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
$
–
$
27,280,553
$
–
$
27,280,553
Air
Freight
&
Logistics
–
3,899,459
–
3,899,459
Automobile
Components
–
4,760,601
–
4,760,601
Automobiles
–
17,275,141
–
17,275,141
Banks
–
117,243,773
–
117,243,773
Beverages
732,614
8,480,734
–
9,213,348
Biotechnology
–
4,700,871
–
4,700,871
Broadline
Retail
1,309,392
6,517,158
–
7,826,550
Building
Products
–
6,388,116
–
6,388,116
Capital
Markets
298,684
22,965,666
–
23,264,350
Chemicals
–
17,020,782
–
17,020,782
Commercial
Services
&
Supplies
–
3,007,918
–
3,007,918
Communications
Equipment
–
2,881,246
–
2,881,246
Construction
&
Engineering
–
8,722,161
–
8,722,161
Construction
Materials
–
2,865,559
–
2,865,559
Consumer
Staples
Distribution
&
Retail
–
9,271,287
–
9,271,287
Distributors
–
139,212
–
139,212
Diversified
Consumer
Services
–
310,862
–
310,862
Diversified
REITs
–
1,022,171
–
1,022,171
Diversified
Telecommunication
Services
–
15,170,006
–
15,170,006
Electric
Utilities
–
17,310,325
–
17,310,325
Electrical
Equipment
–
24,724,246
–
24,724,246
Electronic
Equipment,
Instruments
&
Components
–
8,419,595
–
8,419,595
Energy
Equipment
&
Services
–
440,567
–
440,567
Entertainment
2,993,350
4,707,176
–
7,700,526
Financial
Services
–
8,812,942
–
8,812,942
Food
Products
265,010
17,517,937
–
17,782,947
Gas
Utilities
–
3,068,632
–
3,068,632
Ground
Transportation
332,559
3,084,355
–
3,416,914
Health
Care
Equipment
&
Supplies
–
11,922,870
–
11,922,870
Health
Care
Providers
&
Services
–
1,843,728
–
1,843,728
Health
Care
Technology
–
342,969
–
342,969
Hotels,
Restaurants
&
Leisure
–
7,440,723
–
7,440,723
Household
Durables
–
7,167,504
–
7,167,504
Household
Products
–
3,360,451
–
3,360,451
Independent
Power
and
Renewable
Electricity
Producers
–
2,488,573
–
2,488,573
Industrial
Conglomerates
–
15,416,262
–
15,416,262
Industrial
REITs
–
2,163,528
–
2,163,528
Insurance
–
46,490,808
–
46,490,808
Interactive
Media
&
Services
–
1,140,633
–
1,140,633
IT
Services
–
4,566,217
–
4,566,217
Leisure
Products
–
892,366
–
892,366
Life
Sciences
Tools
&
Services
–
2,901,861
–
2,901,861
Machinery
–
26,443,037
–
26,443,037
Marine
Transportation
–
2,714,192
–
2,714,192
Media
–
1,222,742
–
1,222,742
Metals
&
Mining
–
26,823,887
–
26,823,887
Multi-Utilities
–
9,163,863
–
9,163,863
Office
REITs
–
392,101
–
392,101
Oil,
Gas
&
Consumable
Fuels
–
33,922,377
–
33,922,377
Paper
&
Forest
Products
–
1,288,456
–
1,288,456
Passenger
Airlines
–
2,029,739
–
2,029,739
Personal
Care
Products
–
9,995,945
–
9,995,945
Pharmaceuticals
1,353,472
65,408,122
–
66,761,594
Professional
Services
–
8,525,357
–
8,525,357
Real
Estate
Management
&
Development
–
8,750,732
–
8,750,732
Retail
REITs
–
2,059,768
–
2,059,768
NVIT
International
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
87
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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:
Semiconductors
&
Semiconductor
Equipment
$
–
$
39,293,752
$
–
$
39,293,752
Software
1,444,078
8,929,914
–
10,373,992
Specialty
Retail
–
7,133,024
–
7,133,024
Technology
Hardware,
Storage
&
Peripherals
–
2,291,293
–
2,291,293
Textiles,
Apparel
&
Luxury
Goods
–
15,181,545
–
15,181,545
Tobacco
–
7,963,078
–
7,963,078
Trading
Companies
&
Distributors
928,983
18,622,397
–
19,551,380
Transportation
Infrastructure
–
2,789,805
–
2,789,805
Water
Utilities
–
890,619
–
890,619
Wireless
Telecommunication
Services
–
8,696,885
–
8,696,885
Total
Common
Stocks
$
9,658,142
$
786,680,174
$
–
$
796,338,316
Futures
Contracts
14,585
–
–
14,585
Repurchase
Agreements
–
37,790,426
–
37,790,426
Rights
–
410
–
410
Total
Assets
$
9,672,727
$
824,471,010
$
–
$
834,143,737
Liabilities:
Futures
Contracts
$
(
110,879
)
$
–
$
–
$
(
110,879
)
Total
Liabilities
$
(
110,879
)
$
–
$
–
$
(
110,879
)
Total
$
9,561,848
$
824,471,010
$
–
$
834,032,858
As
of
March
31,
2026,
the
Fund
held
one
common
stock
investment
that
was
categorized
as
a
Level
3
investment
which
was
valued
at
$0.
88
-
Statement
of
Investments
-
March
31,
2026
(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
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Assets:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
$
14,585
Total
$
14,585
Liabilities:
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
110,879
)
Total
$
(
110,879
)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Mid
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
89
Common
Stocks
97
.3
%
Shares
Value
($)
Aerospace
&
Defense
4
.4
%
AeroVironment,
Inc.*(a)
11,038
2,020,506
ATI,
Inc.*
46,759
6,801,564
BWX
Technologies,
Inc.(a)
31,570
6,455,749
Carpenter
Technology
Corp.
17,125
6,749,819
Curtiss-Wright
Corp.(a)
12,715
8,660,441
Hexcel
Corp.(a)
27,077
2,191,342
Kratos
Defense
&
Security
Solutions,
Inc.*(a)
63,708
4,492,051
Moog,
Inc.,
Class
A
9,209
2,694,922
StandardAero,
Inc.*
66,862
1,727,045
Woodward,
Inc.
20,574
7,363,846
49,157,285
Air
Freight
&
Logistics
0
.2
%
GXO
Logistics,
Inc.*
39,645
2,055,593
Automobile
Components
1
.0
%
Autoliv,
Inc.
23,747
2,497,235
BorgWarner,
Inc.
72,198
3,917,463
Gentex
Corp.
74,513
1,628,109
Goodyear
Tire
&
Rubber
Co.
(The)*(a)
96,371
638,940
Lear
Corp.(a)
17,829
2,158,735
Visteon
Corp.(a)
9,164
834,932
11,675,414
Automobiles
0
.2
%
Harley-Davidson,
Inc.(a)
40,618
821,296
Thor
Industries,
Inc.(a)
18,090
1,445,210
2,266,506
Banks
5
.8
%
Associated
Banc-Corp.
54,876
1,419,093
Bank
OZK
36,036
1,653,692
Columbia
Banking
System,
Inc.
102,971
2,824,495
Commerce
Bancshares,
Inc.
46,797
2,302,412
Cullen/Frost
Bankers,
Inc.
22,249
3,049,893
East
West
Bancorp,
Inc.
47,611
5,082,950
First
Financial
Bankshares,
Inc.
42,119
1,240,405
First
Horizon
Corp.
170,479
3,880,102
Flagstar
Bank
NA
101,723
1,339,692
FNB
Corp.
123,127
2,058,683
Glacier
Bancorp,
Inc.(a)
44,881
2,004,834
Hancock
Whitney
Corp.(a)
28,772
1,829,612
Home
BancShares,
Inc.
63,388
1,707,039
International
Bancshares
Corp.
18,869
1,269,695
Old
National
Bancorp
120,299
2,658,608
Pinnacle
Financial
Partners,
Inc.
51,920
4,472,389
Prosperity
Bancshares,
Inc.
34,690
2,330,474
SOUTHSTATE
BANK
Corp.
34,679
3,208,501
Texas
Capital
Bancshares,
Inc.*
15,211
1,443,220
UMB
Financial
Corp.
24,713
2,787,379
United
Bankshares,
Inc.(a)
48,163
1,994,912
Valley
National
Bancorp
164,875
2,024,665
Webster
Financial
Corp.
56,789
3,942,292
Western
Alliance
Bancorp
36,032
2,552,867
Wintrust
Financial
Corp.
23,476
3,261,756
Zions
Bancorp
NA
50,247
2,895,232
65,234,892
Common
Stocks
Shares
Value
($)
Beverages
0
.6
%
Boston
Beer
Co.,
Inc.
(The),
Class
A*
2,506
577,382
Celsius
Holdings,
Inc.*(a)
55,246
1,960,128
Coca-Cola
Consolidated,
Inc.
19,228
3,686,777
6,224,287
Biotechnology
3
.0
%
Arrowhead
Pharmaceuticals,
Inc.*(a)
48,296
3,028,159
BioMarin
Pharmaceutical,
Inc.*
66,037
3,730,430
Cytokinetics,
Inc.*(a)
42,220
2,782,720
Exelixis,
Inc.*
91,091
3,906,893
Halozyme
Therapeutics,
Inc.*
40,812
2,637,680
Neurocrine
Biosciences,
Inc.*
34,699
4,571,246
Roivant
Sciences
Ltd.*
155,534
4,308,292
United
Therapeutics
Corp.*
14,809
8,781,441
33,746,861
Broadline
Retail
0
.3
%
Macy's,
Inc.
91,407
1,653,553
Ollie's
Bargain
Outlet
Holdings,
Inc.*
20,762
1,910,934
3,564,487
Building
Products
1
.8
%
AAON,
Inc.(a)
23,030
1,905,732
Advanced
Drainage
Systems,
Inc.(a)
24,804
3,401,373
Carlisle
Cos.,
Inc.
14,284
4,765,428
Fortune
Brands
Innovations,
Inc.
42,101
1,640,676
Owens
Corning
28,853
3,122,472
Simpson
Manufacturing
Co.,
Inc.
14,067
2,414,179
Trex
Co.,
Inc.*
36,921
1,344,663
UFP
Industries,
Inc.
20,029
1,845,071
20,439,594
Capital
Markets
2
.6
%
Affiliated
Managers
Group,
Inc.
9,807
2,713,597
Carlyle
Group,
Inc.
(The)(a)
90,748
4,391,296
Evercore,
Inc.,
Class
A
13,530
4,038,840
Federated
Hermes,
Inc.,
Class
B(a)
24,499
1,389,338
Hamilton
Lane,
Inc.,
Class
A
14,225
1,413,965
Houlihan
Lokey,
Inc.,
Class
A
19,109
2,744,435
Janus
Henderson
Group
plc
42,552
2,185,896
Jefferies
Financial
Group,
Inc.
57,856
2,387,717
Morningstar,
Inc.
8,201
1,386,379
SEI
Investments
Co.
32,134
2,521,555
Stifel
Financial
Corp.
53,674
3,967,582
29,140,600
Chemicals
1
.7
%
Ashland,
Inc.
16,665
926,741
Avient
Corp.
30,939
1,123,086
Axalta
Coating
Systems
Ltd.*
73,977
2,049,163
Cabot
Corp.
18,082
1,361,755
NewMarket
Corp.
2,654
1,701,081
Olin
Corp.
40,002
1,189,260
RPM
International,
Inc.
44,611
4,434,333
Scotts
Miracle-Gro
Co.
(The)
(a)
15,838
963,109
90
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Mid
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Chemicals
Solstice
Advanced
Materials,
Inc.
51,938
3,955,598
Westlake
Corp.(a)
11,632
1,358,850
19,062,976
Commercial
Services
&
Supplies
1
.5
%
Brink's
Co.
(The)
14,514
1,504,086
Clean
Harbors,
Inc.*
17,259
4,948,673
MSA
Safety,
Inc.(a)
12,546
2,056,917
RB
Global,
Inc.
64,337
6,166,701
Tetra
Tech,
Inc.
90,311
2,720,167
17,396,544
Construction
&
Engineering
2
.6
%
AECOM
45,076
3,823,346
API
Group
Corp.*
131,551
5,330,447
Dycom
Industries,
Inc.*
10,307
3,492,218
Fluor
Corp.*
55,716
2,599,151
MasTec,
Inc.*
21,067
6,778,097
Sterling
Infrastructure,
Inc.*(a)
10,572
4,305,658
Valmont
Industries,
Inc.
6,711
2,681,514
29,010,431
Construction
Materials
0
.3
%
Eagle
Materials,
Inc.
10,930
2,070,689
Knife
River
Corp.*(a)
18,808
1,535,673
3,606,362
Consumer
Finance
0
.7
%
Ally
Financial,
Inc.
96,653
3,791,697
FirstCash
Holdings,
Inc.(a)
13,352
2,510,176
SLM
Corp.(a)
69,805
1,494,525
7,796,398
Consumer
Staples
Distribution
&
Retail
2
.9
%
Albertsons
Cos.,
Inc.,
Class
A(a)
134,068
2,284,519
BJ's
Wholesale
Club
Holdings,
Inc.*
44,917
4,420,731
Casey's
General
Stores,
Inc.
12,651
9,208,157
Maplebear,
Inc.*(a)
63,162
2,366,048
Performance
Food
Group
Co.*(a)
53,791
4,607,737
Sprouts
Farmers
Market,
Inc.*(a)
33,221
2,562,336
US
Foods
Holding
Corp.*(a)
75,664
6,976,977
32,426,505
Containers
&
Packaging
1
.0
%
AptarGroup,
Inc.
22,617
2,850,194
Crown
Holdings,
Inc.
38,726
3,882,282
Graphic
Packaging
Holding
Co.
100,440
998,374
Greif,
Inc.,
Class
A
9,118
611,544
Silgan
Holdings,
Inc.(a)
29,698
1,152,282
Sonoco
Products
Co.(a)
33,087
1,789,676
11,284,352
Diversified
Consumer
Services
0
.8
%
Duolingo,
Inc.,
Class
A*(a)
13,840
1,364,209
Graham
Holdings
Co.,
Class
B(a)
1,155
1,221,135
Grand
Canyon
Education,
Inc.*
9,089
1,545,402
H&R
Block,
Inc.(a)
42,105
1,336,413
Common
Stocks
Shares
Value
($)
Diversified
Consumer
Services
Service
Corp.
International
48,329
3,987,626
9,454,785
Diversified
REITs
0
.5
%
WP
Carey,
Inc.(a)
76,957
5,229,998
Electric
Utilities
0
.9
%
IDACORP,
Inc.(a)
18,704
2,674,111
OGE
Energy
Corp.
70,898
3,400,268
Portland
General
Electric
Co.
39,682
2,094,019
TXNM
Energy,
Inc.
35,057
2,049,432
10,217,830
Electrical
Equipment
2
.2
%
Acuity,
Inc.(a)
10,560
2,959,123
EnerSys
12,653
2,198,079
Nextpower,
Inc.,
Class
A*(a)
51,081
6,157,815
nVent
Electric
plc
55,604
6,576,841
Regal
Rexnord
Corp.
22,870
4,282,636
Sensata
Technologies
Holding
plc(a)
48,597
1,711,586
Vicor
Corp.*(a)
7,574
1,219,414
25,105,494
Electronic
Equipment,
Instruments
&
Components
3
.8
%
Advanced
Energy
Industries,
Inc.(a)
12,931
4,172,963
Arrow
Electronics,
Inc.*
17,571
2,519,857
Avnet,
Inc.(a)
28,338
1,746,188
Belden,
Inc.
13,216
1,517,593
Cognex
Corp.
56,897
2,787,384
Crane
NXT
Co.(a)
16,566
672,414
Fabrinet*(a)
12,316
6,423,040
Flex
Ltd.*(a)
126,754
8,297,317
IPG
Photonics
Corp.*
8,493
973,213
Littelfuse,
Inc.
8,574
2,909,587
Novanta,
Inc.*
11,900
1,405,509
TD
SYNNEX
Corp.
26,057
4,396,076
TTM
Technologies,
Inc.*(a)
35,604
3,468,542
Vontier
Corp.
48,961
1,736,647
43,026,330
Energy
Equipment
&
Services
1
.5
%
NOV,
Inc.
125,402
2,358,811
TechnipFMC
plc
139,482
9,642,391
Valaris
Ltd.*
21,662
2,123,742
Weatherford
International
plc
25,010
2,365,446
16,490,390
Entertainment
0
.1
%
Warner
Music
Group
Corp.,
Class
A
50,815
1,297,815
Financial
Services
1
.2
%
Equitable
Holdings,
Inc.
99,522
3,693,261
Essent
Group
Ltd.
33,255
1,943,422
Euronet
Worldwide,
Inc.*(a)
13,443
892,212
MGIC
Investment
Corp.
76,913
2,018,966
Shift4
Payments,
Inc.,
Class
A*(a)
23,978
1,048,558
Voya
Financial,
Inc.
33,241
2,271,025
WEX,
Inc.*(a)
11,789
1,804,189
13,671,633
Food
Products
0
.8
%
Darling
Ingredients,
Inc.*
54,249
3,355,301
NVIT
Mid
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
91
Common
Stocks
Shares
Value
($)
Food
Products
Flowers
Foods,
Inc.(a)
73,673
600,435
Ingredion,
Inc.(a)
21,431
2,414,417
Marzetti
Co.
(The)
6,906
955,307
Pilgrim's
Pride
Corp.
14,165
534,870
Post
Holdings,
Inc.*(a)
15,934
1,575,235
9,435,565
Gas
Utilities
1
.2
%
National
Fuel
Gas
Co.
32,134
3,019,311
New
Jersey
Resources
Corp.
34,206
1,878,594
ONE
Gas,
Inc.
20,504
1,766,009
Southwest
Gas
Holdings,
Inc.
22,431
1,949,254
Spire,
Inc.(a)
20,096
1,819,492
UGI
Corp.
74,341
2,707,499
13,140,159
Ground
Transportation
1
.8
%
Avis
Budget
Group,
Inc.*(a)
5,944
866,932
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
56,058
3,227,820
Landstar
System,
Inc.
11,467
1,838,275
Ryder
System,
Inc.
13,892
2,843,831
Saia,
Inc.*(a)
9,193
3,229,317
XPO,
Inc.*(a)
40,351
7,850,287
19,856,462
Health
Care
Equipment
&
Supplies
1
.5
%
Dentsply
Sirona,
Inc.(a)
66,793
774,799
Envista
Holdings
Corp.*
56,632
1,436,754
Globus
Medical,
Inc.,
Class
A*
38,330
3,302,513
Haemonetics
Corp.*
15,569
877,469
Lantheus
Holdings,
Inc.*
22,662
1,718,913
LivaNova
plc*(a)
19,069
1,212,025
Masimo
Corp.*
15,691
2,790,958
Penumbra,
Inc.*
13,543
4,447,115
16,560,546
Health
Care
Providers
&
Services
1
.8
%
Chemed
Corp.
4,917
1,857,347
Encompass
Health
Corp.
35,090
3,394,256
Ensign
Group,
Inc.
(The)(a)
19,822
3,994,133
HealthEquity,
Inc.*
29,258
2,445,091
Hims
&
Hers
Health,
Inc.*(a)
70,118
1,455,650
Option
Care
Health,
Inc.*(a)
54,929
1,478,689
Tenet
Healthcare
Corp.*
30,224
5,703,571
20,328,737
Health
Care
REITs
1
.2
%
American
Healthcare
REIT,
Inc.(a)
61,619
2,905,952
CareTrust
REIT,
Inc.(a)
71,962
2,637,407
Healthcare
Realty
Trust,
Inc.,
Class
A(a)
119,670
2,033,193
Omega
Healthcare
Investors,
Inc.
102,080
4,473,146
Sabra
Health
Care
REIT,
Inc.
(a)
83,671
1,608,994
13,658,692
Health
Care
Technology
0
.1
%
Doximity,
Inc.,
Class
A*
46,753
1,089,345
Hotel
&
Resort
REITs
0
.1
%
Park
Hotels
&
Resorts,
Inc.(a)
69,756
734,531
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
2
.5
%
Aramark
90,015
3,649,208
Boyd
Gaming
Corp.
19,474
1,600,373
Cava
Group,
Inc.*(a)
34,296
2,774,546
Choice
Hotels
International,
Inc.(a)
6,851
709,079
Churchill
Downs,
Inc.
22,970
2,063,395
Dutch
Bros,
Inc.,
Class
A*(a)
43,815
2,219,668
Hilton
Grand
Vacations,
Inc.*(a)
19,623
767,652
Hyatt
Hotels
Corp.,
Class
A(a)
14,159
2,035,923
Planet
Fitness,
Inc.,
Class
A*
28,829
2,144,301
Texas
Roadhouse,
Inc.,
Class
A
22,683
3,745,871
Travel
+
Leisure
Co.
21,891
1,514,638
Vail
Resorts,
Inc.(a)
12,361
1,586,164
Wingstop,
Inc.(a)
9,626
1,491,741
Wyndham
Hotels
&
Resorts,
Inc.
25,975
2,109,949
28,412,508
Household
Durables
1
.5
%
KB
Home
21,073
1,090,528
Somnigroup
International,
Inc.
(a)
72,571
5,364,448
Taylor
Morrison
Home
Corp.,
Class
A*
32,729
1,906,137
Toll
Brothers,
Inc.
32,985
4,501,463
TopBuild
Corp.*(a)
9,664
3,394,963
Whirlpool
Corp.(a)
22,245
1,199,451
17,456,990
Independent
Power
and
Renewable
Electricity
Producers
0
.7
%
Ormat
Technologies,
Inc.(a)
21,039
2,354,685
Talen
Energy
Corp.*
15,801
5,044,153
7,398,838
Industrial
REITs
1
.0
%
EastGroup
Properties,
Inc.
18,374
3,400,844
First
Industrial
Realty
Trust,
Inc.
45,786
2,648,720
Rexford
Industrial
Realty,
Inc.
(a)
80,890
2,647,530
STAG
Industrial,
Inc.(a)
65,543
2,363,480
11,060,574
Insurance
3
.6
%
American
Financial
Group,
Inc.
24,068
3,073,724
Brighthouse
Financial,
Inc.*
20,124
1,205,025
CNO
Financial
Group,
Inc.
34,601
1,420,717
Fidelity
National
Financial,
Inc.
86,928
4,031,721
First
American
Financial
Corp.
35,092
2,115,697
Hanover
Insurance
Group,
Inc.
(The)
12,037
2,086,614
Kinsale
Capital
Group,
Inc.(a)
7,608
2,599,349
Old
Republic
International
Corp.
78,364
3,126,724
Primerica,
Inc.
11,777
2,949,903
Reinsurance
Group
of
America,
Inc.
22,690
4,632,390
RenaissanceRe
Holdings
Ltd.
15,452
4,592,798
RLI
Corp.(a)
30,681
1,750,044
Ryan
Specialty
Holdings,
Inc.,
Class
A(a)
39,934
1,347,373
92
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Mid
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Insurance
Selective
Insurance
Group,
Inc.
20,994
1,582,738
Unum
Group
54,181
3,956,838
40,471,655
Interactive
Media
&
Services
0
.3
%
Pinterest,
Inc.,
Class
A*(a)
200,670
3,680,288
IT
Services
1
.1
%
Kyndryl
Holdings,
Inc.*
78,580
1,030,970
Okta,
Inc.,
Class
A*(a)
58,513
4,605,558
Twilio,
Inc.,
Class
A*
52,212
6,569,314
12,205,842
Leisure
Products
0
.5
%
Brunswick
Corp.(a)
22,854
1,662,857
Mattel,
Inc.*
105,775
1,536,911
Polaris,
Inc.(a)
19,379
1,056,155
YETI
Holdings,
Inc.*(a)
25,491
932,716
5,188,639
Life
Sciences
Tools
&
Services
1
.6
%
Avantor,
Inc.*
231,982
1,818,739
Bio-Rad
Laboratories,
Inc.,
Class
A*(a)
6,279
1,750,271
Bruker
Corp.(a)
38,744
1,399,434
Illumina,
Inc.*
52,654
6,490,132
Medpace
Holdings,
Inc.*
7,722
3,708,027
Repligen
Corp.*
18,349
2,161,879
Sotera
Health
Co.*
79,212
1,135,900
18,464,382
Machinery
5
.7
%
AGCO
Corp.
21,078
2,442,308
Chart
Industries,
Inc.*
15,638
3,233,156
CNH
Industrial
NV
301,175
3,312,925
Crane
Co.
16,858
2,882,718
Donaldson
Co.,
Inc.
40,107
3,403,881
Esab
Corp.
19,625
1,896,953
Flowserve
Corp.
43,878
3,225,472
Graco,
Inc.
57,178
4,840,118
ITT,
Inc.
29,533
5,626,922
Lincoln
Electric
Holdings,
Inc.
18,952
4,720,564
Middleby
Corp.
(The)*
16,007
2,122,208
Mueller
Industries,
Inc.
38,132
4,225,026
Oshkosh
Corp.
21,795
3,208,442
RBC
Bearings,
Inc.*
10,811
5,871,670
SPX
Technologies,
Inc.*(a)
17,038
3,406,578
Terex
Corp.(a)
39,174
2,315,183
Timken
Co.
(The)
22,038
2,216,362
Toro
Co.
(The)
33,710
3,149,862
Watts
Water
Technologies,
Inc.,
Class
A
9,340
2,711,309
64,811,657
Marine
Transportation
0
.2
%
Kirby
Corp.*
18,203
2,418,815
Media
0
.6
%
New
York
Times
Co.
(The),
Class
A(a)
55,705
4,664,179
Nexstar
Media
Group,
Inc.,
Class
A(a)
9,866
1,784,069
6,448,248
Common
Stocks
Shares
Value
($)
Metals
&
Mining
2
.6
%
Alcoa
Corp.
89,273
5,921,478
Cleveland-Cliffs,
Inc.*
197,123
1,665,689
Commercial
Metals
Co.
38,767
2,381,457
Hecla
Mining
Co.(a)
231,056
4,304,573
MP
Materials
Corp.*(a)
46,456
2,241,967
Reliance,
Inc.
18,054
5,486,972
Royal
Gold,
Inc.(a)
27,862
7,090,600
29,092,736
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0
.6
%
Annaly
Capital
Management,
Inc.
245,142
5,184,753
Starwood
Property
Trust,
Inc.
(a)
120,420
2,073,633
7,258,386
Multi-Utilities
0
.3
%
Black
Hills
Corp.
26,364
1,829,925
Northwestern
Energy
Group,
Inc.
20,984
1,383,685
3,213,610
Office
REITs
0
.4
%
COPT
Defense
Properties(a)
38,217
1,169,440
Cousins
Properties,
Inc.
58,373
1,317,479
Kilroy
Realty
Corp.(a)
38,398
1,083,207
Vornado
Realty
Trust(a)
54,904
1,426,955
4,997,081
Oil,
Gas
&
Consumable
Fuels
3
.8
%
Antero
Midstream
Corp.
114,620
2,613,336
Antero
Resources
Corp.*
100,831
4,279,268
Chord
Energy
Corp.
19,550
2,779,619
CNX
Resources
Corp.*(a)
48,269
1,860,770
DT
Midstream,
Inc.
35,010
4,714,797
HF
Sinclair
Corp.(a)
54,003
3,369,247
Matador
Resources
Co.(a)
39,709
2,508,815
Murphy
Oil
Corp.
46,584
1,921,590
Ovintiv,
Inc.
97,258
5,773,235
PBF
Energy,
Inc.,
Class
A
28,620
1,362,884
Permian
Resources
Corp.,
Class
A
251,420
5,360,274
Range
Resources
Corp.
80,606
3,641,779
Viper
Energy,
Inc.,
Class
A
65,473
3,076,576
43,262,190
Paper
&
Forest
Products
0
.1
%
Louisiana-Pacific
Corp.
22,081
1,606,393
Passenger
Airlines
0
.3
%
Alaska
Air
Group,
Inc.*(a)
39,480
1,452,075
American
Airlines
Group,
Inc.*(a)
226,937
2,437,303
3,889,378
Personal
Care
Products
0
.2
%
BellRing
Brands,
Inc.*
42,692
686,914
Coty,
Inc.,
Class
A*(a)
127,835
256,949
elf
Beauty,
Inc.*(a)
20,328
1,232,080
2,175,943
Pharmaceuticals
0
.7
%
Elanco
Animal
Health,
Inc.*(a)
171,871
4,112,873
Jazz
Pharmaceuticals
plc*
21,008
3,971,562
8,084,435
NVIT
Mid
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
93
Common
Stocks
Shares
Value
($)
Professional
Services
2
.5
%
Booz
Allen
Hamilton
Holding
Corp.,
Class
A
41,942
3,272,734
CACI
International,
Inc.,
Class
A*
7,611
4,139,395
Concentrix
Corp.(a)
15,802
432,343
ExlService
Holdings,
Inc.*
52,533
1,599,630
Exponent,
Inc.
16,516
1,077,669
FTI
Consulting,
Inc.*
10,285
1,818,079
Genpact
Ltd.(a)
54,249
2,020,775
KBR,
Inc.
44,072
1,624,494
Maximus,
Inc.
19,162
1,228,284
Parsons
Corp.*(a)
18,550
1,004,854
Paylocity
Holding
Corp.*
15,149
1,636,698
Science
Applications
International
Corp.(a)
15,469
1,468,318
TransUnion
66,543
4,604,110
UL
Solutions,
Inc.,
Class
A(a)
26,361
2,259,401
28,186,784
Real
Estate
Management
&
Development
0
.4
%
Jones
Lang
LaSalle,
Inc.*
16,307
4,962,546
Residential
REITs
0
.8
%
American
Homes
4
Rent,
Class
A
114,072
3,184,890
Equity
LifeStyle
Properties,
Inc.(a)
67,572
4,217,844
Independence
Realty
Trust,
Inc.
81,449
1,212,776
8,615,510
Retail
REITs
0
.9
%
Agree
Realty
Corp.(a)
40,937
3,085,831
Brixmor
Property
Group,
Inc.
105,481
3,037,853
Kite
Realty
Group
Trust(a)
72,996
1,792,052
NNN
REIT,
Inc.(a)
66,597
2,799,072
10,714,808
Semiconductors
&
Semiconductor
Equipment
3
.6
%
Allegro
MicroSystems,
Inc.*(a)
42,995
1,355,632
Amkor
Technology,
Inc.
39,522
1,779,676
Cirrus
Logic,
Inc.*(a)
17,320
2,504,818
Entegris,
Inc.(a)
52,360
6,138,686
Lattice
Semiconductor
Corp.*
47,024
4,361,946
MACOM
Technology
Solutions
Holdings,
Inc.*(a)
22,200
4,929,954
MKS,
Inc.
23,221
5,336,418
Onto
Innovation,
Inc.*
17,097
3,506,082
Rambus,
Inc.*(a)
37,257
3,205,220
Silicon
Laboratories,
Inc.*
11,376
2,367,915
SiTime
Corp.*
7,418
2,561,806
Synaptics,
Inc.*(a)
13,512
946,381
Universal
Display
Corp.
15,397
1,411,289
40,405,823
Software
2
.9
%
Appfolio,
Inc.,
Class
A*(a)
8,289
1,308,170
Bentley
Systems,
Inc.,
Class
B(a)
51,598
1,812,122
BILL
Holdings,
Inc.*(a)
30,584
1,171,367
Blackbaud,
Inc.*(a)
12,432
479,999
Commvault
Systems,
Inc.*
15,226
1,185,953
Docusign,
Inc.,
Class
A*
69,074
3,274,798
Common
Stocks
Shares
Value
($)
Software
Dolby
Laboratories,
Inc.,
Class
A
21,383
1,284,263
Dropbox,
Inc.,
Class
A*
60,697
1,379,036
Dynatrace,
Inc.*
103,223
3,817,187
Guidewire
Software,
Inc.*
29,198
4,366,853
InterDigital,
Inc.(a)
8,289
2,503,278
Manhattan
Associates,
Inc.*(a)
20,669
2,751,457
Nutanix,
Inc.,
Class
A*
93,269
3,545,155
Pegasystems,
Inc.(a)
31,564
1,343,364
Qualys,
Inc.*
12,314
1,081,785
UiPath,
Inc.,
Class
A*(a)
147,211
1,634,042
32,938,829
Specialized
REITs
1
.4
%
CubeSmart
79,013
2,895,826
EPR
Properties
26,432
1,320,543
Gaming
and
Leisure
Properties,
Inc.
97,960
4,346,485
Lamar
Advertising
Co.,
Class
A
30,149
3,818,672
National
Storage
Affiliates
Trust(a)
24,790
935,575
Rayonier,
Inc.
95,806
1,975,520
15,292,621
Specialty
Retail
3
.3
%
Abercrombie
&
Fitch
Co.,
Class
A*
15,855
1,448,671
AutoNation,
Inc.*
9,309
1,817,675
Bath
&
Body
Works,
Inc.
70,622
1,318,513
Burlington
Stores,
Inc.*(a)
21,396
6,961,830
Chewy,
Inc.,
Class
A*
81,726
2,206,602
Dick's
Sporting
Goods,
Inc.(a)
22,823
4,525,573
Five
Below,
Inc.*
18,955
4,330,838
Floor
&
Decor
Holdings,
Inc.,
Class
A*(a)
37,145
1,886,966
GameStop
Corp.,
Class
A*(a)
141,718
3,265,183
Gap,
Inc.
(The)
78,180
1,891,956
Lithia
Motors,
Inc.,
Class
A(a)
8,397
2,096,899
Murphy
USA,
Inc.
5,782
2,856,135
Penske
Automotive
Group,
Inc.(a)
6,661
995,953
RH*(a)
5,381
752,371
Valvoline,
Inc.*(a)
43,235
1,456,155
37,811,320
Technology
Hardware,
Storage
&
Peripherals
0
.6
%
Everpure,
Inc.,
Class
A*
108,257
6,391,493
Textiles,
Apparel
&
Luxury
Goods
0
.5
%
Capri
Holdings
Ltd.*(a)
40,154
707,514
Columbia
Sportswear
Co.
8,982
492,303
Crocs,
Inc.*(a)
17,452
1,448,865
PVH
Corp.(a)
16,223
1,131,716
VF
Corp.(a)
113,938
1,935,807
5,716,205
Trading
Companies
&
Distributors
1
.7
%
Applied
Industrial
Technologies,
Inc.
12,610
3,345,685
Core
&
Main,
Inc.,
Class
A*(a)
65,146
3,218,212
GATX
Corp.
12,205
2,083,882
MSC
Industrial
Direct
Co.,
Inc.,
Class
A(a)
15,433
1,424,003
Watsco,
Inc.
12,036
4,378,577
94
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Mid
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Trading
Companies
&
Distributors
WESCO
International,
Inc.
16,399
4,487,094
18,937,453
Water
Utilities
0
.3
%
Essential
Utilities,
Inc.
96,533
3,887,384
Total
Common
Stocks
(cost
$722,068,118)
1,098,846,763
Repurchase
Agreements
7
.6
%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$10,001,017,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$10,200,000.(b)
10,000,000
10,000,000
BofA
Securities,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,000,508,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
4.77%
-
5.50%,
maturing
7/20/2047
-
10/20/2054;
total
market
value
$5,100,000.(b)
5,000,000
5,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,000,511,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$5,100,000.
(b)
5,000,000
5,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$26,318,032,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$26,844,393.(b)
26,315,364
26,315,364
Repurchase
Agreements
Principal
Amount
($)
Value
($)
MetLife,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$15,001,525,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$15,307,680.(b)
15,000,000
15,000,000
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$25,002,528,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$25,500,002.(b)
25,000,000
25,000,000
Total
Repurchase
Agreements
(cost
$86,315,364)
86,315,364
Total
Investments
(cost
$808,383,482)
—
104.9%
1,185,162,127
Liabilities
in
excess
of
other
assets
—
(4.9)%
(
55,303,355
)
NET
ASSETS
—
100.0%
$
1,129,858,772
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$168,273,365,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$86,315,364
and
by
$80,153,638
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$166,469,002.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$86,315,364.
REIT
Real
Estate
Investment
Trust
NVIT
Mid
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
95
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
S&P
Midcap
400
E-Mini
Index
42
6/2026
USD
14,265,300
178,202
Net
contracts
178,202
Currency:
USD
United
States
Dollar
96
-
Statement
of
Investments
-
March
31,
2026
(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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
97
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
1,098,846,763
$
–
$
–
$
1,098,846,763
Futures
Contracts
178,202
–
–
178,202
Repurchase
Agreements
–
86,315,364
–
86,315,364
Total
$
1,099,024,965
$
86,315,364
$
–
$
1,185,340,329
Assets:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
$
178,202
Total
$
178,202
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.
98
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
S&P
500
Index
Fund
Common
Stocks
99
.0
%
Shares
Value
($)
Aerospace
&
Defense
2
.3
%
Axon
Enterprise,
Inc.*
7,463
3,169,461
Boeing
Co.
(The)*
75,851
15,096,625
GE
Aerospace
102,150
28,987,106
General
Dynamics
Corp.
24,515
8,414,038
Howmet
Aerospace,
Inc.
39,141
9,020,435
Huntington
Ingalls
Industries,
Inc.
3,659
1,390,054
L3Harris
Technologies,
Inc.
18,342
6,330,741
Lockheed
Martin
Corp.
19,650
11,876,264
Northrop
Grumman
Corp.
13,106
8,941,437
RTX
Corp.
128,939
24,872,333
Textron,
Inc.(a)
17,907
1,567,937
TransDigm
Group,
Inc.
5,465
6,333,716
126,000,147
Air
Freight
&
Logistics
0
.3
%
CH
Robinson
Worldwide,
Inc.
11,577
1,922,592
Expeditors
International
of
Washington,
Inc.
13,110
1,877,745
FedEx
Corp.
21,076
7,506,850
United
Parcel
Service,
Inc.,
Class
B
70,373
6,923,296
18,230,483
Automobile
Components
0
.0
%
†
Aptiv
plc*
19,738
1,370,607
Automobiles
2
.1
%
Ford
Motor
Co.
375,205
4,329,866
General
Motors
Co.
91,263
6,799,093
Tesla,
Inc.*
272,541
101,317,117
112,446,076
Banks
3
.4
%
Bank
of
America
Corp.
528,944
25,786,020
Citigroup,
Inc.
171,847
19,489,168
Citizens
Financial
Group,
Inc.
46,091
2,764,077
Fifth
Third
Bancorp
92,531
4,298,990
Huntington
Bancshares,
Inc.
209,204
3,274,043
JPMorgan
Chase
&
Co.
262,120
77,105,219
KeyCorp
101,920
2,043,496
M&T
Bank
Corp.
16,107
3,329,639
PNC
Financial
Services
Group,
Inc.
(The)
40,505
8,428,686
Regions
Financial
Corp.
95,039
2,482,419
Truist
Financial
Corp.
128,520
5,908,064
US
Bancorp
154,094
8,014,429
Wells
Fargo
&
Co.
303,115
24,130,985
187,055,235
Beverages
1
.1
%
Brown-Forman
Corp.,
Class
B
15,771
416,985
Coca-Cola
Co.
(The)
373,108
28,374,863
Constellation
Brands,
Inc.,
Class
A
13,750
2,062,500
Keurig
Dr
Pepper,
Inc.
128,733
3,389,540
Molson
Coors
Beverage
Co.,
Class
B(a)
14,728
634,188
Monster
Beverage
Corp.*
69,295
5,021,116
PepsiCo,
Inc.
131,881
20,479,800
60,378,992
Biotechnology
1
.8
%
AbbVie,
Inc.
170,921
37,173,608
Amgen,
Inc.
51,859
18,246,589
Common
Stocks
Shares
Value
($)
Biotechnology
Biogen,
Inc.*
14,203
2,603,836
Gilead
Sciences,
Inc.
119,607
16,669,628
Incyte
Corp.*(a)
15,956
1,501,779
Moderna,
Inc.*(a)
33,569
1,705,305
Regeneron
Pharmaceuticals,
Inc.
9,737
7,523,196
Vertex
Pharmaceuticals,
Inc.*
24,782
11,066,154
96,490,095
Broadline
Retail
3
.7
%
Amazon.com,
Inc.*
945,611
196,942,403
eBay,
Inc.
43,333
3,944,170
200,886,573
Building
Products
0
.5
%
A
O
Smith
Corp.
10,396
685,512
Allegion
plc(a)
7,786
1,131,228
Builders
FirstSource,
Inc.*
9,975
821,242
Carrier
Global
Corp.
79,322
4,466,622
Johnson
Controls
International
plc
59,012
7,727,621
Lennox
International,
Inc.(a)
3,060
1,420,238
Masco
Corp.
20,486
1,236,740
Trane
Technologies
plc
21,575
8,991,165
26,480,368
Capital
Markets
3
.2
%
Ameriprise
Financial,
Inc.
8,700
3,866,280
Ares
Management
Corp.,
Class
A
19,752
2,154,943
Bank
of
New
York
Mellon
Corp.
(The)
67,199
7,971,817
Blackrock,
Inc.
13,722
13,196,585
Blackstone,
Inc.
72,080
8,288,479
Cboe
Global
Markets,
Inc.
10,128
2,846,677
Charles
Schwab
Corp.
(The)
161,289
15,157,940
CME
Group,
Inc.
34,607
10,221,178
Coinbase
Global,
Inc.,
Class
A*(a)
21,538
3,760,750
FactSet
Research
Systems,
Inc.
3,797
823,911
Franklin
Resources,
Inc.(a)
33,548
792,404
Goldman
Sachs
Group,
Inc.
(The)
29,345
24,825,577
Interactive
Brokers
Group,
Inc.,
Class
A
42,891
2,876,699
Intercontinental
Exchange,
Inc.
55,175
8,677,924
Invesco
Ltd.
42,078
1,022,075
KKR
&
Co.,
Inc.
66,810
6,179,925
Moody's
Corp.
14,973
6,531,971
Morgan
Stanley
117,240
19,294,187
MSCI,
Inc.,
Class
A
7,426
4,002,688
Nasdaq,
Inc.(a)
44,429
3,771,578
Northern
Trust
Corp.
18,975
2,648,341
Raymond
James
Financial,
Inc.
17,860
2,585,949
Robinhood
Markets,
Inc.,
Class
A*
77,236
5,352,455
S&P
Global,
Inc.
29,963
12,744,462
State
Street
Corp.
26,971
3,413,450
T.
Rowe
Price
Group,
Inc.(a)
20,936
1,887,171
174,895,416
NVIT
S&P
500
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
99
Common
Stocks
Shares
Value
($)
Chemicals
1
.2
%
Air
Products
&
Chemicals,
Inc.
21,735
6,313,800
Albemarle
Corp.
11,178
2,006,786
CF
Industries
Holdings,
Inc.
15,789
2,050,044
Corteva,
Inc.(a)
65,214
5,459,064
Dow,
Inc.
69,794
2,906,920
DuPont
de
Nemours,
Inc.
40,707
1,864,381
Ecolab,
Inc.
24,842
6,608,469
International
Flavors
&
Fragrances,
Inc.
24,364
1,767,608
Linde
plc
45,169
22,392,983
LyondellBasell
Industries
NV,
Class
A(a)
25,462
2,051,219
Mosaic
Co.
(The)
33,457
853,153
PPG
Industries,
Inc.
22,241
2,377,118
Sherwin-Williams
Co.
(The)
22,536
7,223,915
63,875,460
Commercial
Services
&
Supplies
0
.4
%
Cintas
Corp.
33,413
5,651,475
Copart,
Inc.*
83,959
2,787,438
Republic
Services,
Inc.,
Class
A
19,662
4,306,371
Rollins,
Inc.
28,112
1,501,462
Veralto
Corp.
23,690
2,094,670
Waste
Management,
Inc.
35,634
8,188,337
24,529,753
Communications
Equipment
1
.1
%
Arista
Networks,
Inc.*
99,374
12,201,140
Ciena
Corp.*
13,617
5,286,528
Cisco
Systems,
Inc.
381,460
29,597,481
F5,
Inc.*
5,806
1,679,850
Lumentum
Holdings,
Inc.*(a)
6,844
4,809,689
Motorola
Solutions,
Inc.
16,235
7,045,503
60,620,191
Construction
&
Engineering
0
.3
%
Comfort
Systems
USA,
Inc.
3,398
4,685,808
EMCOR
Group,
Inc.
4,258
3,143,724
Quanta
Services,
Inc.
14,498
7,959,692
15,789,224
Construction
Materials
0
.2
%
CRH
plc
64,722
6,803,577
Martin
Marietta
Materials,
Inc.
5,807
3,418,465
Vulcan
Materials
Co.
12,714
3,462,022
13,684,064
Consumer
Finance
0
.5
%
American
Express
Co.
52,535
15,890,787
Capital
One
Financial
Corp.
61,811
11,276,181
Synchrony
Financial
34,779
2,365,667
29,532,635
Consumer
Staples
Distribution
&
Retail
2
.1
%
Costco
Wholesale
Corp.
42,915
42,761,793
Dollar
General
Corp.
20,961
2,488,700
Dollar
Tree,
Inc.*
18,811
2,059,993
Kroger
Co.
(The)
58,184
4,210,194
Sysco
Corp.
45,100
3,216,983
Target
Corp.
43,258
5,242,870
Walmart,
Inc.
425,794
52,917,678
112,898,211
Containers
&
Packaging
0
.2
%
Amcor
plc(a)
44,587
1,772,333
Common
Stocks
Shares
Value
($)
Containers
&
Packaging
Avery
Dennison
Corp.
7,922
1,367,971
Ball
Corp.
25,343
1,498,025
International
Paper
Co.(a)
50,776
1,812,703
Packaging
Corp.
of
America
8,902
1,889,183
Smurfit
Westrock
plc
50,839
2,025,934
10,366,149
Distributors
0
.0
%
†
Genuine
Parts
Co.
13,777
1,456,918
Pool
Corp.
3,151
637,542
2,094,460
Diversified
Telecommunication
Services
0
.9
%
AT&T,
Inc.
682,791
19,794,111
Comcast
Corp.,
Class
A
351,490
10,091,278
Verizon
Communications,
Inc.
406,151
20,388,780
50,274,169
Electric
Utilities
1
.6
%
Alliant
Energy
Corp.
25,060
1,798,305
American
Electric
Power
Co.,
Inc.
52,632
6,899,002
Constellation
Energy
Corp.
30,244
8,445,637
Duke
Energy
Corp.
74,337
9,733,687
Edison
International
37,333
2,732,029
Entergy
Corp.
43,924
4,935,300
Evergy,
Inc.
21,313
1,745,961
Eversource
Energy
35,655
2,470,178
Exelon
Corp.
97,494
4,779,156
FirstEnergy
Corp.(a)
49,195
2,492,219
NextEra
Energy,
Inc.
201,818
18,744,856
NRG
Energy,
Inc.
20,434
2,986,225
PG&E
Corp.
210,777
3,703,352
Pinnacle
West
Capital
Corp.(a)
12,033
1,212,325
PPL
Corp.(a)
71,994
2,750,171
Southern
Co.
(The)
106,434
10,273,010
Xcel
Energy,
Inc.
56,579
4,494,636
90,196,049
Electrical
Equipment
1
.2
%
AMETEK,
Inc.
22,156
4,749,360
Eaton
Corp.
plc
37,517
13,418,705
Emerson
Electric
Co.(a)
54,836
7,184,613
GE
Vernova,
Inc.
26,228
22,894,421
Generac
Holdings,
Inc.*
5,142
1,004,387
Hubbell,
Inc.,
Class
B
4,979
2,443,395
Rockwell
Automation,
Inc.
10,662
3,826,379
Vertiv
Holdings
Co.,
Class
A
36,409
9,123,367
64,644,627
Electronic
Equipment,
Instruments
&
Components
0
.9
%
Amphenol
Corp.,
Class
A
119,244
15,066,479
CDW
Corp.
12,839
1,553,776
Coherent
Corp.*
17,532
4,176,298
Corning,
Inc.
75,679
10,290,074
Jabil,
Inc.
10,242
2,720,583
Keysight
Technologies,
Inc.*
16,352
4,617,314
TE
Connectivity
plc
28,868
6,033,989
Teledyne
Technologies,
Inc.*
4,396
2,659,624
Zebra
Technologies
Corp.,
Class
A*
5,141
1,074,880
48,193,017
Energy
Equipment
&
Services
0
.3
%
Baker
Hughes
Co.,
Class
A
94,004
5,738,944
100
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
S&P
500
Index
Fund
Common
Stocks
Shares
Value
($)
Energy
Equipment
&
Services
Halliburton
Co.
82,061
3,199,559
SLB
Ltd.
144,757
7,439,062
16,377,565
Entertainment
1
.3
%
Electronic
Arts,
Inc.
21,411
4,365,061
Live
Nation
Entertainment,
Inc.*(a)
15,198
2,317,847
Netflix,
Inc.*
409,163
39,341,022
Take-Two
Interactive
Software,
Inc.*
16,401
3,239,198
TKO
Group
Holdings,
Inc.,
Class
A(a)
6,774
1,365,977
Walt
Disney
Co.
(The)
173,531
16,724,918
Warner
Bros
Discovery,
Inc.*
236,253
6,487,507
73,841,530
Financial
Services
3
.6
%
Apollo
Global
Management,
Inc.(a)
43,786
4,878,636
Berkshire
Hathaway,
Inc.,
Class
B*
177,408
85,013,914
Block,
Inc.,
Class
A*
52,383
3,152,409
Corpay,
Inc.*
6,672
1,941,485
Fidelity
National
Information
Services,
Inc.
50,092
2,349,816
Fiserv,
Inc.*
51,855
2,893,509
Global
Payments,
Inc.
23,746
1,598,106
Jack
Henry
&
Associates,
Inc.
7,363
1,163,649
Mastercard,
Inc.,
Class
A
78,987
39,466,644
PayPal
Holdings,
Inc.
91,184
4,124,252
Visa,
Inc.,
Class
A(a)
163,062
49,283,859
195,866,279
Food
Products
0
.5
%
Archer-Daniels-Midland
Co.
46,114
3,352,027
Bunge
Global
SA
13,694
1,741,877
Campbell's
Co.
(The)(a)
20,922
465,933
Conagra
Brands,
Inc.
48,773
766,711
General
Mills,
Inc.
50,814
1,891,297
Hershey
Co.
(The)
14,030
2,916,697
Hormel
Foods
Corp.
30,704
695,445
J
M
Smucker
Co.
(The)
10,562
1,018,599
Kraft
Heinz
Co.
(The)(a)
83,952
1,888,080
McCormick
&
Co.,
Inc.
(Non-Voting)
23,988
1,209,955
Mondelez
International,
Inc.,
Class
A
126,190
7,273,592
Tyson
Foods,
Inc.,
Class
A
29,168
1,868,794
25,089,007
Gas
Utilities
0
.1
%
Atmos
Energy
Corp.
15,836
2,925,226
Ground
Transportation
0
.9
%
CSX
Corp.
178,122
7,311,908
JB
Hunt
Transport
Services,
Inc.
7,482
1,585,436
Norfolk
Southern
Corp.
21,516
6,175,092
Old
Dominion
Freight
Line,
Inc.
17,698
3,458,189
Uber
Technologies,
Inc.*
200,885
14,449,658
Union
Pacific
Corp.
57,485
13,947,011
46,927,294
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
1
.8
%
Abbott
Laboratories
167,655
17,213,139
Align
Technology,
Inc.*
6,365
1,091,152
Baxter
International,
Inc.
52,642
884,386
Becton
Dickinson
&
Co.
27,278
4,288,920
Boston
Scientific
Corp.*
143,075
8,977,956
Cooper
Cos.,
Inc.
(The)*
19,866
1,420,419
Dexcom,
Inc.*
37,356
2,345,957
Edwards
Lifesciences
Corp.*
55,872
4,474,230
GE
HealthCare
Technologies,
Inc.
43,303
3,082,307
Hologic,
Inc.*
21,696
1,640,001
IDEXX
Laboratories,
Inc.*
7,847
4,409,151
Insulet
Corp.*
6,654
1,396,275
Intuitive
Surgical,
Inc.*
34,531
15,918,446
Medtronic
plc
123,739
10,721,984
ResMed,
Inc.(a)
13,828
3,104,109
Solventum
Corp.*
15,352
1,002,486
STERIS
plc
9,323
2,061,595
Stryker
Corp.
33,212
10,913,131
Zimmer
Biomet
Holdings,
Inc.
19,798
1,790,135
96,735,779
Health
Care
Providers
&
Services
1
.5
%
Cardinal
Health,
Inc.
22,824
4,822,939
Cencora,
Inc.
18,638
5,854,941
Centene
Corp.*
46,481
1,521,788
Cigna
Group
(The)
25,463
6,792,255
CVS
Health
Corp.
123,269
8,853,180
DaVita,
Inc.*(a)
3,730
573,264
Elevance
Health,
Inc.
21,413
6,268,656
HCA
Healthcare,
Inc.
15,641
7,401,947
Henry
Schein,
Inc.*
11,010
811,437
Humana,
Inc.
11,439
1,983,408
Labcorp
Holdings,
Inc.
7,887
2,104,330
McKesson
Corp.
12,079
10,452,683
Quest
Diagnostics,
Inc.
10,571
2,071,705
UnitedHealth
Group,
Inc.
87,242
23,606,813
Universal
Health
Services,
Inc.,
Class
B
5,410
968,228
84,087,574
Health
Care
REITs
0
.3
%
Alexandria
Real
Estate
Equities,
Inc.
15,941
739,981
Healthpeak
Properties,
Inc.
67,767
1,113,412
Ventas,
Inc.
45,790
3,744,706
Welltower,
Inc.
67,183
13,282,751
18,880,850
Hotel
&
Resort
REITs
0
.0
%
†
Host
Hotels
&
Resorts,
Inc.(a)
60,893
1,166,710
Hotels,
Restaurants
&
Leisure
1
.8
%
Airbnb,
Inc.,
Class
A*
40,740
5,144,647
Booking
Holdings,
Inc.
3,132
13,186,722
Carnival
Corp.
107,448
2,780,754
Chipotle
Mexican
Grill,
Inc.,
Class
A*
127,356
4,076,666
Darden
Restaurants,
Inc.(a)
11,067
2,169,575
Domino's
Pizza,
Inc.(a)
2,875
1,031,521
DoorDash,
Inc.,
Class
A*
35,983
5,402,847
Expedia
Group,
Inc.
11,316
2,612,751
Hilton
Worldwide
Holdings,
Inc.
22,848
6,947,620
NVIT
S&P
500
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
101
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
Las
Vegas
Sands
Corp.
29,483
1,588,544
Marriott
International,
Inc.,
Class
A
21,698
7,096,765
McDonald's
Corp.
68,740
21,363,705
MGM
Resorts
International*(a)
19,091
706,558
Norwegian
Cruise
Line
Holdings
Ltd.*(a)
46,290
865,623
Royal
Caribbean
Cruises
Ltd.
(a)
24,175
6,652,477
Starbucks
Corp.(a)
110,086
9,862,605
Wynn
Resorts
Ltd.(a)
8,098
822,352
Yum!
Brands,
Inc.
27,307
4,245,692
96,557,424
Household
Durables
0
.2
%
DR
Horton,
Inc.
26,022
3,570,739
Garmin
Ltd.
15,511
3,598,707
Lennar
Corp.,
Class
A(a)
19,837
1,722,645
NVR,
Inc.*
271
1,785,844
PulteGroup,
Inc.
19,030
2,238,118
12,916,053
Household
Products
0
.8
%
Church
&
Dwight
Co.,
Inc.
22,595
2,108,565
Clorox
Co.
(The)
12,398
1,284,805
Colgate-Palmolive
Co.
78,176
6,662,940
Kimberly-Clark
Corp.(a)
31,206
3,010,443
Procter
&
Gamble
Co.
(The)
225,636
32,590,864
45,657,617
Independent
Power
and
Renewable
Electricity
Producers
0
.1
%
AES
Corp.
(The)
73,552
1,036,347
Vistra
Corp.
30,296
4,554,398
5,590,745
Industrial
Conglomerates
0
.4
%
3M
Co.
51,711
7,509,989
Honeywell
International,
Inc.
61,300
13,855,639
21,365,628
Industrial
REITs
0
.2
%
Prologis,
Inc.
90,054
11,903,338
Insurance
1
.7
%
Aflac,
Inc.
47,122
5,169,755
Allstate
Corp.
(The)(a)
25,407
5,267,887
American
International
Group,
Inc.
52,789
3,972,372
Aon
plc,
Class
A
20,824
6,721,571
Arch
Capital
Group
Ltd.*
36,064
3,461,783
Arthur
J
Gallagher
&
Co.
24,924
5,398,040
Assurant,
Inc.
4,613
1,004,757
Brown
&
Brown,
Inc.(a)
27,272
1,778,407
Chubb
Ltd.
35,657
11,621,686
Cincinnati
Financial
Corp.
14,856
2,337,592
Erie
Indemnity
Co.,
Class
A(a)
2,643
664,212
Everest
Group
Ltd.
4,254
1,390,420
Globe
Life,
Inc.
8,363
1,163,879
Hartford
Insurance
Group,
Inc.
(The)
26,907
3,638,634
Loews
Corp.
17,480
1,865,815
Marsh
&
McLennan
Cos.,
Inc.
47,357
8,214,072
MetLife,
Inc.
53,444
3,779,560
Principal
Financial
Group,
Inc.
18,084
1,629,549
Common
Stocks
Shares
Value
($)
Insurance
Progressive
Corp.
(The)
56,674
11,235,054
Prudential
Financial,
Inc.
33,541
3,276,620
Travelers
Cos.,
Inc.
(The)
21,725
6,336,748
W
R
Berkley
Corp.
28,631
1,897,663
Willis
Towers
Watson
plc
9,080
2,639,556
94,465,632
Interactive
Media
&
Services
7
.6
%
Alphabet,
Inc.,
Class
A
564,695
162,383,694
Alphabet,
Inc.,
Class
C
452,063
129,678,792
Meta
Platforms,
Inc.,
Class
A
211,731
121,137,657
413,200,143
IT
Services
0
.8
%
Accenture
plc,
Class
A
60,046
11,906,521
Akamai
Technologies,
Inc.*(a)
14,304
1,642,815
Cognizant
Technology
Solutions
Corp.,
Class
A
46,609
2,859,462
EPAM
Systems,
Inc.*(a)
5,566
753,636
Gartner,
Inc.*
7,379
1,168,391
GoDaddy,
Inc.,
Class
A*
13,574
1,122,163
International
Business
Machines
Corp.
90,401
21,912,298
VeriSign,
Inc.
7,867
1,953,848
43,319,134
Leisure
Products
0
.0
%
†
Hasbro,
Inc.
12,006
1,123,762
Life
Sciences
Tools
&
Services
0
.8
%
Agilent
Technologies,
Inc.
27,074
3,085,894
Bio-Techne
Corp.
15,939
832,972
Charles
River
Laboratories
International,
Inc.*
4,419
762,277
Danaher
Corp.
61,443
11,649,593
IQVIA
Holdings,
Inc.*
16,255
2,772,128
Mettler-Toledo
International,
Inc.*
1,946
2,454,295
Revvity,
Inc.(a)
10,921
956,789
Thermo
Fisher
Scientific,
Inc.
36,375
17,879,404
Waters
Corp.*
9,325
2,776,985
West
Pharmaceutical
Services,
Inc.
7,225
1,810,874
44,981,211
Machinery
1
.8
%
Caterpillar,
Inc.
45,128
31,971,383
Cummins,
Inc.
13,159
7,079,805
Deere
&
Co.
24,384
13,735,507
Dover
Corp.
12,938
2,696,926
Fortive
Corp.
32,584
1,801,243
IDEX
Corp.
7,383
1,399,448
Illinois
Tool
Works,
Inc.
25,805
6,716,783
Ingersoll
Rand,
Inc.
34,564
2,769,268
Nordson
Corp.
4,993
1,328,438
Otis
Worldwide
Corp.
37,371
2,880,557
PACCAR,
Inc.
50,142
5,791,401
Parker-Hannifin
Corp.
12,380
11,083,071
Pentair
plc
15,544
1,354,038
Snap-on,
Inc.
5,039
1,830,265
Stanley
Black
&
Decker,
Inc.
15,863
1,127,225
Westinghouse
Air
Brake
Technologies
Corp.
16,267
4,065,286
102
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
S&P
500
Index
Fund
Common
Stocks
Shares
Value
($)
Machinery
Xylem,
Inc.
23,136
2,764,752
100,395,396
Media
0
.2
%
Charter
Communications,
Inc.,
Class
A*(a)
9,289
2,005,309
EchoStar
Corp.,
Class
A*(a)
12,376
1,448,858
Fox
Corp.,
Class
A(a)
20,620
1,204,208
Fox
Corp.,
Class
B
17,294
918,312
News
Corp.,
Class
A
35,275
879,406
News
Corp.,
Class
B(a)
15,194
433,181
Omnicom
Group,
Inc.
31,717
2,388,607
Paramount
Skydance
Corp.,
Class
B(a)
19,876
179,282
Trade
Desk,
Inc.
(The),
Class
A*
42,742
969,816
10,426,979
Metals
&
Mining
0
.5
%
Freeport-McMoRan,
Inc.
139,916
8,224,262
Newmont
Corp.
105,812
11,454,149
Nucor
Corp.
21,897
3,702,783
Steel
Dynamics,
Inc.
13,417
2,415,060
25,796,254
Multi-Utilities
0
.7
%
Ameren
Corp.
26,596
2,923,432
CenterPoint
Energy,
Inc.(a)
63,265
2,730,517
CMS
Energy
Corp.
29,794
2,311,419
Consolidated
Edison,
Inc.
34,212
3,872,114
Dominion
Energy,
Inc.
81,201
5,019,846
DTE
Energy
Co.
20,152
2,946,625
NiSource,
Inc.
46,401
2,165,071
Public
Service
Enterprise
Group,
Inc.
47,358
3,833,630
Sempra
63,774
6,196,920
WEC
Energy
Group,
Inc.
31,499
3,646,639
35,646,213
Office
REITs
0
.0
%
†
BXP,
Inc.(a)
14,849
770,663
Oil,
Gas
&
Consumable
Fuels
3
.7
%
APA
Corp.(a)
36,689
1,557,081
Chevron
Corp.
182,417
37,742,077
ConocoPhillips
118,877
15,691,764
Coterra
Energy,
Inc.
75,597
2,656,479
Devon
Energy
Corp.
61,190
3,079,081
Diamondback
Energy,
Inc.
17,681
3,497,125
EOG
Resources,
Inc.
52,014
7,519,664
EQT
Corp.
59,071
3,759,278
Expand
Energy
Corp.
22,663
2,487,944
Exxon
Mobil
Corp.
406,015
68,884,505
Kinder
Morgan,
Inc.
190,260
6,379,418
Marathon
Petroleum
Corp.
28,955
7,070,232
Occidental
Petroleum
Corp.
67,807
4,407,455
ONEOK,
Inc.
61,543
5,562,872
Phillips
66
39,594
7,213,235
Targa
Resources
Corp.
20,306
5,091,323
Texas
Pacific
Land
Corp.
5,475
2,598,216
Valero
Energy
Corp.
29,565
7,304,920
Williams
Cos.,
Inc.
(The)
118,531
8,626,686
201,129,355
Common
Stocks
Shares
Value
($)
Passenger
Airlines
0
.2
%
Delta
Air
Lines,
Inc.
61,657
4,098,958
Southwest
Airlines
Co.
50,876
1,911,411
United
Airlines
Holdings,
Inc.*
30,762
2,832,257
8,842,626
Personal
Care
Products
0
.1
%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
23,294
1,671,810
Kenvue,
Inc.
182,377
3,144,180
4,815,990
Pharmaceuticals
3
.5
%
Bristol-Myers
Squibb
Co.
197,647
11,987,290
Eli
Lilly
&
Co.
76,743
70,585,909
Johnson
&
Johnson
232,795
56,904,410
Merck
&
Co.,
Inc.
240,607
28,942,616
Pfizer,
Inc.
550,016
15,444,449
Viatris,
Inc.
105,664
1,427,521
Zoetis,
Inc.,
Class
A
41,481
4,903,469
190,195,664
Professional
Services
0
.4
%
Automatic
Data
Processing,
Inc.
38,473
7,816,944
Broadridge
Financial
Solutions,
Inc.
11,472
1,863,971
Equifax,
Inc.
11,945
2,150,936
Jacobs
Solutions,
Inc.
11,891
1,513,486
Leidos
Holdings,
Inc.
12,541
1,950,376
Paychex,
Inc.
31,838
2,932,917
Verisk
Analytics,
Inc.,
Class
A
13,198
2,504,321
20,732,951
Real
Estate
Management
&
Development
0
.1
%
CBRE
Group,
Inc.,
Class
A*
28,110
3,807,781
CoStar
Group,
Inc.*
39,975
1,612,591
5,420,372
Residential
REITs
0
.2
%
AvalonBay
Communities,
Inc.
13,537
2,211,269
Camden
Property
Trust
10,495
1,024,942
Equity
Residential
33,171
1,962,064
Essex
Property
Trust,
Inc.(a)
5,907
1,429,494
Invitation
Homes,
Inc.
55,688
1,383,847
Mid-America
Apartment
Communities,
Inc.
11,524
1,407,311
UDR,
Inc.
29,595
999,719
10,418,646
Retail
REITs
0
.3
%
Federal
Realty
Investment
Trust
7,827
831,306
Kimco
Realty
Corp.
66,919
1,503,670
Realty
Income
Corp.
87,801
5,371,665
Regency
Centers
Corp.
15,007
1,135,430
Simon
Property
Group,
Inc.
31,935
5,956,835
14,798,906
Semiconductors
&
Semiconductor
Equipment
14
.3
%
Advanced
Micro
Devices,
Inc.*
157,990
32,139,906
Analog
Devices,
Inc.
47,969
15,260,858
Applied
Materials,
Inc.
77,303
26,421,392
Broadcom,
Inc.
459,190
142,123,897
First
Solar,
Inc.*
10,206
2,013,235
Intel
Corp.*
454,029
20,036,300
KLA
Corp.
12,720
18,729,055
NVIT
S&P
500
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
103
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
Lam
Research
Corp.
121,915
26,048,359
Microchip
Technology,
Inc.
50,901
3,288,714
Micron
Technology,
Inc.
109,052
36,842,128
Monolithic
Power
Systems,
Inc.
4,552
4,976,929
NVIDIA
Corp.
2,353,670
410,480,048
NXP
Semiconductors
NV
23,879
4,700,820
ON
Semiconductor
Corp.*
40,370
2,499,710
Qnity
Electronics,
Inc.
20,122
2,321,676
QUALCOMM,
Inc.
103,892
13,379,212
Skyworks
Solutions,
Inc.(a)
15,231
815,620
Teradyne,
Inc.
15,127
4,484,550
Texas
Instruments,
Inc.
87,693
17,024,719
783,587,128
Software
8
.2
%
Adobe,
Inc.*
39,793
9,672,882
AppLovin
Corp.,
Class
A*
26,455
10,529,090
Autodesk,
Inc.*
20,830
4,986,702
Cadence
Design
Systems,
Inc.*
26,439
7,346,605
Crowdstrike
Holdings,
Inc.,
Class
A*
24,041
9,385,847
Datadog,
Inc.,
Class
A*
30,774
3,632,871
Fair
Isaac
Corp.*
2,282
2,436,126
Fortinet,
Inc.*
61,968
5,064,025
Gen
Digital,
Inc.
52,316
985,110
Intuit,
Inc.
26,870
11,618,051
Microsoft
Corp.
718,900
266,115,213
Oracle
Corp.
164,150
24,148,106
Palantir
Technologies,
Inc.,
Class
A*
221,670
32,425,888
Palo
Alto
Networks,
Inc.*
77,238
12,382,796
PTC,
Inc.*
11,253
1,603,440
Roper
Technologies,
Inc.
10,546
3,731,808
Salesforce,
Inc.
92,090
17,190,440
ServiceNow,
Inc.*
100,180
10,473,819
Synopsys,
Inc.*
18,427
7,305,937
Trimble,
Inc.*
23,162
1,510,857
Tyler
Technologies,
Inc.*
4,191
1,434,915
Workday,
Inc.,
Class
A*
21,187
2,752,615
446,733,143
Specialized
REITs
0
.8
%
American
Tower
Corp.
45,472
7,847,558
Crown
Castle,
Inc.(a)
41,646
3,386,236
Digital
Realty
Trust,
Inc.
30,622
5,518,391
Equinix,
Inc.
9,533
9,344,628
Extra
Space
Storage,
Inc.
20,138
2,640,696
Iron
Mountain,
Inc.
28,034
2,863,393
Public
Storage
14,972
4,055,615
SBA
Communications
Corp.,
Class
A
10,321
1,776,347
VICI
Properties,
Inc.,
Class
A
104,118
2,844,504
Weyerhaeuser
Co.
71,354
1,743,178
42,020,546
Specialty
Retail
1
.7
%
AutoZone,
Inc.*
1,626
5,492,270
Best
Buy
Co.,
Inc.
19,359
1,242,848
Carvana
Co.,
Class
A*(a)
13,656
4,293,173
Home
Depot,
Inc.
(The)
96,317
31,677,698
Lowe's
Cos.,
Inc.
54,041
12,768,808
Common
Stocks
Shares
Value
($)
Specialty
Retail
O'Reilly
Automotive,
Inc.*
81,801
7,551,050
Ross
Stores,
Inc.
31,177
6,753,874
TJX
Cos.,
Inc.
(The)
107,493
17,166,632
Tractor
Supply
Co.
52,483
2,377,480
Ulta
Beauty,
Inc.*
4,322
2,259,153
Williams-Sonoma,
Inc.
11,658
2,125,603
93,708,589
Technology
Hardware,
Storage
&
Peripherals
7
.3
%
Apple,
Inc.
1,423,089
361,165,757
Dell
Technologies,
Inc.,
Class
C
28,915
4,745,819
Hewlett
Packard
Enterprise
Co.
125,902
2,997,727
HP,
Inc.(a)
89,901
1,726,998
NetApp,
Inc.
18,971
1,942,441
Sandisk
Corp.*
14,333
9,106,328
Seagate
Technology
Holdings
plc(a)
20,910
8,191,702
Super
Micro
Computer,
Inc.*(a)
49,021
1,116,208
Western
Digital
Corp.
33,070
8,945,104
399,938,084
Textiles,
Apparel
&
Luxury
Goods
0
.2
%
Deckers
Outdoor
Corp.*
13,583
1,359,523
Lululemon
Athletica,
Inc.*
10,644
1,629,596
NIKE,
Inc.,
Class
B
115,428
6,096,907
Ralph
Lauren
Corp.,
Class
A
3,633
1,249,716
Tapestry,
Inc.
19,612
2,767,449
13,103,191
Tobacco
0
.6
%
Altria
Group,
Inc.
161,821
10,678,568
Philip
Morris
International,
Inc.
149,943
24,791,575
35,470,143
Trading
Companies
&
Distributors
0
.3
%
Fastenal
Co.
109,066
5,060,663
United
Rentals,
Inc.
6,322
4,605,956
WW
Grainger,
Inc.
4,167
4,545,405
14,212,024
Water
Utilities
0
.0
%
†
American
Water
Works
Co.,
Inc.(a)
18,568
2,526,919
Wireless
Telecommunication
Services
0
.2
%
T-Mobile
US,
Inc.
45,996
9,660,540
Total
Common
Stocks
(cost
$1,940,671,495)
5,414,260,824
Repurchase
Agreements
0
.4
%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$10,001,017,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$10,200,000.(b)
10,000,000
10,000,000
104
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
S&P
500
Index
Fund
Repurchase
Agreements
Principal
Amount
($)
Value
($)
BofA
Securities,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$3,000,305,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
4.77%
-
5.50%,
maturing
7/20/2047
-
10/20/2054;
total
market
value
$3,060,000.(b)
3,000,000
3,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$2,558,545,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$2,609,716.(b)
2,558,285
2,558,285
Citi
Global
Market,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,000,508,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.25%
-
4.38%,
maturing
11/30/2030
-
5/15/2035;
total
market
value
$5,100,002.(b)
5,000,000
5,000,000
MetLife,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$3,000,305,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$3,061,536.(b)
3,000,000
3,000,000
Total
Repurchase
Agreements
(cost
$23,558,285)
23,558,285
Total
Investments
(cost
$1,964,229,780)
—
99.4%
5,437,819,109
Other
assets
in
excess
of
liabilities
—
0.6%
31,681,736
NET
ASSETS
—
100.0%
$
5,469,500,845
*
Denotes
a
non-income
producing
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$68,747,993,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$23,558,285
and
by
$45,037,620
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$68,595,905.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$23,558,285.
REIT
Real
Estate
Investment
Trust
NVIT
S&P
500
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
105
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
S&P
500
E-Mini
Index
169
6/2026
USD
55,522,838
(1,091,590)
Net
contracts
(1,091,590)
Currency:
USD
United
States
Dollar
106
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
S&P
500
Index
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
NVIT
S&P
500
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
107
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
5,414,260,824
$
–
$
–
$
5,414,260,824
Repurchase
Agreements
–
23,558,285
–
23,558,285
Total
Assets
$
5,414,260,824
$
23,558,285
$
–
$
5,437,819,109
Liabilities:
Futures
Contracts
$
(
1,091,590
)
$
–
$
–
$
(
1,091,590
)
Total
Liabilities
$
(
1,091,590
)
$
–
$
–
$
(
1,091,590
)
Total
$
5,413,169,234
$
23,558,285
$
–
$
5,436,727,519
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
1,091,590
)
Total
$
(
1,091,590
)
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.
108
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Closed
End
Fund
0.0%
†
Principal
Amount
($)
Value
($)
Diversified
REITs
0.0%
†
NexPoint
Diversified
Real
Estate
Trust
8,243
38,495
Total
Closed
End
Fund
(cost  $48,916)
38,495
Common
Stocks
98.9%
Shares
Aerospace
&
Defense
2.0%
AAR
Corp.*
7,754
848,753
AeroVironment,
Inc.*(a)
7,453
1,364,272
AerSale
Corp.*
6,270
38,999
AIRO
Group
Holdings,
Inc.*(a)
4,059
30,869
Archer
Aviation,
Inc.,
Class
A*(a)
119,962
620,204
Astronics
Corp.*
6,159
410,990
Beta
Technologies,
Inc.,
Class
A*(a)
6,467
95,065
Byrna
Technologies,
Inc.*(a)
3,185
29,238
Cadre
Holdings,
Inc.(a)
5,609
172,084
Ducommun,
Inc.*
2,726
332,572
Eve
Holding,
Inc.*(a)
18,949
46,994
Firefly
Aerospace,
Inc.*(a)
4,599
130,934
Intuitive
Machines,
Inc.*(a)
21,567
400,283
Kratos
Defense
&
Security
Solutions,
Inc.*
35,626
2,511,989
Mercury
Systems,
Inc.*
10,725
781,960
Moog,
Inc.,
Class
A
5,559
1,626,786
National
Presto
Industries,
Inc.
1,030
141,172
Park
Aerospace
Corp.
3,765
103,086
Red
Cat
Holdings,
Inc.*(a)
20,243
264,981
Redwire
Corp.*(a)
20,931
177,913
Satellogic,
Inc.,
Class
A*(a)
18,250
99,280
V2X,
Inc.*
5,249
359,556
Voyager
Technologies,
Inc.,
Class
A*(a)
9,409
220,076
VSE
Corp.(a)
5,292
975,845
York
Space
Systems,
Inc.*
3,507
77,750
11,861,651
Air
Freight
&
Logistics
0.1%
Forward
Air
Corp.*(a)
4,091
68,361
Hub
Group,
Inc.,
Class
A(a)
11,687
421,200
Radiant
Logistics,
Inc.*
5,309
37,428
526,989
Automobile
Components
1.1%
Adient
plc*
15,577
314,811
Cooper-Standard
Holdings,
Inc.*
3,466
96,597
Dana,
Inc.
22,340
751,741
Dauch
Corp.*
46,213
274,043
Dorman
Products,
Inc.*(a)
5,385
561,979
Fox
Factory
Holding
Corp.*(a)
8,160
134,314
Garrett
Motion,
Inc.
34,938
634,824
Gentherm,
Inc.*
6,141
170,597
Goodyear
Tire
&
Rubber
Co.
(The)*(a)
54,730
362,860
Holley,
Inc.*(a)
14,845
45,574
LCI
Industries
4,638
570,381
Motorcar
Parts
of
America,
Inc.*
2,654
29,353
Common
Stocks
Shares
Value
($)
Automobile
Components
Patrick
Industries,
Inc.(a)
6,449
716,290
Phinia,
Inc.
7,606
520,555
Solid
Power,
Inc.*(a)
34,597
103,791
Standard
Motor
Products,
Inc.
4,243
147,402
Strattec
Security
Corp.*(a)
738
57,815
Visteon
Corp.
5,425
494,272
XPEL,
Inc.
Reg.
S*(a)
5,009
221,698
6,208,897
Automobiles
0.0%
†
Faraday
Future
Intelligent
Electric,
Inc.,
Class
A*(a)
27,322
7,508
Winnebago
Industries,
Inc.(a)
5,350
165,797
173,305
Banks
9.7%
1st
Source
Corp.
3,698
255,939
ACNB
Corp.
1,942
92,964
Amalgamated
Financial
Corp.
4,696
182,534
Amerant
Bancorp,
Inc.,
Class
A(a)
7,272
160,275
Ameris
Bancorp
13,128
1,023,853
Ames
National
Corp.(a)
1,751
49,413
Arrow
Financial
Corp.
3,238
108,700
Associated
Banc-Corp.
34,143
882,938
Atlantic
Union
Bankshares
Corp.(a)
28,290
1,011,085
Avidbank
Holdings,
Inc.*
423
12,055
Axos
Financial,
Inc.*
10,794
918,461
Banc
of
California,
Inc.
26,909
473,060
BancFirst
Corp.(a)
4,178
453,313
Bancorp,
Inc.
(The)*
7,971
428,282
Bank
First
Corp.(a)
1,989
268,634
Bank
of
Hawaii
Corp.
7,759
576,106
Bank
of
Marin
Bancorp
2,611
66,920
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
8,455
443,718
Bank7
Corp.
774
30,867
BankUnited,
Inc.
14,367
648,814
Bankwell
Financial
Group,
Inc.
1,443
70,014
Banner
Corp.
6,673
404,918
Bar
Harbor
Bankshares
2,960
96,052
BayCom
Corp.
1,915
56,923
BCB
Bancorp,
Inc.(a)
2,988
26,832
Beacon
Financial
Corp.(a)
16,321
489,630
Blue
Foundry
Bancorp*
3,416
45,228
Blue
Ridge
Bankshares,
Inc.
13,831
58,090
Bridgewater
Bancshares,
Inc.*
4,244
75,119
Burke
&
Herbert
Financial
Services
Corp.(a)
2,744
170,924
Business
First
Bancshares,
Inc.
6,046
163,484
BV
Financial,
Inc.*
1,483
28,385
Byline
Bancorp,
Inc.
6,170
194,787
C&F
Financial
Corp.
730
53,246
California
BanCorp
4,168
73,857
Camden
National
Corp.
3,317
157,392
Capital
Bancorp,
Inc.
2,230
66,320
Capital
City
Bank
Group,
Inc.
2,817
122,427
Capitol
Federal
Financial,
Inc.
24,283
173,138
Carter
Bankshares,
Inc.*(a)
4,442
103,587
Cathay
General
Bancorp
13,127
654,512
CB
Financial
Services,
Inc.(a)
798
27,276
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
109
Common
Stocks
Shares
Value
($)
Banks
Central
Pacific
Financial
Corp.
4,815
153,887
CF
Bankshares,
Inc.
678
18,923
Chain
Bridge
Bancorp,
Inc.,
Class
A*
438
15,286
Chemung
Financial
Corp.
906
48,761
ChoiceOne
Financial
Services,
Inc.
2,702
75,980
Citizens
&
Northern
Corp.(a)
3,322
74,213
Citizens
Community
Bancorp,
Inc.
2,318
45,896
Citizens
Financial
Services,
Inc.(a)
902
55,157
City
Holding
Co.
2,710
323,899
Civista
Bancshares,
Inc.
3,712
84,596
CNB
Financial
Corp.
5,481
158,730
Coastal
Financial
Corp.*
2,569
195,501
CoastalSouth
Bancshares,
Inc.
1,653
40,647
Colony
Bankcorp,
Inc.
3,632
72,531
Columbia
Financial,
Inc.*
5,037
88,198
Commercial
Bancgroup,
Inc.
1,244
32,369
Community
Financial
System,
Inc.
10,508
616,294
Community
Trust
Bancorp,
Inc.
3,234
196,368
Community
West
Bancshares(a)
3,072
71,578
ConnectOne
Bancorp,
Inc.
9,468
253,458
Customers
Bancorp,
Inc.*
6,351
440,823
CVB
Financial
Corp.(a)
25,516
494,755
Dime
Community
Bancshares,
Inc.
7,756
262,308
Eagle
Bancorp
Montana,
Inc.
1,269
26,116
Eagle
Bancorp,
Inc.(a)
5,672
141,063
Eagle
Financial
Services,
Inc.
975
34,105
Eastern
Bankshares,
Inc.
42,964
840,376
ECB
Bancorp,
Inc.*
943
15,776
Enterprise
Financial
Services
Corp.
7,322
396,193
Equity
Bancshares,
Inc.,
Class
A
3,203
142,245
Esquire
Financial
Holdings,
Inc.
1,437
154,478
Farmers
&
Merchants
Bancorp,
Inc.
2,483
63,739
Farmers
National
Banc
Corp.
10,550
138,838
FB
Bancorp,
Inc.*(a)
3,343
45,933
FB
Financial
Corp.
8,740
453,956
Fidelity
D&D
Bancorp,
Inc.
857
37,091
Financial
Institutions,
Inc.
3,928
124,557
Finward
Bancorp
504
18,295
Finwise
Bancorp*(a)
1,519
24,091
First
Bancorp(a)
39,542
1,124,852
First
Bancorp,
Inc.
(The)
2,506
70,243
First
Bank
4,076
65,216
First
Busey
Corp.
16,768
423,727
First
Business
Financial
Services,
Inc.
1,593
85,910
First
Capital,
Inc.(a)
690
34,245
First
Commonwealth
Financial
Corp.
20,731
364,451
First
Community
Bankshares,
Inc.(a)
2,972
123,397
Common
Stocks
Shares
Value
($)
Banks
First
Community
Corp.
1,283
37,502
First
Financial
Bancorp
20,479
570,955
First
Financial
Bankshares,
Inc.
26,565
782,339
First
Financial
Corp.
2,244
141,821
First
Foundation,
Inc.*
12,663
74,712
First
Internet
Bancorp
1,450
29,551
First
Interstate
BancSystem,
Inc.,
Class
A(a)
17,583
587,272
First
Merchants
Corp.
12,632
489,237
First
Mid
Bancshares,
Inc.
4,290
176,705
First
National
Corp.(a)
1,346
36,234
First
United
Corp.
1,134
41,550
First
Western
Financial,
Inc.*
1,828
44,932
Firstsun
Capital
Bancorp*(a)
2,570
93,702
Five
Star
Bancorp
3,007
113,424
Flagstar
Bank
NA
59,884
788,672
Flushing
Financial
Corp.
6,186
95,017
Franklin
Financial
Services
Corp.
739
37,748
FS
Bancorp,
Inc.
1,342
51,788
Fulton
Financial
Corp.(a)
35,325
718,510
FVCBankcorp,
Inc.
3,449
52,390
GBank
Financial
Holdings,
Inc.*(a)
1,719
46,000
German
American
Bancorp,
Inc.(a)
6,713
280,536
Glacier
Bancorp,
Inc.(a)
25,479
1,138,147
Great
Southern
Bancorp,
Inc.
(a)
1,658
104,670
Greene
County
Bancorp,
Inc.
1,395
31,262
Hancock
Whitney
Corp.
16,884
1,073,654
Hanmi
Financial
Corp.
5,675
149,593
Hanover
Bancorp,
Inc.
768
16,581
Hawthorn
Bancshares,
Inc.
1,069
36,015
HBT
Financial,
Inc.
2,659
71,048
Heritage
Commerce
Corp.
12,317
153,716
Heritage
Financial
Corp.
6,446
167,596
Hilltop
Holdings,
Inc.
8,860
317,365
Hingham
Institution
for
Savings(a)
328
93,756
Home
Bancorp,
Inc.
1,439
87,175
Home
BancShares,
Inc.
37,620
1,013,107
HomeTrust
Bancshares,
Inc.
3,083
131,490
Hope
Bancorp,
Inc.
24,845
277,519
Horizon
Bancorp,
Inc.
9,875
163,629
Independent
Bank
Corp.
13,768
877,030
International
Bancshares
Corp.
10,805
727,068
Investar
Holding
Corp.
2,381
64,930
John
Marshall
Bancorp,
Inc.
2,281
46,259
Kearny
Financial
Corp.
10,426
78,716
Lakeland
Financial
Corp.(a)
4,836
277,490
Landmark
Bancorp,
Inc.(a)
1,203
29,834
LCNB
Corp.
2,456
38,289
LINKBANCORP,
Inc.
3,402
28,373
Live
Oak
Bancshares,
Inc.
7,060
233,474
MainStreet
Bancshares,
Inc.
(a)
1,135
25,197
Mechanics
Bancorp(a)
9,552
140,892
Mercantile
Bank
Corp.
3,180
160,590
Meridian
Corp.
1,780
33,749
Metrocity
Bankshares,
Inc.(a)
3,957
113,447
110
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Banks
Metropolitan
Bank
Holding
Corp.
1,784
148,589
Mid
Penn
Bancorp,
Inc.(a)
3,884
124,909
Midland
States
Bancorp,
Inc.
3,844
85,760
MVB
Financial
Corp.(a)
2,183
54,204
National
Bank
Holdings
Corp.,
Class
A(a)
7,473
292,643
National
Bankshares,
Inc.
1,074
39,104
NB
Bancorp,
Inc.
7,441
156,782
NBT
Bancorp,
Inc.
10,170
433,039
Nicolet
Bankshares,
Inc.
3,621
538,153
Northeast
Bank
1,510
169,679
Northeast
Community
Bancorp,
Inc.
2,554
60,785
Northfield
Bancorp,
Inc.
7,277
98,531
Northpointe
Bancshares,
Inc.
(a)
3,837
66,227
Northrim
Bancorp,
Inc.(a)
4,180
95,638
Northwest
Bancshares,
Inc.
28,619
363,175
Norwood
Financial
Corp.
1,634
48,072
Oak
Valley
Bancorp
1,456
47,218
OceanFirst
Financial
Corp.(a)
10,932
197,213
OFG
Bancorp(a)
8,659
350,343
Ohio
Valley
Banc
Corp.
690
30,263
Old
National
Bancorp
69,479
1,535,486
Old
Second
Bancorp,
Inc.
9,841
198,395
OP
Bancorp(a)
3,148
41,868
Orange
County
Bancorp,
Inc.
2,226
71,187
Origin
Bancorp,
Inc.
5,930
245,858
Orrstown
Financial
Services,
Inc.
3,642
131,403
Park
National
Corp.(a)
2,945
481,360
Parke
Bancorp,
Inc.
2,104
59,754
Pathward
Financial,
Inc.
4,320
385,474
Patriot
National
Bancorp,
Inc.*(a)
14,599
18,833
PCB
Bancorp
2,268
51,007
Peapack-Gladstone
Financial
Corp.(a)
3,168
111,545
Peoples
Bancorp
of
North
Carolina,
Inc.
839
32,855
Peoples
Bancorp,
Inc.
6,951
228,479
Peoples
Financial
Services
Corp.(a)
1,815
96,794
Pioneer
Bancorp,
Inc.*(a)
2,248
31,292
Plumas
Bancorp
1,166
56,924
Ponce
Financial
Group,
Inc.*(a)
3,681
61,510
Preferred
Bank(a)
1,139
103,296
Primis
Financial
Corp.
4,235
56,241
Princeton
Bancorp,
Inc.
996
33,635
Provident
Financial
Services,
Inc.
23,497
497,197
QCR
Holdings,
Inc.
3,229
275,918
RBB
Bancorp
3,355
71,696
Red
River
Bancshares,
Inc.(a)
958
86,642
Renasant
Corp.
18,719
676,317
Republic
Bancorp,
Inc.,
Class
A
1,630
114,996
Rhinebeck
Bancorp,
Inc.*
771
11,889
Common
Stocks
Shares
Value
($)
Banks
Richmond
Mutual
BanCorp,
Inc.(a)
1,305
17,709
Riverview
Bancorp,
Inc.
3,480
19,140
S&T
Bancorp,
Inc.(a)
7,342
307,116
SB
Financial
Group,
Inc.
1,057
22,197
Seacoast
Banking
Corp.
of
Florida
19,031
576,449
ServisFirst
Bancshares,
Inc.
10,179
741,337
Shore
Bancshares,
Inc.
5,955
111,239
Sierra
Bancorp(a)
2,530
85,818
Simmons
First
National
Corp.,
Class
A
28,135
547,226
SmartFinancial,
Inc.
2,749
107,431
Sound
Financial
Bancorp,
Inc.
304
13,288
South
Plains
Financial,
Inc.
2,378
99,638
Southern
First
Bancshares,
Inc.*
1,540
83,930
Southern
Missouri
Bancorp,
Inc.
1,939
123,980
Southside
Bancshares,
Inc.(a)
5,897
183,338
SR
Bancorp,
Inc.(a)
1,120
18,906
Stellar
Bancorp,
Inc.
9,117
333,773
Sterling
Bancorp,
Inc.*∞(a)
3,556
0
Stock
Yards
Bancorp,
Inc.
5,224
346,299
Texas
Capital
Bancshares,
Inc.*
8,791
834,090
Third
Coast
Bancshares,
Inc.*(a)
2,473
93,554
Timberland
Bancorp,
Inc.
1,705
67,228
Tompkins
Financial
Corp.
2,621
206,640
Towne
Bank
16,651
560,639
TriCo
Bancshares
6,084
289,233
Triumph
Financial,
Inc.*
4,486
267,635
TrustCo
Bank
Corp.
3,426
149,990
Trustmark
Corp.
11,128
468,934
UMB
Financial
Corp.
14,430
1,627,560
Union
Bankshares,
Inc.(a)
604
14,689
United
Bankshares,
Inc.
27,793
1,151,186
United
Community
Banks,
Inc.
24,300
765,207
United
Security
Bancshares
3,403
35,766
Unity
Bancorp,
Inc.
1,469
76,138
Univest
Financial
Corp.
5,588
191,445
USCB
Financial
Holdings,
Inc.
2,081
38,582
Valley
National
Bancorp
97,175
1,193,309
Virginia
National
Bankshares
Corp.
841
32,126
WaFd,
Inc.
15,262
479,227
Washington
Trust
Bancorp,
Inc.
3,850
128,821
WesBanco,
Inc.
18,787
647,964
West
Bancorp,
Inc.(a)
2,939
69,919
Westamerica
Bancorp
4,679
244,010
Western
New
England
Bancorp,
Inc.(a)
3,406
44,040
WSFS
Financial
Corp.
10,609
694,465
56,640,770
Beverages
0.1%
MGP
Ingredients,
Inc.
2,739
50,370
National
Beverage
Corp.*
4,544
152,906
Vita
Coco
Co.,
Inc.
(The)*(a)
9,454
452,941
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
111
Common
Stocks
Shares
Value
($)
Beverages
Zevia
PBC,
Class
A*
10,644
12,453
668,670
Biotechnology
9.2%
4D
Molecular
Therapeutics,
Inc.*
8,396
78,167
Abeona
Therapeutics,
Inc.*(a)
8,326
37,300
Absci
Corp.*(a)
28,577
85,731
ACADIA
Pharmaceuticals,
Inc.*
25,041
557,413
Actuate
Therapeutics,
Inc.*(a)
1,410
3,863
ADC
Therapeutics
SA*(a)
20,514
76,928
ADMA
Biologics,
Inc.*
45,405
409,099
Agios
Pharmaceuticals,
Inc.*
10,999
372,096
Akebia
Therapeutics,
Inc.*(a)
51,199
71,167
Aktis
Oncology,
Inc.*(a)
3,962
70,880
Aldeyra
Therapeutics,
Inc.*
11,442
19,337
Alector,
Inc.*
18,766
40,347
Alkermes
plc*(a)
31,835
1,125,686
Allogene
Therapeutics,
Inc.*(a)
29,700
72,468
Altimmune,
Inc.*(a)
25,678
79,088
Amicus
Therapeutics,
Inc.*
58,397
844,421
AnaptysBio,
Inc.*
3,675
203,816
Anavex
Life
Sciences
Corp.*(a)
17,048
52,337
Anika
Therapeutics,
Inc.*
2,320
33,640
Annexon,
Inc.*
25,946
143,741
Apogee
Therapeutics,
Inc.*(a)
8,751
736,572
Arbutus
Biopharma
Corp.*
28,577
128,597
Arcellx,
Inc.*
7,549
866,776
Arcturus
Therapeutics
Holdings,
Inc.*(a)
5,100
39,372
Arcus
Biosciences,
Inc.*(a)
16,534
357,134
Arcutis
Biotherapeutics,
Inc.*
21,931
516,694
Ardelyx,
Inc.*
47,663
285,501
ArriVent
Biopharma,
Inc.*(a)
6,275
144,764
Arrowhead
Pharmaceuticals,
Inc.*(a)
26,638
1,670,203
ARS
Pharmaceuticals,
Inc.*(a)
12,037
96,657
Atrium
Therapeutics,
Inc.*
2,267
30,310
aTyr
Pharma,
Inc.*(a)
16,483
12,857
Aura
Biosciences,
Inc.*(a)
8,724
58,364
Aurinia
Pharmaceuticals,
Inc.*
23,552
349,041
Avita
Medical,
Inc.*(a)
2,475
9,158
Beam
Therapeutics,
Inc.*(a)
18,800
448,004
Benitec
Biopharma,
Inc.*
3,710
39,511
Bicara
Therapeutics,
Inc.*(a)
6,308
125,466
BioCryst
Pharmaceuticals,
Inc.*(a)
44,476
423,412
Biohaven
Ltd.*
23,166
195,984
Bridgebio
Pharma,
Inc.*(a)
31,253
2,320,848
Bright
Minds
Biosciences,
Inc.*(a)
1,368
99,823
Candel
Therapeutics,
Inc.*(a)
9,557
46,829
Capricor
Therapeutics,
Inc.*(a)
8,572
260,589
Cardiff
Oncology,
Inc.*(a)
12,554
20,337
CareDx,
Inc.*
9,739
169,069
Cartesian
Therapeutics,
Inc.*(a)
1,777
10,929
Catalyst
Pharmaceuticals,
Inc.*
22,637
560,492
Celcuity,
Inc.*(a)
6,904
788,023
Common
Stocks
Shares
Value
($)
Biotechnology
Celldex
Therapeutics,
Inc.*(a)
12,944
410,584
CG
oncology,
Inc.*(a)
11,639
787,728
Cogent
Biosciences,
Inc.*
28,179
1,084,610
Coherus
Oncology,
Inc.*(a)
18,551
31,351
Compass
Therapeutics,
Inc.*(a)
25,867
136,836
Corvus
Pharmaceuticals,
Inc.*(a)
12,692
185,684
CRISPR
Therapeutics
AG*(a)
17,995
856,022
Cullinan
Therapeutics,
Inc.*(a)
10,827
153,852
Cytokinetics,
Inc.*(a)
23,570
1,553,499
Day
One
Biopharmaceuticals,
Inc.*
15,425
330,712
Denali
Therapeutics,
Inc.*
28,037
538,310
Design
Therapeutics,
Inc.*
4,930
52,455
DiaMedica
Therapeutics,
Inc.*(a)
6,401
43,335
Dianthus
Therapeutics,
Inc.*
7,053
591,888
Disc
Medicine,
Inc.*(a)
5,409
345,851
Dyne
Therapeutics,
Inc.*(a)
26,228
475,514
Editas
Medicine,
Inc.*
17,603
43,479
Eledon
Pharmaceuticals,
Inc.*(a)
15,125
46,585
Emergent
BioSolutions,
Inc.*
10,441
86,660
Enanta
Pharmaceuticals,
Inc.*(a)
5,378
67,924
Entrada
Therapeutics,
Inc.*(a)
5,239
66,116
Erasca,
Inc.*(a)
37,358
604,452
Evommune,
Inc.*(a)
2,009
46,187
Fate
Therapeutics,
Inc.*
23,314
27,977
Fennec
Pharmaceuticals,
Inc.*(a)
4,876
29,987
Foghorn
Therapeutics,
Inc.*
6,573
31,419
Geron
Corp.*(a)
105,479
157,164
Gossamer
Bio,
Inc.*(a)
39,463
12,964
GRAIL,
Inc.*(a)
6,975
360,468
Greenwich
Lifesciences,
Inc.*(a)
1,423
34,180
Gyre
Therapeutics,
Inc.*(a)
1,915
13,348
Heron
Therapeutics,
Inc.*(a)
28,777
23,024
Humacyte,
Inc.*(a)
34,509
20,937
Ideaya
Biosciences,
Inc.*(a)
16,650
554,778
ImmunityBio,
Inc.*(a)
57,731
442,797
Immunome,
Inc.*(a)
20,099
439,565
Immunovant,
Inc.*(a)
16,037
398,359
Inhibikase
Therapeutics,
Inc.*(a)
20,459
34,371
Inhibrx
Biosciences,
Inc.*(a)
1,779
119,602
Inmune
Bio,
Inc.*(a)
3,523
3,981
Intellia
Therapeutics,
Inc.*(a)
21,891
280,643
Iovance
Biotherapeutics,
Inc.*(a)
66,320
232,783
Ironwood
Pharmaceuticals,
Inc.,
Class
A*
30,591
107,374
Jade
Biosciences,
Inc.(a)
6,310
88,655
Janux
Therapeutics,
Inc.*(a)
8,770
121,903
KalVista
Pharmaceuticals,
Inc.*(a)
7,167
144,272
Keros
Therapeutics,
Inc.*(a)
5,799
64,021
Kodiak
Sciences,
Inc.*(a)
7,472
284,833
Korro
Bio,
Inc.*(a)
1,374
15,554
112
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Biotechnology
Krystal
Biotech,
Inc.*(a)
4,874
1,259,052
Kura
Oncology,
Inc.*
15,549
126,413
Kymera
Therapeutics,
Inc.*(a)
11,349
945,258
Larimar
Therapeutics,
Inc.*(a)
9,755
43,898
Lexeo
Therapeutics,
Inc.*(a)
12,419
71,285
Madrigal
Pharmaceuticals,
Inc.*
3,368
1,763,047
MannKind
Corp.*
59,301
145,287
MapLight
Therapeutics,
Inc.*(a)
3,938
80,060
MeiraGTx
Holdings
plc*(a)
8,664
75,030
MiMedx
Group,
Inc.*
23,839
94,164
Mineralys
Therapeutics,
Inc.*
9,250
250,582
Mirum
Pharmaceuticals,
Inc.*(a)
8,306
767,308
Monopar
Therapeutics,
Inc.*(a)
932
51,064
Monte
Rosa
Therapeutics,
Inc.*(a)
11,947
196,528
Myriad
Genetics,
Inc.*
18,532
83,394
Neurogene,
Inc.*(a)
2,444
49,271
Nkarta,
Inc.*(a)
8,883
18,743
Novavax,
Inc.*(a)
30,043
244,550
Nurix
Therapeutics,
Inc.*
19,909
308,590
Nuvalent,
Inc.,
Class
A*(a)
9,861
1,010,259
Nuvectis
Pharma,
Inc.*(a)
2,333
18,034
Olema
Pharmaceuticals,
Inc.*(a)
13,781
205,475
Organogenesis
Holdings,
Inc.,
Class
A*
12,128
28,743
ORIC
Pharmaceuticals,
Inc.*(a)
13,295
168,448
Oruka
Therapeutics,
Inc.*(a)
7,617
373,614
Palvella
Therapeutics,
Inc.*(a)
1,531
190,839
Perspective
Therapeutics,
Inc.*
11,841
49,377
Praxis
Precision
Medicines,
Inc.*(a)
5,083
1,637,692
Precigen,
Inc.*(a)
35,508
137,416
Prime
Medicine,
Inc.*(a)
19,503
67,870
Protagonist
Therapeutics,
Inc.*
11,417
1,203,352
Protalix
BioTherapeutics,
Inc.*(a)
13,041
28,299
Protara
Therapeutics,
Inc.*
10,057
52,397
Prothena
Corp.
plc*
9,070
88,160
PTC
Therapeutics,
Inc.*(a)
15,463
1,053,494
Puma
Biotechnology,
Inc.*
7,868
50,277
Recursion
Pharmaceuticals,
Inc.,
Class
A*(a)
90,324
277,295
REGENXBIO,
Inc.*
8,930
74,833
Relay
Therapeutics,
Inc.*(a)
27,993
278,530
Replimune
Group,
Inc.*(a)
14,648
112,057
Rezolute,
Inc.*
14,882
45,390
Rhythm
Pharmaceuticals,
Inc.*
10,391
903,705
Rigel
Pharmaceuticals,
Inc.*
3,465
93,694
Rocket
Pharmaceuticals,
Inc.*
15,752
56,392
Sana
Biotechnology,
Inc.*(a)
32,926
94,827
Savara,
Inc.*(a)
28,285
154,436
Scholar
Rock
Holding
Corp.*(a)
17,183
844,716
SELLAS
Life
Sciences
Group,
Inc.*(a)
33,716
142,619
Common
Stocks
Shares
Value
($)
Biotechnology
Sionna
Therapeutics,
Inc.*(a)
3,174
127,246
Soleno
Therapeutics,
Inc.*(a)
9,921
332,155
Solid
Biosciences,
Inc.*(a)
12,454
89,669
Spyre
Therapeutics,
Inc.*(a)
13,678
689,918
Stoke
Therapeutics,
Inc.*(a)
9,640
313,878
Syndax
Pharmaceuticals,
Inc.*
16,998
397,073
Tango
Therapeutics,
Inc.*(a)
21,866
457,437
Taysha
Gene
Therapies,
Inc.*(a)
43,607
194,923
Tectonic
Therapeutic,
Inc.*(a)
2,061
63,706
Tevogen
Bio
Holdings,
Inc.*(a)
172
777
TG
Therapeutics,
Inc.*(a)
28,495
946,604
Tonix
Pharmaceuticals
Holding
Corp.*(a)
2,473
34,004
Travere
Therapeutics,
Inc.*
16,466
489,205
TriSalus
Life
Sciences,
Inc.*(a)
4,734
18,936
TuHURA
Biosciences,
Inc.*(a)
10,069
18,024
Twist
Bioscience
Corp.*(a)
11,816
561,496
Tyra
Biosciences,
Inc.*(a)
5,071
194,219
Upstream
Bio,
Inc.*(a)
6,522
58,698
UroGen
Pharma
Ltd.*(a)
7,914
142,294
Vanda
Pharmaceuticals,
Inc.*
10,528
72,748
Vaxcyte,
Inc.*
24,459
1,421,312
Vera
Therapeutics,
Inc.,
Class
A*(a)
12,173
489,720
Veracyte,
Inc.*
15,712
506,084
Verastem,
Inc.*
13,125
69,562
Vericel
Corp.*
9,898
318,419
Vir
Biotechnology,
Inc.*
18,525
165,984
Viridian
Therapeutics,
Inc.*
15,850
310,026
Voyager
Therapeutics,
Inc.*
7,884
30,432
Xencor,
Inc.*(a)
13,698
165,198
Xenon
Pharmaceuticals,
Inc.*
17,038
990,760
XOMA
Royalty
Corp.*(a)
1,685
52,858
Zenas
Biopharma,
Inc.*(a)
4,617
90,262
Zymeworks,
Inc.*(a)
10,039
251,377
53,854,202
Broadline
Retail
0.1%
Groupon,
Inc.,
Class
A*(a)
4,729
56,275
Kohl's
Corp.(a)
21,660
279,414
Savers
Value
Village,
Inc.*(a)
7,359
54,751
390,440
Building
Products
1.5%
American
Woodmark
Corp.*
2,808
111,843
Apogee
Enterprises,
Inc.
4,335
145,396
AZZ,
Inc.
5,817
727,881
CSW
Industrials,
Inc.(a)
3,146
819,785
Gibraltar
Industries,
Inc.*(a)
5,895
235,034
Griffon
Corp.
7,592
551,786
Insteel
Industries,
Inc.
3,643
122,441
Janus
International
Group,
Inc.*
27,174
139,946
JELD-WEN
Holding,
Inc.*(a)
15,996
19,835
Masterbrand,
Inc.*(a)
25,503
211,930
Modine
Manufacturing
Co.*
10,320
2,236,447
Quanex
Building
Products
Corp.(a)
9,009
161,892
Resideo
Technologies,
Inc.*
25,375
855,391
Tecnoglass,
Inc.(a)
5,369
239,189
UFP
Industries,
Inc.
11,507
1,060,025
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
113
Common
Stocks
Shares
Value
($)
Building
Products
Zurn
Elkay
Water
Solutions
Corp.
29,585
1,326,591
8,965,412
Capital
Markets
1.7%
Acadian
Asset
Management,
Inc.
5,451
296,643
AlTi
Global,
Inc.*
8,164
29,554
Artisan
Partners
Asset
Management,
Inc.,
Class
A
12,827
466,775
Bakkt,
Inc.,
Class
A*(a)
3,651
26,871
BGC
Group,
Inc.,
Class
A
72,457
708,629
Cohen
&
Steers,
Inc.
5,460
341,523
Diamond
Hill
Investment
Group,
Inc.
502
86,394
DigitalBridge
Group,
Inc.
34,656
534,396
Donnelley
Financial
Solutions,
Inc.*
4,950
233,343
GCM
Grosvenor,
Inc.,
Class
A
12,143
119,001
Innventure,
Inc.*(a)
10,198
39,874
Marex
Group
plc
11,012
490,915
MarketWise,
Inc.
603
11,288
Miami
International
Holdings,
Inc.*
5,001
194,639
Moelis
&
Co.,
Class
A(a)
9,720
554,040
Open
Lending
Corp.*(a)
20,147
25,184
Patria
Investments
Ltd.,
Class
A(a)
13,526
170,428
Perella
Weinberg
Partners,
Class
A(a)
13,053
237,043
Piper
Sandler
Cos.
14,024
1,073,537
PJT
Partners,
Inc.,
Class
A
4,638
648,021
Ridgepost
Capital,
Inc.,
Class
A(a)
11,651
84,586
Siebert
Financial
Corp.*(a)
2,958
5,679
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
1,945
26,141
StepStone
Group,
Inc.,
Class
A
13,825
659,729
StoneX
Group,
Inc.*
14,505
1,169,828
Value
Line,
Inc.
139
4,905
Victory
Capital
Holdings,
Inc.,
Class
A(a)
8,928
584,605
Virtus
Investment
Partners,
Inc.
1,345
180,701
Wealthfront
Corp.*
7,027
65,000
Webull
Corp.*(a)
54,272
260,506
Westwood
Holdings
Group,
Inc.
1,472
24,244
WisdomTree,
Inc.(a)
24,571
357,754
9,711,776
Chemicals
1.6%
AdvanSix,
Inc.
5,075
123,830
American
Vanguard
Corp.*
3,390
8,441
Arq,
Inc.*(a)
5,544
14,193
Ascent
Industries
Co.*
1,338
17,809
ASP
Isotopes,
Inc.*(a)
22,370
98,875
Aspen
Aerogels,
Inc.*(a)
13,935
47,658
Avient
Corp.
18,250
662,475
Balchem
Corp.
6,391
1,083,147
Cabot
Corp.(a)
10,411
784,052
Chemours
Co.
(The)
29,453
648,850
Common
Stocks
Shares
Value
($)
Chemicals
Core
Molding
Technologies,
Inc.*
1,850
41,440
Ecovyst,
Inc.*
22,656
291,356
Flotek
Industries,
Inc.*(a)
2,722
46,192
Hawkins,
Inc.
3,817
586,291
HB
Fuller
Co.(a)
10,753
663,245
Ingevity
Corp.*
7,026
500,462
Innospec,
Inc.
4,865
355,242
Intrepid
Potash,
Inc.*
2,079
88,919
Koppers
Holdings,
Inc.(a)
3,733
144,392
Kronos
Worldwide,
Inc.(a)
3,942
25,899
LSB
Industries,
Inc.*(a)
10,278
153,142
Mativ
Holdings,
Inc.
10,785
93,830
Minerals
Technologies,
Inc.
6,159
436,796
Orion
SA
10,758
69,927
Perimeter
Solutions,
Inc.*
27,566
673,162
PureCycle
Technologies,
Inc.*(a)
26,049
135,194
Quaker
Chemical
Corp.(a)
2,757
342,502
Rayonier
Advanced
Materials,
Inc.*
13,098
144,995
Sensient
Technologies
Corp.
8,325
719,613
Solesence,
Inc.*
3,341
3,169
Stepan
Co.
4,402
220,012
Trinseo
plc(a)
6,312
663
Tronox
Holdings
plc(a)
22,946
224,182
Valhi,
Inc.
582
8,323
9,458,278
Commercial
Services
&
Supplies
1.3%
ABM
Industries,
Inc.
12,021
463,049
ACCO
Brands
Corp.
16,000
48,000
ACV
Auctions,
Inc.,
Class
A*
32,379
137,287
BrightView
Holdings,
Inc.*(a)
14,880
175,435
Brink's
Co.
(The)
8,220
851,839
Casella
Waste
Systems,
Inc.,
Class
A*(a)
12,352
980,008
Cimpress
plc*
3,460
252,580
CompX
International,
Inc.
302
7,055
CoreCivic,
Inc.*
20,440
386,520
Deluxe
Corp.(a)
8,920
245,657
Ennis,
Inc.
4,819
103,223
Enviri
Corp.*(a)
15,339
300,951
GEO
Group,
Inc.
(The)*(a)
26,038
437,699
Healthcare
Services
Group,
Inc.*
13,917
258,160
HNI
Corp.
13,863
462,886
Interface,
Inc.,
Class
A
11,550
287,826
Liquidity
Services,
Inc.*
4,513
137,962
MillerKnoll,
Inc.
13,409
193,894
Mobile
Infrastructure
Corp.,
Class
A*(a)
2,328
5,215
Montrose
Environmental
Group,
Inc.*
6,596
144,387
NL
Industries,
Inc.
1,817
10,593
OPENLANE,
Inc.*
20,733
604,367
Perma-Fix
Environmental
Services,
Inc.*(a)
3,635
38,858
Pitney
Bowes,
Inc.(a)
18,727
206,933
Quad/Graphics,
Inc.
6,241
41,253
UniFirst
Corp.
2,877
723,824
Vestis
Corp.*(a)
18,283
143,704
114
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Commercial
Services
&
Supplies
Virco
Mfg.
Corp.
2,381
14,572
7,663,737
Communications
Equipment
1.2%
ADTRAN
Holdings,
Inc.*(a)
14,766
185,756
Applied
Optoelectronics,
Inc.*(a)
13,013
1,100,770
Aviat
Networks,
Inc.*
2,077
46,961
BK
Technologies
Corp.*
624
46,569
Calix,
Inc.*
11,954
585,626
Clearfield,
Inc.*(a)
2,304
60,987
Digi
International,
Inc.*
7,229
348,438
Extreme
Networks,
Inc.*
26,063
393,030
Harmonic,
Inc.*
22,626
203,181
Inseego
Corp.*(a)
2,358
26,221
NETGEAR,
Inc.*
5,153
112,541
NetScout
Systems,
Inc.*
14,177
450,687
Ribbon
Communications,
Inc.*(a)
19,188
40,679
Viasat,
Inc.*(a)
24,347
1,115,093
Viavi
Solutions,
Inc.*
45,431
1,511,944
Vistance
Networks,
Inc.*
42,865
780,143
7,008,626
Construction
&
Engineering
2.8%
Ameresco,
Inc.,
Class
A*
6,373
162,512
Arcosa,
Inc.
9,563
1,015,017
Argan,
Inc.
2,642
1,438,965
Bowman
Consulting
Group
Ltd.,
Class
A*
2,933
83,415
Cardinal
Infrastructure
Group,
Inc.,
Class
A*(a)
1,463
58,015
Centuri
Holdings,
Inc.*
17,283
504,836
Concrete
Pumping
Holdings,
Inc.*
4,980
35,557
Construction
Partners,
Inc.,
Class
A*(a)
9,405
1,045,084
Dycom
Industries,
Inc.*
5,750
1,948,215
Fluor
Corp.*
31,753
1,481,277
Granite
Construction,
Inc.(a)
8,616
1,032,886
Great
Lakes
Dredge
&
Dock
Corp.*
12,897
219,249
IES
Holdings,
Inc.*(a)
1,779
847,640
Legence
Corp.,
Class
A*(a)
7,263
410,069
Limbach
Holdings,
Inc.*(a)
2,133
166,481
Matrix
Service
Co.*
5,180
59,466
MYR
Group,
Inc.*
3,050
861,076
NWPX
Infrastructure,
Inc.*
1,933
150,503
Orion
Group
Holdings,
Inc.*
7,433
81,020
Primoris
Services
Corp.
10,675
1,526,952
Southland
Holdings,
Inc.*(a)
3,280
4,264
Sterling
Infrastructure,
Inc.*
5,879
2,394,340
Tutor
Perini
Corp.
8,877
685,216
16,212,055
Construction
Materials
0.2%
Knife
River
Corp.*(a)
11,230
916,929
Smith-Midland
Corp.*(a)
499
16,232
Titan
America
SA(a)
5,117
76,653
United
States
Lime
&
Minerals,
Inc.
2,144
280,028
1,289,842
Common
Stocks
Shares
Value
($)
Consumer
Finance
0.9%
Atlanticus
Holdings
Corp.*(a)
1,052
55,198
Bread
Financial
Holdings,
Inc.
3,754
281,137
Consumer
Portfolio
Services,
Inc.*(a)
2,448
18,923
Dave,
Inc.*(a)
2,067
359,844
Encore
Capital
Group,
Inc.*
4,313
302,428
Enova
International,
Inc.*
4,714
640,303
FirstCash
Holdings,
Inc.
7,827
1,471,476
Green
Dot
Corp.,
Class
A*
10,531
118,158
Jefferson
Capital,
Inc.
4,506
86,650
LendingClub
Corp.*
22,709
325,193
LendingTree,
Inc.*
2,213
94,893
Medallion
Financial
Corp.(a)
3,469
29,695
Navient
Corp.
14,493
118,553
Nelnet,
Inc.,
Class
A
2,587
333,620
NerdWallet,
Inc.,
Class
A*(a)
8,704
90,347
Oportun
Financial
Corp.*
8,032
37,028
OppFi,
Inc.(a)
6,020
46,414
PRA
Group,
Inc.*
7,618
133,315
PROG
Holdings,
Inc.
8,006
229,692
Regional
Management
Corp.
1,860
59,985
Upstart
Holdings,
Inc.*(a)
17,221
441,719
Vroom,
Inc.*(a)
336
4,472
World
Acceptance
Corp.*(a)
485
65,494
5,344,537
Consumer
Staples
Distribution
&
Retail
0.5%
Andersons,
Inc.
(The)
6,526
468,436
Chefs'
Warehouse,
Inc.
(The)*
7,202
428,159
Grocery
Outlet
Holding
Corp.*(a)
18,385
129,614
HF
Foods
Group,
Inc.*(a)
4,355
8,057
Ingles
Markets,
Inc.,
Class
A
2,900
260,681
Natural
Grocers
by
Vitamin
Cottage,
Inc.(a)
2,431
62,841
PriceSmart,
Inc.(a)
5,044
759,122
United
Natural
Foods,
Inc.*
11,751
529,500
Village
Super
Market,
Inc.,
Class
A
1,715
72,425
Weis
Markets,
Inc.
2,628
179,729
2,898,564
Containers
&
Packaging
0.2%
Ardagh
Metal
Packaging
SA
26,967
109,216
Greif,
Inc.,
Class
A
4,936
331,057
Greif,
Inc.,
Class
B(a)
779
68,194
Myers
Industries,
Inc.
7,299
154,593
O-I
Glass,
Inc.*
30,351
318,989
Ranpak
Holdings
Corp.,
Class
A*(a)
9,525
34,004
TriMas
Corp.
6,192
222,541
1,238,594
Distributors
0.1%
GigaCloud
Technology,
Inc.,
Class
A*
4,679
212,333
Gold.com,
Inc.(a)
3,906
156,552
Weyco
Group,
Inc.(a)
1,090
34,935
403,820
Diversified
Consumer
Services
1.2%
American
Public
Education,
Inc.*(a)
3,361
191,174
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
115
Common
Stocks
Shares
Value
($)
Diversified
Consumer
Services
Carriage
Services,
Inc.,
Class
A
2,703
123,419
Coursera,
Inc.*(a)
27,922
162,506
Covista,
Inc.*
6,726
775,171
Driven
Brands
Holdings,
Inc.*(a)
11,832
149,202
European
Wax
Center,
Inc.,
Class
A*
5,864
33,894
Frontdoor,
Inc.*
14,298
755,792
Graham
Holdings
Co.,
Class
B
636
672,417
KinderCare
Learning
Cos.,
Inc.*(a)
5,879
12,934
Laureate
Education,
Inc.*
25,093
874,240
Lincoln
Educational
Services
Corp.*
5,766
234,561
Matthews
International
Corp.,
Class
A(a)
5,796
149,653
McGraw
Hill,
Inc.*(a)
5,749
78,761
Mister
Car
Wash,
Inc.*(a)
20,443
142,488
Nerdy,
Inc.*(a)
9,492
7,747
OneSpaWorld
Holdings
Ltd.
19,779
453,928
Perdoceo
Education
Corp.
12,608
469,144
Phoenix
Education
Partners,
Inc.(a)
873
27,465
Strategic
Education,
Inc.
4,614
382,777
Stride,
Inc.*
8,249
727,314
Udemy,
Inc.*(a)
18,328
84,675
Universal
Technical
Institute,
Inc.*(a)
9,319
336,416
Zspace,
Inc.*
1,144
130
6,845,808
Diversified
REITs
0.5%
AH
Realty
Trust,
Inc.(a)
16,089
88,490
Alpine
Income
Property
Trust,
Inc.
2,179
39,222
American
Assets
Trust,
Inc.
10,488
193,084
Broadstone
Net
Lease,
Inc.
37,640
687,683
CTO
Realty
Growth,
Inc.
5,651
104,487
Essential
Properties
Realty
Trust,
Inc.(a)
39,043
1,185,345
Gladstone
Commercial
Corp.
(a)
8,642
98,778
Global
Net
Lease,
Inc.
39,759
372,144
Modiv
Industrial,
Inc.,
Class
C
1,704
24,401
2,793,634
Diversified
Telecommunication
Services
0.6%
Anterix,
Inc.*(a)
2,273
86,806
ATN
International,
Inc.
2,097
57,080
Bandwidth,
Inc.,
Class
A*
5,751
102,483
Cogent
Communications
Holdings,
Inc.(a)
9,630
181,429
Globalstar,
Inc.*(a)
9,839
653,506
IDT
Corp.,
Class
B(a)
3,099
152,161
Liberty
Latin
America
Ltd.,
Class
A*
8,453
73,034
Liberty
Latin
America
Ltd.,
Class
C*(a)
24,736
218,172
Lumen
Technologies,
Inc.*
188,163
1,307,733
Shenandoah
Telecommunications
Co.(a)
9,481
146,197
Common
Stocks
Shares
Value
($)
Diversified
Telecommunication
Services
Uniti
Group,
Inc.(a)
32,984
309,390
3,287,991
Electric
Utilities
0.9%
Genie
Energy
Ltd.,
Class
B
3,994
56,475
Hawaiian
Electric
Industries,
Inc.*(a)
32,535
482,819
MGE
Energy,
Inc.
7,214
557,570
Oklo,
Inc.,
Class
A*(a)
24,050
1,192,640
Otter
Tail
Corp.(a)
7,586
665,823
Portland
General
Electric
Co.
22,444
1,184,370
TXNM
Energy,
Inc.
19,749
1,154,527
5,294,224
Electrical
Equipment
3.0%
Allient,
Inc.(a)
2,966
175,261
American
Superconductor
Corp.*
9,082
307,426
Amprius
Technologies,
Inc.*
22,650
381,879
Array
Technologies,
Inc.*(a)
29,794
215,411
Atkore,
Inc.
6,673
393,106
Bloom
Energy
Corp.,
Class
A*
43,047
5,832,438
EnerSys
7,259
1,261,033
Enovix
Corp.*(a)
37,916
196,405
Eos
Energy
Enterprises,
Inc.*(a)
61,144
303,274
Fluence
Energy,
Inc.*(a)
14,127
194,388
Hyliion
Holdings
Corp.*(a)
25,935
45,646
KULR
Technology
Group,
Inc.*(a)
6,130
14,528
LSI
Industries,
Inc.
5,251
97,669
NANO
Nuclear
Energy,
Inc.*(a)
7,955
162,918
Net
Power,
Inc.*(a)
7,516
11,725
Nextpower,
Inc.,
Class
A*(a)
28,743
3,464,969
NuScale
Power
Corp.,
Class
A*(a)
31,407
340,452
Plug
Power,
Inc.*(a)
260,801
589,410
Powell
Industries,
Inc.(a)
1,873
1,013,443
Power
Solutions
International,
Inc.*(a)
1,706
103,861
Preformed
Line
Products
Co.(a)
494
133,750
Shoals
Technologies
Group,
Inc.,
Class
A*
32,731
215,370
SKYX
Platforms
Corp.*(a)
17,471
19,568
SunPower,
Inc.*(a)
10,092
12,817
Sunrun,
Inc.*(a)
44,497
603,379
T1
Energy,
Inc.*(a)
39,960
175,424
Thermon
Group
Holdings,
Inc.*
6,295
317,268
Vicor
Corp.*
4,564
734,804
17,317,622
Electronic
Equipment,
Instruments
&
Components
3.7%
908
Devices,
Inc.*(a)
6,137
37,558
Advanced
Energy
Industries,
Inc.
7,429
2,397,413
Aeva
Technologies,
Inc.*(a)
7,567
99,582
Arlo
Technologies,
Inc.*
19,520
277,770
Badger
Meter,
Inc.
5,834
888,810
Bel
Fuse,
Inc.,
Class
A(a)
300
54,060
Bel
Fuse,
Inc.,
Class
B(a)
2,108
417,342
Belden,
Inc.
7,688
882,813
Benchmark
Electronics,
Inc.
7,018
393,429
116
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Electronic
Equipment,
Instruments
&
Components
Climb
Global
Solutions,
Inc.
3,092
61,283
CTS
Corp.
5,658
270,226
Daktronics,
Inc.*
7,694
150,418
ePlus,
Inc.(a)
5,367
403,867
Evolv
Technologies
Holdings,
Inc.*(a)
30,360
183,678
Fabrinet*
7,119
3,712,701
Frequency
Electronics,
Inc.*(a)
1,273
56,343
Insight
Enterprises,
Inc.*
5,862
392,813
Itron,
Inc.*(a)
8,973
804,250
Kimball
Electronics,
Inc.*
4,873
115,441
Knowles
Corp.*
16,727
429,549
Methode
Electronics,
Inc.
6,215
34,307
MicroVision,
Inc.*(a)
59,334
38,045
Mirion
Technologies,
Inc.,
Class
A*(a)
47,463
882,337
M-Tron
Industries,
Inc.*
444
29,681
Napco
Security
Technologies,
Inc.
6,898
271,712
Neonode,
Inc.*
2,002
2,803
nLight,
Inc.*
9,426
537,470
Novanta,
Inc.*
7,089
837,282
OSI
Systems,
Inc.*(a)
3,099
822,815
Ouster,
Inc.*
11,370
208,867
PC
Connection,
Inc.
2,510
146,735
Plexus
Corp.*
5,251
1,063,537
Powerfleet,
Inc.
NJ*(a)
25,670
79,064
Richardson
Electronics
Ltd.(a)
2,810
30,769
Rogers
Corp.*
3,513
377,050
Sanmina
Corp.*(a)
10,520
1,363,813
ScanSource,
Inc.*
4,513
163,822
TTM
Technologies,
Inc.*
20,168
1,964,766
Vishay
Intertechnology,
Inc.(a)
24,071
433,278
Vishay
Precision
Group,
Inc.*(a)
2,292
99,519
Vuzix
Corp.*(a)
12,273
28,351
21,445,369
Energy
Equipment
&
Services
2.6%
Archrock,
Inc.
33,863
1,178,432
Atlas
Energy
Solutions,
Inc.,
Class
A(a)
15,594
204,593
Borr
Drilling
Ltd.*(a)
56,063
323,484
Bristow
Group,
Inc.,
Class
A
5,613
263,194
Cactus,
Inc.,
Class
A(a)
13,468
637,979
Core
Laboratories,
Inc.(a)
9,130
153,293
DMC
Global,
Inc.*
3,371
17,563
Energy
Services
of
America
Corp.(a)
2,192
28,781
Expro
Group
Holdings
NV*
16,203
282,094
Flowco
Holdings,
Inc.,
Class
A
4,271
87,983
Forum
Energy
Technologies,
Inc.*
2,162
126,823
Helix
Energy
Solutions
Group,
Inc.*
26,952
266,555
Helmerich
&
Payne,
Inc.
19,576
705,323
Innovex
International,
Inc.*(a)
7,857
191,632
Kodiak
Gas
Services,
Inc.
16,392
955,981
Liberty
Energy,
Inc.,
Class
A(a)
31,041
893,981
Mammoth
Energy
Services,
Inc.*(a)
6,516
15,964
Nabors
Industries
Ltd.*(a)
2,829
243,464
Common
Stocks
Shares
Value
($)
Energy
Equipment
&
Services
National
Energy
Services
Reunited
Corp.*
13,197
283,340
Natural
Gas
Services
Group,
Inc.
2,069
78,084
Noble
Corp.
plc(a)
24,809
1,217,378
Oceaneering
International,
Inc.*
19,684
698,191
Oil
States
International,
Inc.*
11,397
132,661
Patterson-UTI
Energy,
Inc.
68,521
742,082
ProFrac
Holding
Corp.,
Class
A*(a)
5,570
34,534
ProPetro
Holding
Corp.*
19,302
278,142
Ranger
Energy
Services,
Inc.,
Class
A
3,723
63,812
RPC,
Inc.(a)
17,763
125,762
SEACOR
Marine
Holdings,
Inc.*(a)
4,025
28,819
Seadrill
Ltd.*
12,357
562,243
Select
Water
Solutions,
Inc.,
Class
A
18,415
281,750
Solaris
Energy
Infrastructure,
Inc.,
Class
A(a)
9,100
514,241
TETRA
Technologies,
Inc.*
25,488
217,158
Tidewater,
Inc.*(a)
9,770
816,284
Transocean
Ltd.*(a)
183,978
1,219,774
Valaris
Ltd.*
12,253
1,201,284
15,072,658
Entertainment
0.5%
AMC
Entertainment
Holdings,
Inc.,
Class
A*(a)
101,555
99,524
Atlanta
Braves
Holdings,
Inc.,
Class
A*(a)
1,409
66,434
Atlanta
Braves
Holdings,
Inc.,
Class
C*
9,008
384,642
Cinemark
Holdings,
Inc.
20,959
597,751
CuriosityStream,
Inc.(a)
9,624
28,487
Gaia,
Inc.,
Class
A*(a)
2,873
7,958
IMAX
Corp.*
8,641
328,444
Lionsgate
Studios
Corp.*
40,007
383,667
Madison
Square
Garden
Entertainment
Corp.,
Class
A*
7,871
463,681
Marcus
Corp.
(The)
4,362
74,896
Meridian
Holdings,
Inc.*(a)
271
1,957
Playstudios,
Inc.*
17,505
8,213
Playtika
Holding
Corp.(a)
10,803
30,032
Reservoir
Media,
Inc.*(a)
4,182
40,942
Sphere
Entertainment
Co.*(a)
5,365
629,851
Starz
Entertainment
Corp.
2,360
27,140
Vivid
Seats,
Inc.,
Class
A*(a)
2,873
16,979
3,190,598
Financial
Services
2.0%
Acacia
Research
Corp.*(a)
5,239
25,200
Alerus
Financial
Corp.
4,915
116,535
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
5,645
288,347
Better
Home
&
Finance
Holding
Co.*(a)
1,101
39,218
Burford
Capital
Ltd.(a)
39,716
179,516
Cannae
Holdings,
Inc.(a)
8,405
95,565
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
117
Common
Stocks
Shares
Value
($)
Financial
Services
Cantaloupe,
Inc.*(a)
11,346
122,650
Cass
Information
Systems,
Inc.
2,568
113,043
Compass
Diversified
Holdings
12,648
99,413
Enact
Holdings,
Inc.(a)
5,880
239,963
Essent
Group
Ltd.
18,337
1,071,614
EVERTEC,
Inc.
13,043
368,073
Federal
Agricultural
Mortgage
Corp.,
Class
C
1,883
279,343
Finance
of
America
Cos.,
Inc.,
Class
A*(a)
901
14,957
Flywire
Corp.*
23,324
271,491
HA
Sustainable
Infrastructure
Capital,
Inc.(a)
24,780
910,665
International
Money
Express,
Inc.*
5,648
89,238
Jackson
Financial,
Inc.,
Class
A
11,166
1,180,470
loanDepot,
Inc.,
Class
A*(a)
19,148
27,190
Marqeta,
Inc.,
Class
A*
73,379
299,386
Merchants
Bancorp(a)
5,007
214,850
NCR
Atleos
Corp.*
14,618
637,052
NewtekOne,
Inc.
5,769
63,171
NMI
Holdings,
Inc.,
Class
A*
15,513
581,893
Onity
Group,
Inc.*
1,281
50,305
Pagseguro
Digital
Ltd.,
Class
A
36,423
364,958
Payoneer
Global,
Inc.*(a)
55,461
267,877
Paysafe
Ltd.*(a)
6,476
44,102
Paysign,
Inc.*(a)
7,538
44,474
PennyMac
Financial
Services,
Inc.(a)
5,747
502,288
Priority
Technology
Holdings,
Inc.*(a)
5,103
24,086
Radian
Group,
Inc.
26,792
886,279
Remitly
Global,
Inc.*
33,835
530,194
Repay
Holdings
Corp.,
Class
A*(a)
13,351
34,713
Security
National
Financial
Corp.,
Class
A*
4,221
40,015
Sezzle,
Inc.*(a)
3,241
205,123
StoneCo
Ltd.,
Class
A*(a)
49,781
702,908
SWK
Holdings
Corp.
493
8,386
Velocity
Financial,
Inc.*(a)
2,096
37,917
Walker
&
Dunlop,
Inc.
6,499
288,426
Waterstone
Financial,
Inc.
2,841
51,223
11,412,117
Food
Products
0.6%
Alico,
Inc.(a)
1,161
47,903
B&G
Foods,
Inc.(a)
14,390
69,216
Beyond
Meat,
Inc.*(a)
74,738
52,436
BRC,
Inc.,
Class
A*(a)
11,978
9,297
Calavo
Growers,
Inc.
3,133
80,800
Cal-Maine
Foods,
Inc.(a)
8,574
678,632
Dole
plc
13,619
194,616
Forafric
Global
plc*(a)
651
6,282
Fresh
Del
Monte
Produce,
Inc.
6,601
265,756
Hain
Celestial
Group,
Inc.
(The)*(a)
16,333
11,397
J
&
J
Snack
Foods
Corp.
2,981
236,304
John
B
Sanfilippo
&
Son,
Inc.
1,443
114,473
Lifeway
Foods,
Inc.*
1,134
21,932
Common
Stocks
Shares
Value
($)
Food
Products
Limoneira
Co.(a)
3,158
42,380
Mama's
Creations,
Inc.*
7,367
113,010
Marzetti
Co.
(The)
3,955
547,095
Mission
Produce,
Inc.*(a)
8,139
111,993
Seneca
Foods
Corp.,
Class
A*
891
134,648
Simply
Good
Foods
Co.
(The)*(a)
17,084
245,156
SunOpta,
Inc.*
18,560
120,269
Tootsie
Roll
Industries,
Inc.(a)
3,435
146,745
Utz
Brands,
Inc.
14,285
113,137
Vital
Farms,
Inc.*(a)
6,717
94,844
Westrock
Coffee
Co.*(a)
6,427
27,315
3,485,636
Gas
Utilities
1.1%
Brookfield
Infrastructure
Corp.,
Class
A
23,761
939,035
Chesapeake
Utilities
Corp.
4,618
583,577
New
Jersey
Resources
Corp.
19,845
1,089,887
Northwest
Natural
Holding
Co.
8,305
441,992
ONE
Gas,
Inc.
11,872
1,022,535
RGC
Resources,
Inc.(a)
1,454
32,061
Southwest
Gas
Holdings,
Inc.
13,630
1,184,447
Spire,
Inc.
11,545
1,045,284
6,338,818
Ground
Transportation
0.3%
ArcBest
Corp.(a)
4,431
435,833
Covenant
Logistics
Group,
Inc.,
Class
A
3,123
84,790
FTAI
Infrastructure,
Inc.(a)
21,654
106,971
Heartland
Express,
Inc.(a)
8,992
93,517
Hertz
Global
Holdings,
Inc.*(a)
22,747
104,864
Marten
Transport
Ltd.
11,672
153,253
PAMT
Corp.*
602
5,087
Proficient
Auto
Logistics,
Inc.*(a)
4,539
30,774
RXO,
Inc.*
32,603
476,656
Universal
Logistics
Holdings,
Inc.(a)
1,510
31,921
Werner
Enterprises,
Inc.
11,485
337,774
1,861,440
Health
Care
Equipment
&
Supplies
2.3%
Accuray,
Inc.*
18,273
7,092
Acme
United
Corp.(a)
572
25,689
Alphatec
Holdings,
Inc.*(a)
22,845
248,554
AngioDynamics,
Inc.*
7,690
87,435
Anteris
Technologies
Global
Corp.*(a)
15,513
86,097
Artivion,
Inc.*
8,683
317,971
AtriCure,
Inc.*
9,533
271,976
Avanos
Medical,
Inc.*(a)
8,519
119,351
Axogen,
Inc.*
9,506
314,934
Beta
Bionics,
Inc.*(a)
7,480
74,950
Bioventus,
Inc.,
Class
A*(a)
8,625
78,746
Butterfly
Network,
Inc.*(a)
38,981
157,483
CapsoVision,
Inc.*(a)
5,187
37,813
Carlsmed,
Inc.*(a)
1,178
10,661
Ceribell,
Inc.*(a)
5,350
98,065
Cerus
Corp.*
37,066
67,460
ClearPoint
Neuro,
Inc.*(a)
4,925
44,818
CONMED
Corp.
6,195
219,055
118
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
CVRx,
Inc.*(a)
3,650
34,529
Delcath
Systems,
Inc.*(a)
5,681
52,720
Electromed,
Inc.*
1,248
29,216
Embecta
Corp.(a)
11,683
103,278
Enovis
Corp.*(a)
11,428
259,987
Glaukos
Corp.*
11,004
1,184,691
Haemonetics
Corp.*
9,249
521,274
ICU
Medical,
Inc.*
4,783
617,724
Inogen,
Inc.*
4,635
28,644
Integer
Holdings
Corp.*(a)
6,843
602,184
Integra
LifeSciences
Holdings
Corp.*(a)
12,859
121,132
iRadimed
Corp.
1,584
152,476
IRhythm
Holdings,
Inc.*
6,272
740,221
Kestra
Medical
Technologies
Ltd.*(a)
5,220
104,035
KORU
Medical
Systems,
Inc.*
8,439
36,456
Lantheus
Holdings,
Inc.*
12,867
975,962
LeMaitre
Vascular,
Inc.
4,049
442,029
LENSAR,
Inc.*(a)
1,793
10,686
LivaNova
plc*
10,736
682,380
Lucid
Diagnostics,
Inc.*(a)
12,106
13,922
Merit
Medical
Systems,
Inc.*
11,518
793,936
Neogen
Corp.*(a)
43,293
402,192
Neuronetics,
Inc.*(a)
6,830
9,904
NeuroPace,
Inc.*(a)
5,271
69,314
Novocure
Ltd.*
20,038
218,414
Omnicell,
Inc.*(a)
8,821
294,445
OraSure
Technologies,
Inc.*(a)
15,628
46,884
Orthofix
Medical,
Inc.*
7,839
89,913
OrthoPediatrics
Corp.*
3,050
48,404
Outset
Medical,
Inc.*(a)
3,318
12,741
PROCEPT
BioRobotics
Corp.*(a)
10,406
260,254
Pro-Dex,
Inc.*(a)
392
19,255
Pulmonx
Corp.*(a)
7,592
9,794
Pulse
Biosciences,
Inc.*(a)
3,668
79,192
QuidelOrtho
Corp.*(a)
13,359
219,488
RxSight,
Inc.*
8,361
51,504
Sanara
Medtech,
Inc.*
487
8,367
SANUWAVE
Health,
Inc.*(a)
1,308
22,615
Shoulder
Innovations,
Inc.*(a)
1,949
28,319
SI-BONE,
Inc.*
7,421
93,727
Sight
Sciences,
Inc.*
8,068
30,416
STAAR
Surgical
Co.*(a)
6,774
126,674
Stereotaxis,
Inc.*(a)
13,190
24,270
Strive,
Inc.,
Class
A*(a)
10,379
103,998
Tactile
Systems
Technology,
Inc.*
4,314
112,725
Tandem
Diabetes
Care,
Inc.*(a)
13,497
258,737
TransMedics
Group,
Inc.*(a)
6,624
658,492
Treace
Medical
Concepts,
Inc.*
9,874
13,231
UFP
Technologies,
Inc.*(a)
1,512
292,723
Utah
Medical
Products,
Inc.
445
27,586
Varex
Imaging
Corp.*
8,230
87,320
13,496,530
Health
Care
Providers
&
Services
3.0%
Accendra
Health,
Inc.*
14,696
33,507
AdaptHealth
Corp.,
Class
A*
19,841
236,108
Common
Stocks
Shares
Value
($)
Health
Care
Providers
&
Services
Addus
HomeCare
Corp.*
3,558
333,207
agilon
health,
Inc.*
2,374
18,782
AirSculpt
Technologies,
Inc.*(a)
4,032
11,411
Alignment
Healthcare,
Inc.*
38,393
676,485
AMN
Healthcare
Services,
Inc.*
7,437
136,395
Ardent
Health,
Inc.*
4,823
41,285
Astrana
Health,
Inc.*(a)
8,216
201,456
Aveanna
Healthcare
Holdings,
Inc.*
10,909
70,254
BrightSpring
Health
Services,
Inc.*(a)
25,410
1,082,720
Brookdale
Senior
Living,
Inc.*
46,227
632,385
Castle
Biosciences,
Inc.*
5,542
136,056
Clover
Health
Investments
Corp.,
Class
A*(a)
79,790
140,430
Community
Health
Systems,
Inc.*(a)
27,169
79,877
Concentra
Group
Holdings
Parent,
Inc.(a)
22,932
491,891
CorVel
Corp.*
5,714
312,270
Cross
Country
Healthcare,
Inc.*(a)
6,274
58,976
DocGo,
Inc.*(a)
19,985
12,573
Enhabit,
Inc.*
9,605
135,334
Ensign
Group,
Inc.
(The)
11,035
2,223,552
Fulgent
Genetics,
Inc.*(a)
3,998
63,568
GeneDx
Holdings
Corp.,
Class
A*(a)
3,751
240,889
Guardant
Health,
Inc.*
24,447
2,258,169
Guardian
Pharmacy
Services,
Inc.,
Class
A*
4,420
166,457
HealthEquity,
Inc.*
16,617
1,388,683
Hims
&
Hers
Health,
Inc.*(a)
40,408
838,870
Innovage
Holding
Corp.*
4,214
33,796
Joint
Corp.
(The)*(a)
1,292
11,434
LifeStance
Health
Group,
Inc.*(a)
32,860
209,318
Lumexa
Imaging
Holdings,
Inc.*(a)
4,713
40,532
Nano-X
Imaging
Ltd.*(a)
12,636
28,684
National
HealthCare
Corp.
2,537
405,159
National
Research
Corp.
2,458
41,737
NeoGenomics,
Inc.*
25,831
191,666
Nutex
Health,
Inc.*(a)
1,017
96,656
Omada
Health,
Inc.*(a)
6,488
81,554
Oncology
Institute,
Inc.
(The)*(a)
14,229
43,683
OPKO
Health,
Inc.*(a)
78,140
89,080
Option
Care
Health,
Inc.*(a)
31,395
845,153
PACS
Group,
Inc.*
8,865
284,744
Pediatrix
Medical
Group,
Inc.*
16,831
360,015
Pennant
Group,
Inc.
(The)*
6,464
197,023
Privia
Health
Group,
Inc.*(a)
22,680
466,528
Progyny,
Inc.*
15,113
256,619
RadNet,
Inc.*
13,498
754,403
SBC
Medical
Group
Holdings,
Inc.*(a)
1,977
8,264
Select
Medical
Holdings
Corp.
21,528
350,691
Sonida
Senior
Living,
Inc.*
1,002
32,314
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
119
Common
Stocks
Shares
Value
($)
Health
Care
Providers
&
Services
Strata
Critical
Medical,
Inc.*(a)
14,567
60,890
Surgery
Partners,
Inc.*(a)
15,415
183,747
Talkspace,
Inc.*
28,030
145,055
US
Physical
Therapy,
Inc.
2,939
220,307
Viemed
Healthcare,
Inc.*
6,479
59,672
17,520,314
Health
Care
REITs
1.1%
American
Healthcare
REIT,
Inc.(a)
35,275
1,663,569
CareTrust
REIT,
Inc.
44,210
1,620,296
Chiron
Real
Estate,
Inc.
2,715
89,812
Community
Healthcare
Trust,
Inc.
5,055
80,324
Diversified
Healthcare
Trust
44,334
294,378
LTC
Properties,
Inc.
9,165
340,571
National
Health
Investors,
Inc.
9,246
747,632
Sabra
Health
Care
REIT,
Inc.
(a)
49,054
943,308
Sila
Realty
Trust,
Inc.
11,007
260,646
Strawberry
Fields
REIT,
Inc.
1,745
20,766
Universal
Health
Realty
Income
Trust
2,655
107,448
6,168,750
Health
Care
Technology
0.2%
Claritev
Corp.*(a)
2,124
34,706
Definitive
Healthcare
Corp.,
Class
A*
6,943
8,540
Evolent
Health,
Inc.,
Class
A*
22,552
51,418
Health
Catalyst,
Inc.*(a)
12,543
15,930
HealthStream,
Inc.
4,724
97,834
HeartFlow,
Inc.*(a)
3,812
92,746
LifeMD,
Inc.*(a)
7,304
26,367
OptimizeRx
Corp.*(a)
3,400
21,352
Phreesia,
Inc.*
11,516
96,504
Schrodinger,
Inc.*(a)
11,319
128,584
Simulations
Plus,
Inc.*(a)
3,067
36,252
Teladoc
Health,
Inc.*(a)
35,008
190,794
TruBridge,
Inc.*(a)
1,881
27,538
Waystar
Holding
Corp.*(a)
21,957
529,383
1,357,948
Hotel
&
Resort
REITs
0.6%
Apple
Hospitality
REIT,
Inc.(a)
46,133
530,991
Braemar
Hotels
&
Resorts,
Inc.(a)
12,891
30,423
Chatham
Lodging
Trust
10,808
85,059
DiamondRock
Hospitality
Co.
41,044
384,582
Pebblebrook
Hotel
Trust(a)
22,699
286,688
RLJ
Lodging
Trust(a)
27,065
200,822
Ryman
Hospitality
Properties,
Inc.
12,203
1,125,971
Service
Properties
Trust(a)
31,734
43,000
Summit
Hotel
Properties,
Inc.
21,716
95,985
Sunstone
Hotel
Investors,
Inc.
36,712
330,775
Xenia
Hotels
&
Resorts,
Inc.
19,127
283,653
3,397,949
Hotels,
Restaurants
&
Leisure
1.5%
Accel
Entertainment,
Inc.,
Class
A*
10,006
109,165
Bally's
Corp.*(a)
2,163
20,851
Biglari
Holdings,
Inc.,
Class
B*
146
48,120
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
BJ's
Restaurants,
Inc.*
3,687
129,414
Black
Rock
Coffee
Bar,
Inc.,
Class
A*
2,948
38,088
Bloomin'
Brands,
Inc.
17,297
93,404
Brightstar
Lottery
plc(a)
20,799
264,979
Brinker
International,
Inc.*
8,548
1,220,398
Cheesecake
Factory,
Inc.
(The)(a)
9,078
497,020
Cracker
Barrel
Old
Country
Store,
Inc.(a)
4,298
120,817
Dave
&
Buster's
Entertainment,
Inc.*(a)
5,090
55,125
Dine
Brands
Global,
Inc.(a)
2,657
69,720
El
Pollo
Loco
Holdings,
Inc.*
5,740
79,556
First
Watch
Restaurant
Group,
Inc.*(a)
11,862
124,314
Genius
Sports
Ltd.*(a)
43,457
192,515
Global
Business
Travel
Group
I*(a)
25,870
144,355
Golden
Entertainment,
Inc.
3,849
102,730
Hilton
Grand
Vacations,
Inc.*
11,924
466,467
Inspired
Entertainment,
Inc.*(a)
5,221
37,226
Jack
in
the
Box,
Inc.*(a)
3,633
35,131
Krispy
Kreme,
Inc.
13,917
47,179
Kura
Sushi
USA,
Inc.,
Class
A*(a)
1,419
99,032
Life
Time
Group
Holdings,
Inc.*(a)
29,795
802,677
Lindblad
Expeditions
Holdings,
Inc.*
7,762
134,283
Marriott
Vacations
Worldwide
Corp.(a)
5,468
356,076
Monarch
Casino
&
Resort,
Inc.
2,462
235,367
Nathan's
Famous,
Inc.(a)
539
54,293
Navan,
Inc.,
Class
A*(a)
7,310
96,784
Papa
John's
International,
Inc.
(a)
6,441
208,753
Portillo's,
Inc.,
Class
A*(a)
12,497
66,109
Pursuit
Attractions
and
Hospitality,
Inc.*(a)
4,000
146,520
RCI
Hospitality
Holdings,
Inc.
1,459
33,280
Red
Rock
Resorts,
Inc.,
Class
A(a)
9,652
515,031
Rush
Street
Interactive,
Inc.*
17,954
390,499
Sabre
Corp.*(a)
69,349
100,556
Serve
Robotics,
Inc.*(a)
12,594
106,293
Shake
Shack,
Inc.,
Class
A*
7,690
680,334
Six
Flags
Entertainment
Corp.*(a)
18,899
335,457
Super
Group
SGHC
Ltd.(a)
31,437
339,520
Sweetgreen,
Inc.,
Class
A*(a)
21,365
110,884
Target
Hospitality
Corp.*
6,084
56,460
United
Parks
&
Resorts,
Inc.*(a)
5,469
178,618
Xponential
Fitness,
Inc.,
Class
A*(a)
5,336
32,123
8,975,523
Household
Durables
1.5%
Bassett
Furniture
Industries,
Inc.
1,752
24,791
120
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Household
Durables
Beazer
Homes
USA,
Inc.*(a)
5,543
106,647
Cavco
Industries,
Inc.*
1,520
736,121
Century
Communities,
Inc.(a)
5,028
288,507
Champion
Homes,
Inc.*
10,989
817,252
Cricut,
Inc.,
Class
A(a)
10,041
37,553
Dream
Finders
Homes,
Inc.,
Class
A*(a)
6,009
83,645
Ethan
Allen
Interiors,
Inc.
4,497
100,103
Flexsteel
Industries,
Inc.
734
32,986
Green
Brick
Partners,
Inc.*(a)
6,110
393,790
Hamilton
Beach
Brands
Holding
Co.,
Class
A
1,335
25,298
Helen
of
Troy
Ltd.*
4,357
62,828
Hovnanian
Enterprises,
Inc.,
Class
A*
988
109,579
Installed
Building
Products,
Inc.(a)
4,570
1,211,736
KB
Home
12,166
629,591
La-Z-Boy,
Inc.
8,110
260,655
Legacy
Housing
Corp.*(a)
1,422
29,051
Leggett
&
Platt,
Inc.
26,099
257,858
LGI
Homes,
Inc.*
4,143
163,773
Lovesac
Co.
(The)*(a)
2,656
39,229
M/I
Homes,
Inc.*
5,134
628,658
Meritage
Homes
Corp.
13,285
821,544
Sonos,
Inc.*
23,842
319,483
Taylor
Morrison
Home
Corp.,
Class
A*
18,936
1,102,833
Traeger,
Inc.*(a)
392
11,368
Tri
Pointe
Homes,
Inc.*
16,538
772,821
9,067,700
Household
Products
0.3%
Central
Garden
&
Pet
Co.*
2,110
77,585
Central
Garden
&
Pet
Co.,
Class
A*
9,269
300,501
Energizer
Holdings,
Inc.
12,345
202,705
Oil-Dri
Corp.
of
America
1,851
120,481
Spectrum
Brands
Holdings,
Inc.(a)
4,513
332,608
WD-40
Co.
2,680
546,559
1,580,439
Independent
Power
and
Renewable
Electricity
Producers
0.2%
Hallador
Energy
Co.*
6,719
109,385
Montauk
Renewables,
Inc.*(a)
15,729
18,089
Ormat
Technologies,
Inc.(a)
12,039
1,347,405
1,474,879
Industrial
REITs
0.4%
Industrial
Logistics
Properties
Trust
10,337
58,714
Innovative
Industrial
Properties,
Inc.
5,631
282,451
LXP
Industrial
Trust
11,642
538,559
One
Liberty
Properties,
Inc.(a)
3,592
77,084
Terreno
Realty
Corp.
20,208
1,241,176
2,197,984
Industrials
0.0%
†
Brookfield
Business
Corp.,
Class
A(a)
4,596
145,417
Common
Stocks
Shares
Value
($)
Insurance
1.8%
Abacus
Global
Management,
Inc.(a)
8,069
63,584
American
Coastal
Insurance
Corp.
5,939
66,814
American
Integrity
Insurance
Group,
Inc.
2,535
48,875
AMERISAFE,
Inc.
3,947
131,554
Ategrity
Specialty
Holdings
LLC*
1,559
30,821
Baldwin
Insurance
Group,
Inc.
(The),
Class
A*(a)
18,890
414,447
Bowhead
Specialty
Holdings,
Inc.*
3,475
77,944
Citizens,
Inc.,
Class
A*(a)
9,321
46,885
CNO
Financial
Group,
Inc.
19,866
815,698
Crawford
&
Co.,
Class
A
4,975
49,601
Donegal
Group,
Inc.,
Class
A
4,125
70,867
eHealth,
Inc.*
5,571
7,187
Employers
Holdings,
Inc.(a)
3,949
162,462
Exzeo
Group,
Inc.*
1,479
21,697
F&G
Annuities
&
Life,
Inc.(a)
7,944
201,142
Fidelis
Insurance
Holdings
Ltd.
11,832
226,110
Genworth
Financial,
Inc.,
Class
A*
77,715
631,046
GoHealth,
Inc.,
Class
A*(a)
1,348
2,035
Goosehead
Insurance,
Inc.,
Class
A*(a)
4,638
197,857
Greenlight
Capital
Re
Ltd.,
Class
A*
5,592
96,686
Hamilton
Insurance
Group
Ltd.,
Class
B
8,898
265,427
HCI
Group,
Inc.
2,147
331,948
Heritage
Insurance
Holdings,
Inc.*
4,939
129,649
Hippo
Holdings,
Inc.*(a)
3,707
96,604
Horace
Mann
Educators
Corp.
8,095
345,495
Investors
Title
Co.
298
64,767
James
River
Group
Holdings,
Inc.
8,020
50,526
Kestrel
Group
Ltd.(a)
893
9,644
Kingstone
Cos.,
Inc.
2,288
33,336
Kingsway
Financial
Services,
Inc.*(a)
4,380
45,683
Lemonade,
Inc.*
12,111
759,117
MBIA,
Inc.*(a)
9,219
54,484
Mercury
General
Corp.
5,389
475,040
NI
Holdings,
Inc.*
1,529
19,709
Octave
Specialty
Group,
Inc.*
8,414
39,125
Oscar
Health,
Inc.,
Class
A*(a)
39,814
456,667
Palomar
Holdings,
Inc.*
5,205
621,998
ProAssurance
Corp.*
10,256
253,528
Root,
Inc.,
Class
A*(a)
2,385
105,345
Safety
Insurance
Group,
Inc.
2,989
217,121
Selective
Insurance
Group,
Inc.
12,109
912,898
Selectquote,
Inc.*(a)
27,157
17,095
SiriusPoint
Ltd.*
13,275
285,944
Skyward
Specialty
Insurance
Group,
Inc.*
7,839
342,408
Slide
Insurance
Holdings,
Inc.*(a)
14,005
252,090
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
121
Common
Stocks
Shares
Value
($)
Insurance
Stewart
Information
Services
Corp.
6,033
371,512
Tiptree,
Inc.,
Class
A
4,838
81,859
Trupanion,
Inc.*(a)
7,494
191,921
United
Fire
Group,
Inc.
4,254
157,653
Universal
Insurance
Holdings,
Inc.
5,178
176,880
10,528,785
Interactive
Media
&
Services
0.4%
Angi,
Inc.,
Class
A*(a)
7,046
48,265
Arena
Group
Holdings,
Inc.
(The)*(a)
2,392
5,191
Bumble,
Inc.,
Class
A*
13,818
45,047
Cargurus,
Inc.,
Class
A*
15,590
530,839
Cars.com,
Inc.*(a)
10,876
88,313
EverQuote,
Inc.,
Class
A*
5,862
90,392
fuboTV,
Inc.,
Class
A*(a)
5,426
51,330
Getty
Images
Holdings,
Inc.*(a)
21,043
16,696
Grindr,
Inc.*(a)
6,382
77,158
MediaAlpha,
Inc.,
Class
A*
6,246
58,088
Nextdoor
Holdings,
Inc.*(a)
44,612
62,457
QuinStreet,
Inc.*
10,501
126,117
Rumble,
Inc.*(a)
20,567
104,892
Shutterstock,
Inc.
4,932
81,920
Teads
Holding
Co.*(a)
7,466
4,917
Travelzoo*(a)
1,141
6,755
TripAdvisor,
Inc.*(a)
22,307
237,793
Webtoon
Entertainment,
Inc.*(a)
3,889
35,740
Yelp,
Inc.,
Class
A*(a)
11,556
285,895
Ziff
Davis,
Inc.*(a)
7,725
324,141
ZipRecruiter,
Inc.,
Class
A*(a)
13,366
24,593
2,306,539
IT
Services
0.7%
Applied
Digital
Corp.*(a)
46,900
1,113,406
ASGN,
Inc.*(a)
8,589
332,480
Backblaze,
Inc.,
Class
A*
10,005
34,517
BigBear.ai
Holdings,
Inc.*(a)
85,085
299,499
Commerce.com,
Inc.,
Series
1*
13,044
34,828
Crexendo,
Inc.*
2,639
16,283
CSP,
Inc.(a)
1,279
11,063
DigitalOcean
Holdings,
Inc.*(a)
15,012
1,287,729
Fastly,
Inc.,
Class
A*(a)
27,805
808,013
Grid
Dynamics
Holdings,
Inc.*(a)
13,928
79,390
Hackett
Group,
Inc.
(The)(a)
4,845
63,034
Information
Services
Group,
Inc.(a)
7,689
29,526
Rackspace
Technology,
Inc.*
19,964
19,561
TSS,
Inc.*(a)
4,888
63,593
Tucows,
Inc.,
Class
A*(a)
1,339
22,977
Unisys
Corp.*
13,372
27,680
VTEX,
Class
A*(a)
10,719
42,876
Whitefiber,
Inc.*(a)
2,208
26,297
4,312,752
Leisure
Products
0.4%
Acushnet
Holdings
Corp.
5,448
509,279
Common
Stocks
Shares
Value
($)
Leisure
Products
American
Outdoor
Brands,
Inc.*(a)
2,174
20,305
Callaway
Golf
Co.*
26,082
362,018
Clarus
Corp.
4,367
11,878
Escalade,
Inc.(a)
1,771
30,408
Funko,
Inc.,
Class
A*(a)
7,196
22,667
JAKKS
Pacific,
Inc.(a)
1,644
32,749
Johnson
Outdoors,
Inc.,
Class
A
1,071
49,812
Latham
Group,
Inc.*
10,012
53,764
Malibu
Boats,
Inc.,
Class
A*
3,607
93,494
Marine
Products
Corp.
1,063
7,728
MasterCraft
Boat
Holdings,
Inc.*
3,207
65,776
Peloton
Interactive,
Inc.,
Class
A*
78,291
335,868
Polaris,
Inc.(a)
10,487
571,542
Smith
&
Wesson
Brands,
Inc.
8,692
124,556
Sturm
Ruger
&
Co.,
Inc.
2,794
112,012
2,403,856
Life
Sciences
Tools
&
Services
0.4%
10X
Genomics,
Inc.,
Class
A*
22,224
471,816
Adaptive
Biotechnologies
Corp.*
29,901
415,026
Alpha
Teknova,
Inc.*(a)
2,070
5,982
Azenta,
Inc.*(a)
8,115
171,470
BioLife
Solutions,
Inc.*(a)
8,434
160,921
Codexis,
Inc.*(a)
17,616
28,714
CryoPort,
Inc.*
9,405
77,873
Cytek
Biosciences,
Inc.*(a)
22,393
97,857
Fortrea
Holdings,
Inc.*
17,803
167,704
Ginkgo
Bioworks
Holdings,
Inc.*(a)
8,242
50,523
Lifecore
Biomedical,
Inc.*(a)
4,790
17,819
Maravai
LifeSciences
Holdings,
Inc.,
Class
A*
23,079
65,314
MaxCyte,
Inc.*(a)
19,672
13,820
Mesa
Laboratories,
Inc.
1,114
98,500
OmniAb,
Inc.*(a)
21,229
33,330
Pacific
Biosciences
of
California,
Inc.*(a)
52,504
69,305
Personalis,
Inc.*(a)
10,602
67,535
Quanterix
Corp.*
8,179
28,790
Quantum-Si,
Inc.*(a)
31,567
24,433
Standard
BioTools,
Inc.*(a)
61,482
56,520
2,123,252
Machinery
3.8%
3D
Systems
Corp.*(a)
27,811
52,285
Aebi
Schmidt
Holding
AG
7,066
68,611
AirJoule
Technologies
Corp.*(a)
5,733
14,390
Alamo
Group,
Inc.(a)
2,025
334,064
Albany
International
Corp.,
Class
A
5,606
292,689
Alliance
Laundry
Holdings,
Inc.*(a)
8,931
185,229
Astec
Industries,
Inc.
4,424
238,188
Atmus
Filtration
Technologies,
Inc.
16,156
917,176
Blue
Bird
Corp.*
6,309
358,288
CECO
Environmental
Corp.*
5,863
349,318
122
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Machinery
Chart
Industries,
Inc.*
8,916
1,843,383
Columbus
McKinnon
Corp.(a)
5,535
80,424
Douglas
Dynamics,
Inc.
4,356
183,344
Eastern
Co.
(The)(a)
1,205
24,389
Energy
Recovery,
Inc.*(a)
9,585
96,521
Enerpac
Tool
Group
Corp.,
Class
A
10,389
378,887
Enpro,
Inc.
4,166
1,044,208
ESCO
Technologies,
Inc.
5,097
1,434,143
Federal
Signal
Corp.
11,822
1,278,431
Franklin
Electric
Co.,
Inc.
7,625
702,796
Gencor
Industries,
Inc.*
1,714
25,710
Gorman-Rupp
Co.
(The)
4,000
248,520
Graham
Corp.*
2,072
163,522
Greenbrier
Cos.,
Inc.
(The)
5,970
314,321
Helios
Technologies,
Inc.
6,640
429,674
Hillman
Solutions
Corp.*(a)
38,764
322,516
Hyster-Yale,
Inc.(a)
2,264
73,603
JBT
Marel
Corp.
10,279
1,314,376
Kadant,
Inc.
2,319
677,960
Kennametal,
Inc.(a)
15,111
545,960
L
B
Foster
Co.,
Class
A*
1,959
54,656
Lindsay
Corp.
2,057
244,927
Luxfer
Holdings
plc
4,821
58,720
Manitowoc
Co.,
Inc.
(The)*
6,868
80,012
Mayville
Engineering
Co.,
Inc.*
2,762
49,578
Microvast
Holdings,
Inc.*(a)
39,547
59,320
Miller
Industries,
Inc.
2,132
97,113
Mueller
Water
Products,
Inc.,
Class
A
30,595
841,057
Omega
Flex,
Inc.
477
14,806
Palladyne
AI
Corp.*(a)
6,625
40,214
Park-Ohio
Holdings
Corp.
1,939
46,614
Proto
Labs,
Inc.*
4,745
270,560
Richtech
Robotics,
Inc.,
Class
B*(a)
35,423
74,034
SPX
Technologies,
Inc.*(a)
9,495
1,898,430
Standex
International
Corp.
2,356
600,450
Tennant
Co.
3,573
237,247
Terex
Corp.(a)
22,154
1,309,301
Titan
International,
Inc.*(a)
9,353
64,629
Trinity
Industries,
Inc.
15,922
512,370
Wabash
National
Corp.
7,749
66,796
Watts
Water
Technologies,
Inc.,
Class
A
5,395
1,566,115
Worthington
Enterprises,
Inc.
6,210
323,789
22,503,664
Marine
Transportation
0.3%
Costamare
Bulkers
Holdings
Ltd.*
1,557
24,087
Costamare,
Inc.
8,835
149,311
Genco
Shipping
&
Trading
Ltd.
6,306
142,200
Himalaya
Shipping
Ltd.(a)
5,221
69,439
Matson,
Inc.
6,087
997,903
Pangaea
Logistics
Solutions
Ltd.
6,061
42,912
Safe
Bulkers,
Inc.
11,215
70,991
1,496,843
Media
0.9%
Advantage
Solutions,
Inc.*(a)
710
15,009
Common
Stocks
Shares
Value
($)
Media
AMC
Networks,
Inc.,
Class
A*(a)
6,967
47,306
Boston
Omaha
Corp.,
Class
A*(a)
4,087
47,736
Cable
One,
Inc.*(a)
973
88,747
EchoStar
Corp.,
Class
A*(a)
26,705
3,126,354
Emerald
Holding,
Inc.(a)
2,270
10,238
Entravision
Communications
Corp.,
Class
A
13,281
39,445
EW
Scripps
Co.
(The),
Class
A*(a)
14,158
52,668
Gambling.com
Group
Ltd.*
2,965
11,504
Gray
Media,
Inc.
17,491
75,911
Ibotta,
Inc.,
Class
A*(a)
2,218
66,474
iHeartMedia,
Inc.,
Class
A*(a)
25,366
74,069
John
Wiley
&
Sons,
Inc.,
Class
A
7,952
302,971
Magnite,
Inc.*
27,798
330,240
National
CineMedia,
Inc.(a)
13,409
40,897
Newsmax,
Inc.,
Class
B*(a)
9,339
48,750
Nexxen
International
Ltd.*(a)
5,554
36,212
Optimum
Communications,
Inc.,
Class
A*(a)
48,454
62,990
PubMatic,
Inc.,
Class
A*(a)
6,994
57,211
Scholastic
Corp.(a)
3,934
153,662
Sinclair,
Inc.(a)
7,628
98,706
Stagwell,
Inc.,
Class
A*(a)
20,981
131,971
TechTarget,
Inc.*
5,717
22,182
Thryv
Holdings,
Inc.*(a)
7,239
19,835
USA
TODAY
Co.,
Inc.*(a)
28,457
200,622
5,161,710
Metals
&
Mining
2.8%
Alpha
Metallurgical
Resources,
Inc.*(a)
2,301
472,326
American
Battery
Technology
Co.*(a)
22,879
63,832
Caledonia
Mining
Corp.
plc
3,353
75,744
Century
Aluminum
Co.*
11,223
658,678
Coeur
Mining,
Inc.*(a)
200,945
3,771,738
Commercial
Metals
Co.
22,023
1,352,873
Compass
Minerals
International,
Inc.*(a)
6,087
142,131
Constellium
SE,
Class
A*
27,288
670,739
Contango
Silver
&
Gold,
Inc.*(a)
4,106
76,988
Critical
Metals
Corp.*(a)
11,497
91,286
Dakota
Gold
Corp.*(a)
16,795
84,815
Ferroglobe
plc
23,189
95,539
Friedman
Industries,
Inc.
1,092
19,350
Hecla
Mining
Co.(a)
125,227
2,332,979
Idaho
Strategic
Resources,
Inc.*(a)
2,836
91,092
Ivanhoe
Electric,
Inc.*
21,080
249,166
Kaiser
Aluminum
Corp.(a)
3,244
390,934
Lifezone
Metals
Ltd.*(a)
5,550
18,648
Materion
Corp.
4,101
593,210
Metallus,
Inc.*
7,244
118,367
NioCorp
Developments
Ltd.*(a)
23,283
103,842
Novagold
Resources,
Inc.*
55,382
497,330
Perpetua
Resources
Corp.*
16,957
476,831
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
123
Common
Stocks
Shares
Value
($)
Metals
&
Mining
Ramaco
Resources,
Inc.,
Class
A*(a)
8,148
125,968
Ryerson
Holding
Corp.
8,541
192,002
SSR
Mining,
Inc.*
40,130
1,179,822
SunCoke
Energy,
Inc.
17,176
111,816
Tredegar
Corp.*
5,089
40,458
United
States
Antimony
Corp.*(a)
23,107
201,724
US
Gold
Corp.*(a)
2,765
42,000
USA
Rare
Earth,
Inc.*(a)
36,265
548,871
Vox
Royalty
Corp.
11,210
58,740
Warrior
Met
Coal,
Inc.
10,251
954,881
Worthington
Steel,
Inc.
6,715
203,800
16,108,520
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.8%
ACRES
Commercial
Realty
Corp.*(a)
1,195
23,087
Adamas
Trust,
Inc.(a)
16,450
121,072
Angel
Oak
Mortgage
REIT,
Inc.
2,471
20,312
Apollo
Commercial
Real
Estate
Finance,
Inc.(a)
28,502
300,981
Arbor
Realty
Trust,
Inc.(a)
33,049
254,808
Ares
Commercial
Real
Estate
Corp.(a)
11,592
55,642
ARMOUR
Residential
REIT,
Inc.(a)
22,219
370,613
Blackstone
Mortgage
Trust,
Inc.,
Class
A(a)
31,868
610,272
BrightSpire
Capital,
Inc.,
Class
A(a)
25,119
140,666
Chicago
Atlantic
Real
Estate
Finance,
Inc.
4,297
48,642
Chimera
Investment
Corp.
16,293
204,477
Claros
Mortgage
Trust,
Inc.*(a)
18,787
44,713
Dynex
Capital,
Inc.(a)
39,111
499,056
Ellington
Financial,
Inc.(a)
23,383
277,089
Franklin
BSP
Realty
Trust,
Inc.
(a)
15,409
130,822
Invesco
Mortgage
Capital,
Inc.
(a)
16,670
134,694
KKR
Real
Estate
Finance
Trust,
Inc.(a)
11,496
70,355
Ladder
Capital
Corp.,
Class
A
23,123
225,912
Lument
Finance
Trust,
Inc.(a)
12,290
15,485
MFA
Financial,
Inc.(a)
20,367
195,116
Nexpoint
Real
Estate
Finance,
Inc.(a)
1,841
24,798
Orchid
Island
Capital,
Inc.(a)
36,697
257,980
PennyMac
Mortgage
Investment
Trust(a)
17,712
206,522
Ready
Capital
Corp.(a)
32,240
52,229
Redwood
Trust,
Inc.(a)
24,107
135,240
Rithm
Property
Trust,
Inc.(a)
1,174
15,720
Seven
Hills
Realty
Trust(a)
5,658
46,509
Sunrise
Realty
Trust,
Inc.(a)
1,836
14,082
TPG
Mortgage
Investment
Trust,
Inc.
6,028
44,065
TPG
RE
Finance
Trust,
Inc.
14,576
113,839
Common
Stocks
Shares
Value
($)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
Two
Harbors
Investment
Corp.
(a)
20,273
231,518
4,886,316
Multi-Utilities
0.5%
Avista
Corp.
16,028
643,364
Black
Hills
Corp.
15,047
1,044,412
Northwestern
Energy
Group,
Inc.
12,128
799,721
Unitil
Corp.
3,284
171,556
2,659,053
Office
REITs
0.4%
Brandywine
Realty
Trust(a)
35,646
96,601
COPT
Defense
Properties(a)
22,626
692,355
Douglas
Emmett,
Inc.(a)
25,347
238,769
Easterly
Government
Properties,
Inc.,
Class
A
8,489
181,919
Empire
State
Realty
Trust,
Inc.,
Class
A(a)
28,468
148,033
Franklin
Street
Properties
Corp.(a)
16,629
11,050
Hudson
Pacific
Properties,
Inc.*(a)
10,046
59,372
JBG
SMITH
Properties(a)
12,126
177,161
NET
Lease
Office
Properties
2,911
33,535
Peakstone
Realty
Trust
7,042
147,107
Piedmont
Realty
Trust,
Inc.,
Class
A*
24,717
162,391
Postal
Realty
Trust,
Inc.,
Class
A(a)
4,643
86,174
SL
Green
Realty
Corp.(a)
14,220
525,287
2,559,754
Oil,
Gas
&
Consumable
Fuels
4.1%
Ardmore
Shipping
Corp.
6,702
102,205
BKV
Corp.*
4,994
142,429
California
Resources
Corp.
14,472
1,001,752
Calumet,
Inc.*(a)
13,545
486,265
Centrus
Energy
Corp.,
Class
A*(a)
3,340
579,791
Clean
Energy
Fuels
Corp.*
34,584
85,768
CNX
Resources
Corp.*(a)
27,112
1,045,168
Comstock
Resources,
Inc.*(a)
14,619
308,169
Core
Natural
Resources,
Inc.
10,031
1,050,547
Crescent
Energy
Co.,
Class
A(a)
50,726
684,801
CVR
Energy,
Inc.*
6,237
209,875
Delek
US
Holdings,
Inc.
11,758
529,933
DHT
Holdings,
Inc.
26,629
486,512
Diversified
Energy
Co.(a)
12,560
219,046
Dorian
LPG
Ltd.
7,411
253,456
Empire
Petroleum
Corp.*(a)
2,821
8,350
Encore
Energy
Corp.*(a)
36,697
66,055
Energy
Fuels,
Inc.*(a)
46,238
843,843
Epsilon
Energy
Ltd.
2,663
16,404
Evolution
Petroleum
Corp.(a)
4,403
20,166
Excelerate
Energy,
Inc.,
Class
A
4,872
162,822
FLEX
LNG
Ltd.(a)
6,176
183,489
FutureFuel
Corp.
4,710
18,133
Gevo,
Inc.*(a)
46,548
127,076
Golar
LNG
Ltd.
19,065
1,031,607
124
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Granite
Ridge
Resources,
Inc.
(a)
9,834
57,726
Green
Plains,
Inc.*(a)
13,518
222,371
Gulfport
Energy
Corp.*
3,124
660,945
HighPeak
Energy,
Inc.(a)
3,536
24,398
Infinity
Natural
Resources,
Inc.,
Class
A*(a)
3,285
57,849
International
Seaways,
Inc.
7,868
573,420
Kinetik
Holdings,
Inc.,
Class
A(a)
9,116
441,306
Kolibri
Global
Energy,
Inc.*
6,503
35,701
Kosmos
Energy
Ltd.*
92,025
255,829
Lightbridge
Corp.*(a)
6,234
66,454
Magnolia
Oil
&
Gas
Corp.,
Class
A(a)
35,638
1,125,092
Murphy
Oil
Corp.
26,735
1,102,819
NACCO
Industries,
Inc.,
Class
A
796
41,368
Navigator
Holdings
Ltd.(a)
5,539
107,069
New
Fortress
Energy,
Inc.*(a)
32,076
18,925
NextDecade
Corp.*(a)
34,172
261,758
NextNRG,
Inc.*(a)
22,524
9,010
Nordic
American
Tankers
Ltd.
41,126
240,998
Northern
Oil
&
Gas,
Inc.(a)
19,165
560,193
OPAL
Fuels,
Inc.,
Class
A*(a)
3,481
8,772
Par
Pacific
Holdings,
Inc.*
9,711
608,297
PBF
Energy,
Inc.,
Class
A
16,478
784,682
Peabody
Energy
Corp.(a)
24,040
792,118
Prairie
Operating
Co.*(a)
3,600
7,308
PrimeEnergy
Resources
Corp.*(a)
68
15,834
REX
American
Resources
Corp.*
5,754
262,210
Riley
Exploration
Permian,
Inc.
2,945
107,345
Sable
Offshore
Corp.*(a)
24,467
404,195
SandRidge
Energy,
Inc.(a)
6,391
104,237
Scorpio
Tankers,
Inc.
8,949
668,132
SFL
Corp.
Ltd.(a)
23,106
249,314
SM
Energy
Co.
49,500
1,543,410
Summit
Midstream
Corp.*
1,665
50,350
Talos
Energy,
Inc.*
25,413
400,509
Teekay
Corp.
Ltd.
10,890
132,967
Teekay
Tankers
Ltd.,
Class
A
4,770
349,736
Uranium
Energy
Corp.*(a)
93,934
1,268,109
VAALCO
Energy,
Inc.(a)
19,911
126,236
Vitesse
Energy,
Inc.(a)
6,053
109,922
W&T
Offshore,
Inc.(a)
18,373
62,652
World
Kinect
Corp.(a)
10,738
247,726
23,830,954
Paper
&
Forest
Products
0.1%
Clearwater
Paper
Corp.*(a)
3,169
45,570
Magnera
Corp.*
6,200
58,962
Sylvamo
Corp.
6,692
282,670
387,202
Passenger
Airlines
0.4%
Allegiant
Travel
Co.*(a)
2,921
236,718
flyExclusive,
Inc.*(a)
2,243
5,069
Frontier
Group
Holdings,
Inc.*(a)
11,616
41,005
JetBlue
Airways
Corp.*(a)
59,004
260,798
Joby
Aviation,
Inc.*(a)
115,367
952,931
Common
Stocks
Shares
Value
($)
Passenger
Airlines
SkyWest,
Inc.*
7,974
732,252
Sun
Country
Airlines
Holdings,
Inc.*
10,015
165,448
2,394,221
Personal
Care
Products
0.2%
Beauty
Health
Co.
(The)*(a)
22,715
20,216
Edgewell
Personal
Care
Co.(a)
8,916
190,267
FitLife
Brands,
Inc.*(a)
741
10,522
Herbalife
Ltd.*(a)
20,466
301,260
Honest
Co.,
Inc.
(The)*(a)
18,306
53,820
Interparfums,
Inc.(a)
3,641
330,749
Lifevantage
Corp.(a)
2,016
8,709
Medifast,
Inc.*(a)
2,461
25,078
Nature's
Sunshine
Products,
Inc.*
3,385
81,206
Niagen
Bioscience,
Inc.*
10,098
44,532
Nu
Skin
Enterprises,
Inc.,
Class
A(a)
9,849
71,701
Olaplex
Holdings,
Inc.*(a)
29,822
60,539
USANA
Health
Sciences,
Inc.*
2,220
38,783
Waldencast
plc,
Class
A*
8,088
7,681
1,245,063
Pharmaceuticals
2.4%
Aardvark
Therapeutics,
Inc.*(a)
2,484
9,365
Aclaris
Therapeutics,
Inc.*
16,671
62,516
Alumis,
Inc.*(a)
13,500
297,405
Amneal
Pharmaceuticals,
Inc.*
29,993
372,813
Amphastar
Pharmaceuticals,
Inc.*
7,072
138,540
Amylyx
Pharmaceuticals,
Inc.*
18,308
254,481
ANI
Pharmaceuticals,
Inc.*
3,727
286,606
Aquestive
Therapeutics,
Inc.*(a)
20,619
85,569
Arvinas,
Inc.*
11,076
117,406
Atea
Pharmaceuticals,
Inc.*(a)
13,430
72,253
Axsome
Therapeutics,
Inc.*
8,147
1,377,006
BioAge
Labs,
Inc.*
5,946
103,996
Biote
Corp.,
Class
A*(a)
6,823
9,211
Collegium
Pharmaceutical,
Inc.*
6,284
207,812
CorMedix,
Inc.*(a)
14,693
99,765
Crinetics
Pharmaceuticals,
Inc.*(a)
19,161
695,928
Definium
Therapeutics,
Inc.*
19,386
366,395
Edgewise
Therapeutics,
Inc.*
13,498
425,187
Enliven
Therapeutics,
Inc.*(a)
7,859
308,073
Esperion
Therapeutics,
Inc.*(a)
46,532
127,498
Eton
Pharmaceuticals,
Inc.*(a)
4,867
120,118
Evolus,
Inc.*(a)
10,251
42,132
EyePoint,
Inc.*(a)
15,046
193,943
Fulcrum
Therapeutics,
Inc.*(a)
11,816
90,629
Harmony
Biosciences
Holdings,
Inc.*
8,678
243,071
Harrow,
Inc.*(a)
6,340
223,548
Indivior
Pharmaceuticals,
Inc.*
23,811
725,759
Innoviva,
Inc.*
14,736
343,349
Journey
Medical
Corp.*(a)
3,844
18,028
LB
Pharmaceuticals,
Inc.*(a)
3,767
92,894
LENZ
Therapeutics,
Inc.*(a)
4,091
37,433
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
125
Common
Stocks
Shares
Value
($)
Pharmaceuticals
Ligand
Pharmaceuticals,
Inc.*(a)
3,849
768,453
Liquidia
Corp.*(a)
12,851
484,997
Maze
Therapeutics,
Inc.*(a)
5,202
155,280
MBX
Biosciences,
Inc.*(a)
5,647
168,563
MediWound
Ltd.*(a)
1,902
30,641
Nuvation
Bio,
Inc.*
46,767
200,630
Ocular
Therapeutix,
Inc.*(a)
37,290
315,846
Omeros
Corp.*(a)
13,602
143,637
Pacira
BioSciences,
Inc.*(a)
8,099
183,037
Phathom
Pharmaceuticals,
Inc.*(a)
9,130
101,434
Phibro
Animal
Health
Corp.,
Class
A
4,041
223,508
Prestige
Consumer
Healthcare,
Inc.*(a)
9,492
562,591
Rapport
Therapeutics,
Inc.*(a)
5,644
176,601
Septerna,
Inc.*(a)
4,106
98,667
SIGA
Technologies,
Inc.(a)
7,997
42,784
Supernus
Pharmaceuticals,
Inc.*
10,762
556,288
Tarsus
Pharmaceuticals,
Inc.*
7,802
547,310
Terns
Pharmaceuticals,
Inc.*
18,862
994,405
Theravance
Biopharma,
Inc.*
7,326
118,901
Third
Harmonic
Bio,
Inc.*∞
5,115
0
Trevi
Therapeutics,
Inc.*(a)
18,812
224,427
Tvardi
Therapeutics,
Inc.*(a)
966
3,072
WaVe
Life
Sciences
Ltd.*
27,516
199,491
Xeris
Biopharma
Holdings,
Inc.*
32,034
185,797
Zevra
Therapeutics,
Inc.*(a)
10,312
96,108
14,131,197
Professional
Services
1.4%
Alight,
Inc.,
Class
A
96,204
56,058
Asure
Software,
Inc.*
4,715
40,549
Barrett
Business
Services,
Inc.
4,756
138,780
BlackSky
Technology,
Inc.*(a)
6,042
152,017
CBIZ,
Inc.*
9,669
259,613
Conduent,
Inc.*
33,782
43,241
CRA
International,
Inc.
1,274
206,235
CSG
Systems
International,
Inc.
5,567
445,026
Exponent,
Inc.
9,771
637,558
Falcon's
Beyond
Global,
Inc.,
Class
A*(a)
2,754
38,831
First
Advantage
Corp.*(a)
15,426
181,410
Forrester
Research,
Inc.*(a)
2,436
13,788
Franklin
Covey
Co.*(a)
2,131
33,648
HireQuest,
Inc.(a)
773
7,715
Huron
Consulting
Group,
Inc.*(a)
3,366
429,131
IBEX
Holdings
Ltd.*
2,062
55,303
ICF
International,
Inc.
3,665
239,288
Innodata,
Inc.*(a)
6,104
235,736
Insperity,
Inc.(a)
7,172
193,931
Kelly
Services,
Inc.,
Class
A
6,191
54,790
Kforce,
Inc.
3,561
104,124
Korn
Ferry
10,431
656,631
Legalzoom.com,
Inc.*(a)
25,218
142,986
Maximus,
Inc.
10,765
690,037
Mistras
Group,
Inc.*
1,888
27,905
Common
Stocks
Shares
Value
($)
Professional
Services
Planet
Labs
PBC*(a)
53,359
1,491,384
Public
Policy
Holding
Co.,
Inc.
887
11,602
RCM
Technologies,
Inc.*
860
16,460
Resolute
Holdings
Management,
Inc.*(a)
825
133,898
Resources
Connection,
Inc.(a)
6,140
22,902
Skillsoft
Corp.*(a)
781
3,350
Spire
Global,
Inc.*(a)
5,572
70,096
TIC
Solutions,
Inc.*(a)
39,502
259,923
TriNet
Group,
Inc.
5,984
217,997
TrueBlue,
Inc.*
5,121
20,023
TTEC
Holdings,
Inc.*(a)
3,470
8,675
Upwork,
Inc.*(a)
24,758
271,348
Verra
Mobility
Corp.,
Class
A*
31,884
455,622
Willdan
Group,
Inc.*
2,746
210,234
8,277,845
Real
Estate
Management
&
Development
0.5%
American
Realty
Investors,
Inc.*(a)
366
5,655
Compass,
Inc.,
Class
A*
126,710
926,250
Cushman
&
Wakefield
Ltd.*
24,335
298,347
Douglas
Elliman,
Inc.*(a)
13,933
22,850
eXp
World
Holdings,
Inc.(a)
17,359
103,980
Forestar
Group,
Inc.*
3,949
96,514
FRP
Holdings,
Inc.*(a)
2,375
51,965
Kennedy-Wilson
Holdings,
Inc.
24,378
263,770
Marcus
&
Millichap,
Inc.
5,112
135,928
Maui
Land
&
Pineapple
Co.,
Inc.*(a)
1,270
19,545
Newmark
Group,
Inc.,
Class
A
30,538
457,765
RE/MAX
Holdings,
Inc.,
Class
A*
4,273
24,612
Real
Brokerage,
Inc.
(The)*
26,299
65,747
RMR
Group,
Inc.
(The),
Class
A(a)
3,495
54,068
Seaport
Entertainment
Group,
Inc.*(a)
1,267
27,215
St
Joe
Co.
(The)
7,526
472,633
Stratus
Properties,
Inc.*(a)
1,321
40,317
Tejon
Ranch
Co.*(a)
4,221
79,524
Transcontinental
Realty
Investors,
Inc.*
156
5,441
3,152,126
Residential
REITs
0.3%
BRT
Apartments
Corp.(a)
1,783
23,785
Centerspace(a)
3,303
189,758
Clipper
Realty,
Inc.
2,440
7,369
Independence
Realty
Trust,
Inc.(a)
47,828
712,159
NexPoint
Residential
Trust,
Inc.
4,492
112,300
UMH
Properties,
Inc.
15,819
228,268
Veris
Residential,
Inc.
15,629
294,919
1,568,558
Retail
REITs
1.2%
Acadia
Realty
Trust(a)
26,496
506,603
Alexander's,
Inc.(a)
450
106,290
CBL
&
Associates
Properties,
Inc.
3,791
145,688
Curbline
Properties
Corp.(a)
19,377
499,733
126
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Retail
REITs
FrontView
REIT,
Inc.(a)
4,147
64,154
Getty
Realty
Corp.
10,737
341,437
InvenTrust
Properties
Corp.
15,717
478,740
Kite
Realty
Group
Trust(a)
43,520
1,068,416
Macerich
Co.
(The)(a)
50,942
962,804
NETSTREIT
Corp.(a)
16,486
310,431
Phillips
Edison
&
Co.,
Inc.
24,991
935,163
Saul
Centers,
Inc.
2,582
84,122
SITE
Centers
Corp.
9,803
52,936
Tanger,
Inc.
22,370
760,133
Urban
Edge
Properties
25,260
504,695
Whitestone
REIT
9,110
147,126
6,968,471
Semiconductors
&
Semiconductor
Equipment
3.4%
ACM
Research,
Inc.,
Class
A*
10,020
394,287
Aehr
Test
Systems*(a)
5,766
213,803
Aeluma,
Inc.*(a)
2,568
33,615
Alpha
&
Omega
Semiconductor
Ltd.*(a)
4,822
106,856
Ambarella,
Inc.*
8,219
423,073
Ambiq
Micro,
Inc.*(a)
3,573
90,790
Atomera,
Inc.*(a)
5,454
20,780
Axcelis
Technologies,
Inc.*(a)
6,155
572,907
Blaize
Holdings,
Inc.*(a)
14,011
25,500
CEVA,
Inc.*
5,389
100,667
Cohu,
Inc.*
9,169
280,755
Credo
Technology
Group
Holding
Ltd.*
31,792
2,984,315
Diodes,
Inc.*
8,999
614,272
FormFactor,
Inc.*
15,387
1,492,385
Ichor
Holdings
Ltd.*
6,607
307,952
Impinj,
Inc.*(a)
5,536
568,547
indie
Semiconductor,
Inc.,
Class
A*(a)
38,304
123,339
Kopin
Corp.*(a)
32,208
72,468
Kulicke
&
Soffa
Industries,
Inc.
10,132
665,875
MaxLinear,
Inc.,
Class
A*(a)
16,056
279,214
Navitas
Semiconductor
Corp.,
Class
A*(a)
40,048
351,221
NVE
Corp.
911
59,670
PDF
Solutions,
Inc.*(a)
6,305
206,237
Penguin
Solutions,
Inc.*(a)
10,448
183,885
Photronics,
Inc.*
11,350
458,654
Power
Integrations,
Inc.(a)
10,820
553,984
Rambus,
Inc.*(a)
21,305
1,832,869
Rigetti
Computing,
Inc.*(a)
64,362
903,642
Semtech
Corp.*
18,347
1,410,701
Silicon
Laboratories,
Inc.*
6,414
1,335,074
SiTime
Corp.*
4,435
1,531,627
SkyWater
Technology,
Inc.*
7,012
192,199
Synaptics,
Inc.*(a)
7,706
539,728
Ultra
Clean
Holdings,
Inc.*
8,752
544,199
Veeco
Instruments,
Inc.*(a)
11,736
397,381
19,872,471
Software
4.4%
8x8,
Inc.*(a)
27,214
45,175
A10
Networks,
Inc.
14,439
333,830
ACI
Worldwide,
Inc.*
20,709
849,276
Adeia,
Inc.(a)
21,423
514,795
Agilysys,
Inc.*(a)
5,060
359,968
Airship
AI
Holdings,
Inc.*(a)
4,390
9,921
Common
Stocks
Shares
Value
($)
Software
Alarm.com
Holdings,
Inc.*
9,380
405,122
Alkami
Technology,
Inc.*(a)
13,329
208,865
Amplitude,
Inc.,
Class
A*
18,464
125,924
Appian
Corp.,
Class
A*
7,705
185,768
Arteris,
Inc.*
6,158
101,238
Asana,
Inc.,
Class
A*(a)
16,760
107,264
AudioEye,
Inc.*
2,045
13,027
AvePoint,
Inc.*
29,173
277,435
Bit
Digital,
Inc.*(a)
64,935
85,065
Bitdeer
Technologies
Group,
Class
A*(a)
24,359
210,705
Blackbaud,
Inc.*
7,610
293,822
BlackLine,
Inc.*(a)
9,853
364,561
Blend
Labs,
Inc.,
Class
A*
39,535
67,209
Box,
Inc.,
Class
A*
27,784
656,814
Braze,
Inc.,
Class
A*
17,382
410,389
C3.ai,
Inc.,
Class
A*(a)
25,038
210,820
Cerence,
Inc.*(a)
9,485
59,850
Chaince
Digital
Holdings,
Inc.*(a)
6,090
24,238
Cipher
Digital,
Inc.*(a)
63,904
822,444
Cleanspark,
Inc.*(a)
50,029
425,747
Clear
Secure,
Inc.,
Class
A
17,387
841,705
Clearwater
Analytics
Holdings,
Inc.,
Class
A*
54,951
1,299,591
Commvault
Systems,
Inc.*
8,724
679,512
Consensus
Cloud
Solutions,
Inc.*(a)
3,803
90,283
Core
Scientific,
Inc.*
57,311
857,373
CS
Disco,
Inc.*
5,673
21,671
Daily
Journal
Corp.*(a)
258
124,444
Digimarc
Corp.*(a)
3,506
17,214
Digital
Turbine,
Inc.*(a)
21,112
60,803
Domo,
Inc.,
Class
B*
5,954
18,219
D-Wave
Quantum,
Inc.*(a)
72,032
1,039,422
eGain
Corp.*
3,411
26,913
EverCommerce,
Inc.*(a)
2,563
29,295
Expensify,
Inc.,
Class
A*(a)
11,177
9,723
Five9,
Inc.*
15,581
236,364
Freshworks,
Inc.,
Class
A*
41,369
332,193
Hut
8
Corp.*(a)
19,347
907,568
I3
Verticals,
Inc.,
Class
A*(a)
4,638
103,706
Intapp,
Inc.*
11,300
290,297
InterDigital,
Inc.(a)
5,102
1,540,804
Kaltura,
Inc.*
21,983
26,819
Life360,
Inc.*(a)
4,089
166,913
LiveRamp
Holdings,
Inc.*
12,386
328,477
MARA
Holdings,
Inc.*(a)
75,030
612,245
Mitek
Systems,
Inc.*(a)
8,718
117,693
N-able,
Inc.*
13,723
64,086
NCR
Voyix
Corp.*(a)
28,391
179,715
NextNav,
Inc.*(a)
18,782
300,888
ON24,
Inc.*(a)
7,189
58,231
OneSpan,
Inc.
7,705
81,134
Ooma,
Inc.*
4,320
62,856
Pagaya
Technologies
Ltd.,
Class
A*(a)
12,184
141,944
PagerDuty,
Inc.*
17,580
109,172
PAR
Technology
Corp.*(a)
8,005
106,707
Porch
Group,
Inc.*(a)
17,791
127,561
Progress
Software
Corp.*
8,284
212,485
Q2
Holdings,
Inc.*
12,287
581,175
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
127
Common
Stocks
Shares
Value
($)
Software
Qualys,
Inc.*
7,110
624,613
Rapid7,
Inc.*
12,544
69,117
Red
Violet,
Inc.*
2,177
75,324
ReposiTrak,
Inc.(a)
2,049
15,572
Rezolve
AI
plc*(a)
43,665
111,782
Rimini
Street,
Inc.*
9,595
31,472
Riot
Platforms,
Inc.*(a)
68,789
850,232
SEMrush
Holdings,
Inc.,
Class
A*
9,136
109,084
Silvaco
Group,
Inc.*
1,102
7,802
SoundHound
AI,
Inc.,
Class
A*(a)
76,674
526,750
SoundThinking,
Inc.*(a)
2,009
13,300
Sprinklr,
Inc.,
Class
A*(a)
22,427
134,562
Sprout
Social,
Inc.,
Class
A*(a)
10,793
61,520
SPS
Commerce,
Inc.*
7,563
421,032
Telos
Corp.*
10,730
44,959
Tenable
Holdings,
Inc.*
23,451
396,674
Terawulf,
Inc.*(a)
61,092
881,558
Varonis
Systems,
Inc.,
Class
B*
23,004
493,896
Vertex,
Inc.,
Class
A*
13,911
165,402
Via
Transportation,
Inc.,
Class
A*(a)
2,012
30,180
Viant
Technology,
Inc.,
Class
A*(a)
3,482
38,998
Weave
Communications,
Inc.*
12,758
58,942
WM
Technology,
Inc.*
21,355
14,060
Workiva,
Inc.,
Class
A*
9,921
591,589
Xperi,
Inc.*(a)
9,020
50,512
Yext,
Inc.*
20,037
76,942
Zeta
Global
Holdings
Corp.,
Class
A*(a)
41,455
659,964
25,530,311
Specialized
REITs
0.3%
Farmland
Partners,
Inc.(a)
8,255
92,704
Four
Corners
Property
Trust,
Inc.
21,091
498,802
Gladstone
Land
Corp.(a)
6,656
67,891
Outfront
Media,
Inc.
29,206
773,959
Safehold,
Inc.(a)
11,662
157,787
Smartstop
Self
Storage
REIT,
Inc.(a)
10,891
329,779
1,920,922
Specialty
Retail
1.9%
1-800-Flowers.com,
Inc.,
Class
A*(a)
4,156
12,634
Abercrombie
&
Fitch
Co.,
Class
A*
8,948
817,579
Academy
Sports
&
Outdoors,
Inc.(a)
13,133
741,358
Advance
Auto
Parts,
Inc.(a)
11,745
619,549
American
Eagle
Outfitters,
Inc.
31,764
530,459
America's
Car-Mart,
Inc.*
1,432
18,229
Arhaus,
Inc.,
Class
A(a)
10,763
72,973
Arko
Corp.
13,306
73,981
Asbury
Automotive
Group,
Inc.*(a)
3,867
755,650
BARK,
Inc.*(a)
23,596
11,954
Barnes
&
Noble
Education,
Inc.*(a)
2,741
24,203
Common
Stocks
Shares
Value
($)
Specialty
Retail
Bed
Bath
&
Beyond,
Inc.*
13,657
63,369
Boot
Barn
Holdings,
Inc.*
6,043
884,453
Buckle,
Inc.
(The)
6,188
311,628
Build-A-Bear
Workshop,
Inc.
(a)
2,289
85,723
Caleres,
Inc.
7,084
74,665
Camping
World
Holdings,
Inc.,
Class
A(a)
12,693
86,693
Citi
Trends,
Inc.*
922
39,941
Designer
Brands,
Inc.,
Class
A(a)
6,941
39,494
Envela
Corp.*(a)
1,719
28,639
EVgo,
Inc.,
Class
A*(a)
24,134
41,511
Genesco,
Inc.*
1,804
52,298
Group
1
Automotive,
Inc.
2,327
769,376
Haverty
Furniture
Cos.,
Inc.
2,689
56,953
J
Jill,
Inc.(a)
1,726
19,780
Lands'
End,
Inc.*(a)
1,755
19,726
MarineMax,
Inc.*(a)
3,615
97,822
Monro,
Inc.(a)
5,977
95,871
National
Vision
Holdings,
Inc.*(a)
15,451
400,181
OneWater
Marine,
Inc.,
Class
A*(a)
2,008
18,976
Outdoor
Holding
Co.*(a)
18,385
36,954
Petco
Health
&
Wellness
Co.,
Inc.,
Class
A*
15,976
44,413
RealReal,
Inc.
(The)*(a)
21,114
191,715
Revolve
Group,
Inc.,
Class
A*
7,870
177,941
Sally
Beauty
Holdings,
Inc.*
20,229
280,172
Shoe
Carnival,
Inc.(a)
3,721
58,010
Signet
Jewelers
Ltd.(a)
7,797
659,938
Sleep
Number
Corp.*(a)
3,371
6,051
Sonic
Automotive,
Inc.,
Class
A(a)
2,898
198,716
Stitch
Fix,
Inc.,
Class
A*(a)
22,849
75,630
ThredUp,
Inc.,
Class
A*
19,861
65,144
Torrid
Holdings,
Inc.*
10,203
18,161
Upbound
Group,
Inc.
10,547
190,373
Urban
Outfitters,
Inc.*
12,879
815,885
Victoria's
Secret
&
Co.*(a)
13,554
628,363
Warby
Parker,
Inc.,
Class
A*(a)
19,426
409,306
Winmark
Corp.(a)
576
246,269
Zumiez,
Inc.*
2,541
56,309
11,025,018
Technology
Hardware,
Storage
&
Peripherals
0.6%
Corsair
Gaming,
Inc.*(a)
9,376
52,037
CPI
Card
Group,
Inc.*
1,316
19,095
Diebold
Nixdorf,
Inc.*
4,841
365,205
Eastman
Kodak
Co.*(a)
12,920
116,926
GPGI,
Inc.(a)
35,183
601,629
Immersion
Corp.(a)
5,735
31,313
IonQ,
Inc.*(a)
68,014
1,960,844
Quantum
Computing,
Inc.*(a)
39,955
273,692
Turtle
Beach
Corp.*(a)
3,128
31,718
Xerox
Holdings
Corp.(a)
26,135
33,714
3,486,173
Textiles,
Apparel
&
Luxury
Goods
0.5%
Capri
Holdings
Ltd.*
22,921
403,868
Carter's,
Inc.
6,884
246,172
Ermenegildo
Zegna
NV(a)
12,712
132,459
128
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Textiles,
Apparel
&
Luxury
Goods
Figs,
Inc.,
Class
A*
17,787
262,714
G-III
Apparel
Group
Ltd.
7,447
206,282
Kontoor
Brands,
Inc.(a)
10,864
763,630
Lakeland
Industries,
Inc.(a)
1,578
12,924
Movado
Group,
Inc.
3,261
79,634
Oxford
Industries,
Inc.(a)
2,773
106,788
Rocky
Brands,
Inc.
1,473
57,034
Steven
Madden
Ltd.
14,165
480,477
Superior
Group
of
Cos.,
Inc.
2,204
22,393
Wolverine
World
Wide,
Inc.(a)
16,179
264,041
3,038,416
Tobacco
0.1%
Ispire
Technology,
Inc.*(a)
3,811
7,012
Turning
Point
Brands,
Inc.
3,612
313,486
Universal
Corp.(a)
4,802
253,065
573,563
Trading
Companies
&
Distributors
1.0%
Alta
Equipment
Group,
Inc.
4,453
23,912
BlueLinx
Holdings,
Inc.*
1,571
85,117
Boise
Cascade
Co.
7,489
568,040
Custom
Truck
One
Source,
Inc.*
11,917
78,295
Distribution
Solutions
Group,
Inc.*(a)
1,916
50,276
DNOW,
Inc.*
36,270
431,976
DXP
Enterprises,
Inc.*
2,552
356,591
EVI
Industries,
Inc.(a)
1,027
21,136
GATX
Corp.
7,052
1,204,058
Global
Industrial
Co.
2,938
92,606
Herc
Holdings,
Inc.(a)
6,423
639,410
Hudson
Technologies,
Inc.*
7,451
43,812
Karat
Packaging,
Inc.
1,694
47,296
McGrath
RentCorp
4,792
528,462
NPK
International,
Inc.*
16,379
237,332
Rush
Enterprises,
Inc.,
Class
A
11,982
792,130
Rush
Enterprises,
Inc.,
Class
B
1,688
108,623
Titan
Machinery,
Inc.*
3,957
66,161
Transcat,
Inc.*(a)
1,803
132,430
Willis
Lease
Finance
Corp.(a)
558
95,005
Xometry,
Inc.,
Class
A*(a)
8,765
357,962
5,960,630
Transportation
Infrastructure
0.0%
†
Sky
Harbour
Group
Corp.*(a)
3,820
36,787
Water
Utilities
0.3%
American
States
Water
Co.
7,478
565,486
Cadiz,
Inc.*(a)
11,477
56,352
California
Water
Service
Group
11,679
529,526
Consolidated
Water
Co.
Ltd.
3,160
104,659
Global
Water
Resources,
Inc.
(a)
1,601
12,152
H2O
America(a)
6,545
383,995
Middlesex
Water
Co.(a)
3,435
178,792
Pure
Cycle
Corp.*(a)
4,203
42,282
York
Water
Co.
(The)
2,459
74,877
1,948,121
Wireless
Telecommunication
Services
0.2%
Gogo,
Inc.*
14,156
56,907
Spok
Holdings,
Inc.
4,000
43,600
Common
Stocks
Shares
Value
($)
Wireless
Telecommunication
Services
Telephone
&
Data
Systems,
Inc.
19,679
828,486
928,993
Total
Common
Stocks
(cost
$398,583,012)
577,577,599
Rights
0.0%
†
Number
of
Rights
Biotechnology
0.0%
†
Aduro
Biotech,
Inc.
CVR*^∞(a)
2,552
0
Akero
Therapeutics,
Inc.,
CVR*∞
14,089
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
Electronic
Equipment,
Instruments
&
Components
0.0%
†
M-Tron
Industries,
Inc.,
expiring
4/15/2026*
444
932
Life
Sciences
Tools
&
Services
0.0%
†
OmniAb,
Inc.,
expiring
11/2/2027*^∞(a)
1,742
0
Total
Rights
(cost
$6,479)
932
Repurchase
Agreements
8.0%
Principal
Amount
($)
Bank
of
America
NA,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,102,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
3.00%
-
3.50%,
maturing
10/1/2046
-
11/1/2047;
total
market
value
$1,020,000.(b)
1,000,000
1,000,000
BNP
Paribas
Securities
Corp.,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$24,002,433,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
4.88%,
maturing
4/30/2026
-
11/15/2052;
total
market
value
$24,480,003.(b)
24,000,000
24,000,000
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
129
Repurchase
Agreements
Principal
Amount
($)
Value
($)
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$5,000,511,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$5,100,000.
(b)
5,000,000
5,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$4,861,577,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$4,958,808.(b)
4,861,084
4,861,084
MetLife,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$11,001,118,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$11,225,632.(b)
11,000,000
11,000,000
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,101,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$1,020,000.(b)
1,000,000
1,000,000
Total
Repurchase
Agreements
(cost
$46,861,084)
46,861,084
Total
Investments
(cost
$445,499,491)
—
106.9%
624,478,110
Liabilities
in
excess
of
other
assets
—
(6.9)%
(40,395,451)
NET
ASSETS
—
100.0%
$
584,082,659
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$169,444,150,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$46,861,084
and
by
$120,172,123
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$167,033,207.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$46,861,084.
CVR
Contingent
Value
Rights
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
130
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
Russell
2000
E-Mini
Index
54
6/2026
USD
6,782,940
(874)
Net
contracts
(874)
Currency:
USD
United
States
Dollar
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
131
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.
132
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Closed
End
Fund
$
38,495
$
–
$
–
$
38,495
Common
Stocks
Aerospace
&
Defense
11,861,651
–
–
11,861,651
Air
Freight
&
Logistics
526,989
–
–
526,989
Automobile
Components
6,208,897
–
–
6,208,897
Automobiles
173,305
–
–
173,305
Banks
56,640,769
–
–
56,640,769
Beverages
668,670
–
–
668,670
Biotechnology
53,854,201
–
–
53,854,201
Broadline
Retail
390,440
–
–
390,440
Building
Products
8,965,412
–
–
8,965,412
Capital
Markets
9,711,776
–
–
9,711,776
Chemicals
9,458,279
–
–
9,458,279
Commercial
Services
&
Supplies
7,663,737
–
–
7,663,737
Communications
Equipment
7,008,626
–
–
7,008,626
Construction
&
Engineering
16,212,055
–
–
16,212,055
Construction
Materials
1,289,842
–
–
1,289,842
Consumer
Finance
5,344,537
–
–
5,344,537
Consumer
Staples
Distribution
&
Retail
2,898,564
–
–
2,898,564
Containers
&
Packaging
1,238,594
–
–
1,238,594
Distributors
403,820
–
–
403,820
Diversified
Consumer
Services
6,845,808
–
–
6,845,808
Diversified
REITs
2,793,634
–
–
2,793,634
Diversified
Telecommunication
Services
3,287,991
–
–
3,287,991
Electric
Utilities
5,294,224
–
–
5,294,224
Electrical
Equipment
17,317,622
–
–
17,317,622
Electronic
Equipment,
Instruments
&
Components
21,445,369
–
–
21,445,369
Energy
Equipment
&
Services
15,072,658
–
–
15,072,658
Entertainment
3,190,598
–
–
3,190,598
Financial
Services
11,412,117
–
–
11,412,117
Food
Products
3,485,636
–
–
3,485,636
Gas
Utilities
6,338,818
–
–
6,338,818
Ground
Transportation
1,861,440
–
–
1,861,440
Health
Care
Equipment
&
Supplies
13,496,530
–
–
13,496,530
Health
Care
Providers
&
Services
17,520,314
–
–
17,520,314
Health
Care
REITs
6,168,750
–
–
6,168,750
Health
Care
Technology
1,357,948
–
–
1,357,948
Hotel
&
Resort
REITs
3,397,949
–
–
3,397,949
Hotels,
Restaurants
&
Leisure
8,975,523
–
–
8,975,523
Household
Durables
9,067,700
–
–
9,067,700
Household
Products
1,580,439
–
–
1,580,439
Independent
Power
and
Renewable
Electricity
Producers
1,474,879
–
–
1,474,879
Industrial
REITs
2,197,984
–
–
2,197,984
Industrials
145,417
–
–
145,417
Insurance
10,528,785
–
–
10,528,785
Interactive
Media
&
Services
2,306,539
–
–
2,306,539
IT
Services
4,312,752
–
–
4,312,752
Leisure
Products
2,403,856
–
–
2,403,856
Life
Sciences
Tools
&
Services
2,123,252
–
–
2,123,252
Machinery
22,503,664
–
–
22,503,664
Marine
Transportation
1,496,844
–
–
1,496,844
Media
5,161,710
–
–
5,161,710
Metals
&
Mining
16,108,520
–
–
16,108,520
Mortgage
Real
Estate
Investment
Trusts
(REITs)
4,886,316
–
–
4,886,316
Multi-Utilities
2,659,053
–
–
2,659,053
Office
REITs
2,559,754
–
–
2,559,754
Oil,
Gas
&
Consumable
Fuels
23,830,954
–
–
23,830,954
NVIT
Small
Cap
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
133
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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.
Level
1
Level
2
Level
3
Total
Assets:
Paper
&
Forest
Products
$
387,202
$
–
$
–
$
387,202
Passenger
Airlines
2,394,221
–
–
2,394,221
Personal
Care
Products
1,245,063
–
–
1,245,063
Pharmaceuticals
14,131,197
–
–
14,131,197
Professional
Services
8,277,845
–
–
8,277,845
Real
Estate
Management
&
Development
3,152,126
–
–
3,152,126
Residential
REITs
1,568,558
–
–
1,568,558
Retail
REITs
6,968,471
–
–
6,968,471
Semiconductors
&
Semiconductor
Equipment
19,872,471
–
–
19,872,471
Software
25,530,310
–
–
25,530,310
Specialized
REITs
1,920,922
–
–
1,920,922
Specialty
Retail
11,025,018
–
–
11,025,018
Technology
Hardware,
Storage
&
Peripherals
3,486,173
–
–
3,486,173
Textiles,
Apparel
&
Luxury
Goods
3,038,416
–
–
3,038,416
Tobacco
573,563
–
–
573,563
Trading
Companies
&
Distributors
5,960,631
–
–
5,960,631
Transportation
Infrastructure
36,787
–
–
36,787
Water
Utilities
1,948,121
–
–
1,948,121
Wireless
Telecommunication
Services
928,993
–
–
928,993
Total
Common
Stocks
$
577,577,599
$
–
$
–
$
577,577,599
Repurchase
Agreements
–
46,861,084
–
46,861,084
Rights  
932
–
–
932
Total
Assets
$
577,617,026
$
46,861,084
$
–
$
624,478,110
Liabilities:
Futures
Contracts
$
(874)
$
–
$
–
$
(874)
Total
Liabilities
$
(874)
$
–
$
–
$
(874)
Total
$
577,616,152
$
46,861,084
$
–
$
624,477,236
As
of
March
31,
2026,
the
Fund
held
six
rights
investments
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
134
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Small
Cap
Index
Fund
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(874)
Total
$
(874)
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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
135
Common
Stocks
99
.6
%
Shares
Value
($)
Aerospace
&
Defense
0
.2
%
Axon
Enterprise,
Inc.*
1,165
494,764
Automobiles
3
.8
%
Tesla,
Inc.*
26,199
9,739,478
Beverages
2
.0
%
Coca-Cola
Europacific
Partners
plc
6,640
602,049
Keurig
Dr
Pepper,
Inc.
19,689
518,411
Monster
Beverage
Corp.*
14,177
1,027,265
PepsiCo,
Inc.
19,805
3,075,519
5,223,244
Biotechnology
3
.6
%
Alnylam
Pharmaceuticals,
Inc.*
1,922
635,932
Amgen,
Inc.
7,812
2,748,652
Gilead
Sciences,
Inc.
17,990
2,507,266
Insmed,
Inc.*(a)
3,124
510,837
Regeneron
Pharmaceuticals,
Inc.
1,506
1,163,596
Vertex
Pharmaceuticals,
Inc.*
3,681
1,643,714
9,209,997
Broadline
Retail
5
.4
%
Amazon.com,
Inc.*
56,350
11,736,015
MercadoLibre,
Inc.*
735
1,270,830
PDD
Holdings,
Inc.,
ADR-CN*
9,680
989,102
13,995,947
Chemicals
1
.3
%
Linde
plc
6,715
3,329,028
Commercial
Services
&
Supplies
0
.6
%
Cintas
Corp.
5,795
980,166
Copart,
Inc.*
14,028
465,730
1,445,896
Communications
Equipment
1
.7
%
Cisco
Systems,
Inc.
57,240
4,441,252
Construction
&
Engineering
0
.3
%
Ferrovial
SE
10,426
678,211
Consumer
Staples
Distribution
&
Retail
5
.9
%
Costco
Wholesale
Corp.
6,432
6,409,038
Walmart,
Inc.
70,824
8,802,007
15,211,045
Diversified
Telecommunication
Services
0
.6
%
Comcast
Corp.,
Class
A
52,002
1,492,977
Electric
Utilities
1
.5
%
American
Electric
Power
Co.,
Inc.
7,838
1,027,405
Constellation
Energy
Corp.
5,246
1,464,946
Exelon
Corp.
14,823
726,623
Xcel
Energy,
Inc.
9,041
718,217
3,937,191
Energy
Equipment
&
Services
0
.3
%
Baker
Hughes
Co.,
Class
A
14,321
874,297
Entertainment
3
.2
%
Electronic
Arts,
Inc.
3,627
739,436
Netflix,
Inc.*
61,186
5,883,034
Take-Two
Interactive
Software,
Inc.*
2,683
529,893
Warner
Bros
Discovery,
Inc.*
35,938
986,857
8,139,220
Common
Stocks
Shares
Value
($)
Financial
Services
0
.2
%
PayPal
Holdings,
Inc.
13,342
603,459
Food
Products
0
.6
%
Kraft
Heinz
Co.
(The)
17,082
384,174
Mondelez
International,
Inc.,
Class
A
18,576
1,070,721
1,454,895
Ground
Transportation
0
.7
%
CSX
Corp.
26,948
1,106,215
Old
Dominion
Freight
Line,
Inc.
3,020
590,108
1,696,323
Health
Care
Equipment
&
Supplies
1
.5
%
Dexcom,
Inc.*
5,577
350,236
GE
HealthCare
Technologies,
Inc.
6,605
470,144
IDEXX
Laboratories,
Inc.*
1,154
648,421
Intuitive
Surgical,
Inc.*
5,146
2,372,254
3,841,055
Hotels,
Restaurants
&
Leisure
2
.5
%
Airbnb,
Inc.,
Class
A*
6,138
775,106
Booking
Holdings,
Inc.
459
1,932,537
DoorDash,
Inc.,
Class
A*
5,941
892,041
Marriott
International,
Inc.,
Class
A
3,840
1,255,949
Starbucks
Corp.
16,510
1,479,131
6,334,764
Industrial
Conglomerates
0
.8
%
Honeywell
International,
Inc.
9,212
2,082,188
Interactive
Media
&
Services
10
.1
%
Alphabet,
Inc.,
Class
A
30,561
8,788,121
Alphabet,
Inc.,
Class
C
28,545
8,188,419
Meta
Platforms,
Inc.,
Class
A
15,482
8,857,717
25,834,257
IT
Services
1
.0
%
Cognizant
Technology
Solutions
Corp.,
Class
A
6,931
425,217
Shopify,
Inc.,
Class
A*
17,767
2,107,521
2,532,738
Machinery
0
.3
%
PACCAR,
Inc.
7,621
880,226
Media
0
.2
%
Charter
Communications,
Inc.,
Class
A*
1,835
396,140
Oil,
Gas
&
Consumable
Fuels
0
.3
%
Diamondback
Energy,
Inc.
4,088
808,566
Professional
Services
1
.0
%
Automatic
Data
Processing,
Inc.
5,835
1,185,556
Paychex,
Inc.
5,202
479,208
Thomson
Reuters
Corp.(a)
6,446
580,011
Verisk
Analytics,
Inc.,
Class
A
1,999
379,310
2,624,085
Real
Estate
Management
&
Development
0
.1
%
CoStar
Group,
Inc.*
6,221
250,955
Semiconductors
&
Semiconductor
Equipment
25
.7
%
Advanced
Micro
Devices,
Inc.*
23,627
4,806,441
Analog
Devices,
Inc.
7,075
2,250,841
136
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
NASDAQ-100
Index
Fund
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
Applied
Materials,
Inc.
11,501
3,930,927
ARM
Holdings
plc,
ADR*(a)
2,016
304,981
ASML
Holding
NV
(Registered),
ADR-NL
1,274
1,682,737
Broadcom,
Inc.
24,888
7,703,085
Intel
Corp.*
72,385
3,194,350
KLA
Corp.
1,900
2,797,579
Lam
Research
Corp.
18,097
3,866,605
Marvell
Technology,
Inc.
12,625
1,250,506
Microchip
Technology,
Inc.
7,842
506,672
Micron
Technology,
Inc.
16,310
5,510,170
Monolithic
Power
Systems,
Inc.
712
778,465
NVIDIA
Corp.
127,557
22,245,941
NXP
Semiconductors
NV
3,662
720,901
QUALCOMM,
Inc.
15,462
1,991,196
Texas
Instruments,
Inc.
13,152
2,553,329
66,094,726
Software
13
.2
%
Adobe,
Inc.*
5,907
1,435,873
AppLovin
Corp.,
Class
A*
4,450
1,771,100
Atlassian
Corp.,
Class
A*
2,470
168,577
Autodesk,
Inc.*
3,072
735,437
Cadence
Design
Systems,
Inc.*
4,001
1,111,758
Crowdstrike
Holdings,
Inc.,
Class
A*
3,653
1,426,168
Datadog,
Inc.,
Class
A*
4,760
561,918
Fortinet,
Inc.*
10,723
876,284
Intuit,
Inc.
4,008
1,732,979
Microsoft
Corp.
38,979
14,428,856
Palantir
Technologies,
Inc.,
Class
A*
33,207
4,857,520
Palo
Alto
Networks,
Inc.*
11,825
1,895,784
Roper
Technologies,
Inc.
1,492
527,959
Strategy,
Inc.,
Class
A*
4,552
568,090
Synopsys,
Inc.*
2,776
1,100,628
Workday,
Inc.,
Class
A*
3,079
400,024
Zscaler,
Inc.*
2,330
326,876
33,925,831
Specialty
Retail
0
.8
%
O'Reilly
Automotive,
Inc.*
12,151
1,121,659
Ross
Stores,
Inc.
4,687
1,015,345
2,137,004
Technology
Hardware,
Storage
&
Peripherals
8
.6
%
Apple,
Inc.
77,065
19,558,326
Seagate
Technology
Holdings
plc
3,160
1,237,962
Western
Digital
Corp.
4,913
1,328,917
22,125,205
Trading
Companies
&
Distributors
0
.3
%
Fastenal
Co.
16,641
772,142
Wireless
Telecommunication
Services
1
.3
%
T-Mobile
US,
Inc.
15,968
3,353,759
Total
Common
Stocks
(cost
$260,684,626)
255,960,865
Repurchase
Agreement
0
.2
%
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$595,260,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$607,166.(b)
595,200
595,200
Total
Repurchase
Agreement
(cost
$595,200)
595,200
Total
Investments
(cost
$261,279,826)
—
99.8%
256,556,065
Other
assets
in
excess
of
liabilities
—
0.2%
476,827
NET
ASSETS
—
100.0%
$
257,032,892
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$1,328,481,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$595,200
and
by
$729,158
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/30/2026
-
11/15/2055,
a
total
value
of
$1,324,358.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$595,200.
ADR
American
Depositary
Receipt
CN
China
NL
Netherlands
NVIT
NASDAQ-100
Index
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
137
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
NASDAQ
100
Micro
E-Mini
Index
17
6/2026
USD
813,110
2,005
Net
contracts
2,005
Currency:
USD
United
States
Dollar
138
-
Statement
of
Investments
-
March
31,
2026
(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
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
139
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
255,960,865
$
–
$
–
$
255,960,865
Futures
Contracts
2,005
–
–
2,005
Repurchase
Agreement
–
595,200
–
595,200
Total
$
255,962,870
$
595,200
$
–
$
256,558,070
Assets:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
$
2,005
Total
$
2,005
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
International
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
1
Common
Stocks
98
.9
%
Shares
Value
($)
AUSTRALIA
3
.5
%
Banks
0
.1
%
Westpac
Banking
Corp.
16,264
446,791
Commercial
Services
&
Supplies
0
.9
%
Brambles
Ltd.
252,754
3,949,516
Construction
&
Engineering
0
.2
%
SRG
Global
Ltd.
(a)
516,638
884,425
Insurance
0
.1
%
QBE
Insurance
Group
Ltd.
38,294
562,654
Interactive
Media
&
Services
0
.2
%
REA
Group
Ltd.
(a)
7,610
842,846
Metals
&
Mining
1
.1
%
Anglogold
Ashanti
plc
(a)
9,390
914,210
BHP
Group
Ltd.
32,200
1,176,531
Catalyst
Metals
Ltd.
*
157,775
714,750
Fortescue
Ltd.
36,442
514,780
Regis
Resources
Ltd.
151,033
722,969
West
African
Resources
Ltd.
*
265,253
601,276
4,644,516
Passenger
Airlines
0
.6
%
Qantas
Airways
Ltd.
483,976
2,842,451
Professional
Services
0
.1
%
Computershare
Ltd.
27,592
544,909
Software
0
.2
%
Bravura
Solutions
Ltd.
(a)
690,142
987,904
15,706,012
BELGIUM
0
.2
%
Construction
Materials
0
.1
%
Titan
America
SA
(a)
30,661
459,302
Diversified
Telecommunication
Services
0
.1
%
Proximus
SADP
67,606
549,153
1,008,455
BRAZIL
1
.6
%
Oil,
Gas
&
Consumable
Fuels
1
.4
%
Petroleo
Brasileiro
SA
(Preference)
656,400
6,167,551
Water
Utilities
0
.2
%
Cia
De
Sanena
Do
Parana
*
110,100
946,505
7,114,056
CANADA
8
.3
%
Automobile
Components
0
.9
%
Magna
International,
Inc.
(a)
75,385
4,210,093
Banks
0
.9
%
Royal
Bank
of
Canada
10,583
1,710,808
Toronto-Dominion
Bank
(The)
23,646
2,208,388
3,919,196
Broadline
Retail
0
.3
%
Dollarama,
Inc.
9,834
1,206,929
Consumer
Staples
Distribution
&
Retail
0
.9
%
Loblaw
Cos.
Ltd.
85,326
3,889,997
Diversified
Telecommunication
Services
0
.2
%
Quebecor,
Inc.,
Class
B
(a)
18,504
785,732
Electric
Utilities
0
.6
%
Hydro
One
Ltd.
Reg.
S
(b)
60,122
2,482,934
Insurance
0
.7
%
Fairfax
Financial
Holdings
Ltd.
(a)
1,039
1,770,370
Common
Stocks
Shares
Value
($)
CANADA
Insurance
iA
Financial
Corp.,
Inc.
(a)
7,494
831,661
Manulife
Financial
Corp.
14,384
495,494
3,097,525
IT
Services
0
.6
%
Shopify,
Inc.,
Class
A
*
23,354
2,771,053
Metals
&
Mining
2
.0
%
Agnico
Eagle
Mines
Ltd.
8,487
1,722,719
Barrick
Mining
Corp.
(a)
137,991
5,639,269
Kinross
Gold
Corp.
(a)
65,907
2,014,970
9,376,958
Oil,
Gas
&
Consumable
Fuels
0
.9
%
Canadian
Natural
Resources
Ltd.
(a)
19,635
957,826
Suncor
Energy,
Inc.
(a)
54,395
3,597,788
4,555,614
Software
0
.3
%
Constellation
Software,
Inc.
721
1,265,671
37,561,702
CHINA
7
.6
%
Banks
0
.8
%
BOC
Hong
Kong
Holdings
Ltd.
96,000
528,969
China
Everbright
Bank
Co.
Ltd.,
Class
H
(a)
2,572,000
998,384
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
H
1,556,000
1,365,958
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
Reg.
S
(b)
1,264,000
796,126
3,689,437
Broadline
Retail
1
.4
%
Alibaba
Group
Holding
Ltd.
188,200
2,962,741
Alibaba
Group
Holding
Ltd.,
ADR
(a)
6,499
815,365
JD.com,
Inc.,
Class
A
71,307
1,051,803
PDD
Holdings,
Inc.,
ADR
*
9,665
987,570
5,817,479
Capital
Markets
0
.2
%
CITIC
Securities
Co.
Ltd.,
Class
H
(a)
264,500
807,712
Electrical
Equipment
0
.6
%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
H
(a)
31,800
2,512,480
Entertainment
0
.4
%
NetEase,
Inc.
76,500
1,702,088
Food
Products
0
.2
%
Uni-President
China
Holdings
Ltd.
(a)
1,050,000
1,054,466
Hotels,
Restaurants
&
Leisure
0
.1
%
H
World
Group
Ltd.,
ADR
10,697
537,952
Household
Durables
0
.5
%
Midea
Group
Co.
Ltd.,
Class
H
223,700
2,427,748
Industrial
Conglomerates
0
.1
%
CITIC
Ltd.
417,000
633,868
Insurance
1
.3
%
China
Life
Insurance
Co.
Ltd.,
Class
H
153,000
488,873
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
3,091,000
2,150,520
2
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Equity
Fund
Common
Stocks
Shares
Value
($)
CHINA
Insurance
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(a)
404,500
3,154,444
5,793,837
Interactive
Media
&
Services
1
.0
%
Kuaishou
Technology
Reg.
S
(b)
142,300
838,058
Tencent
Holdings
Ltd.
60,200
3,800,541
4,638,599
Metals
&
Mining
0
.3
%
Zijin
Mining
Group
Co.
Ltd.,
Class
H
314,000
1,426,613
Oil,
Gas
&
Consumable
Fuels
0
.5
%
PetroChina
Co.
Ltd.,
Class
H
1,796,000
2,439,857
Professional
Services
0
.1
%
Kanzhun
Ltd.,
ADR
38,839
520,054
Specialty
Retail
0
.1
%
Pop
Mart
International
Group
Ltd.
Reg.
S
(a)(b)
25,400
476,794
34,478,984
DENMARK
0
.4
%
Electrical
Equipment
0
.3
%
Vestas
Wind
Systems
A/S
35,291
1,056,630
Independent
Power
and
Renewable
Electricity
Producers
0
.1
%
Orsted
A/S
Reg.
S
*(b)
25,419
622,348
1,678,978
FRANCE
6
.3
%
Aerospace
&
Defense
0
.3
%
Airbus
SE
2,501
469,751
Thales
SA
3,139
921,633
1,391,384
Banks
2
.6
%
BNP
Paribas
SA
81,580
7,771,391
Societe
Generale
SA
47,891
3,496,814
11,268,205
Construction
&
Engineering
1
.2
%
Vinci
SA
36,360
5,445,545
Energy
Equipment
&
Services
0
.1
%
Viridien
*
3,909
598,763
Gas
Utilities
0
.1
%
Rubis
SCA
13,296
532,024
Oil,
Gas
&
Consumable
Fuels
1
.5
%
Gaztransport
Et
Technigaz
SA
5,937
1,383,617
TotalEnergies
SE
57,966
5,352,189
6,735,806
Personal
Care
Products
0
.5
%
L'Oreal
SA
5,763
2,363,208
28,334,935
GERMANY
3
.9
%
Automobiles
0
.9
%
Mercedes-Benz
Group
AG
44,936
2,722,430
Volkswagen
AG
(Preference)
14,741
1,476,191
4,198,621
Capital
Markets
0
.9
%
Deutsche
Bank
AG
(Registered)
138,723
4,059,311
Electrical
Equipment
0
.3
%
Siemens
Energy
AG
8,194
1,348,532
Common
Stocks
Shares
Value
($)
GERMANY
Hotels,
Restaurants
&
Leisure
0
.3
%
TUI
AG
(a)
202,132
1,532,975
IT
Services
0
.2
%
IONOS
Group
SE
*
29,156
837,703
Machinery
1
.2
%
GEA
Group
AG
74,088
5,235,828
Oil,
Gas
&
Consumable
Fuels
0
.1
%
Friedrich
Vorwerk
Group
SE
(a)
6,164
501,361
17,714,331
HONG
KONG
2
.4
%
Food
Products
1
.5
%
WH
Group
Ltd.
Reg.
S
(b)
4,732,000
6,235,285
Insurance
0
.8
%
AIA
Group
Ltd.
53,800
604,381
Prudential
plc
231,268
3,225,108
3,829,489
Real
Estate
Management
&
Development
0
.1
%
Sun
Hung
Kai
Properties
Ltd.
33,500
567,788
10,632,562
HUNGARY
0
.1
%
Banks
0
.1
%
OTP
Bank
Nyrt.
4,667
503,233
INDIA
3
.9
%
Automobiles
0
.1
%
Tata
Motors
Passenger
Vehicles
Ltd.
153,152
496,356
Banks
1
.8
%
Bank
of
India
601,302
878,956
Canara
Bank
886,379
1,197,487
HDFC
Bank
Ltd.
50,228
399,381
Indian
Bank
133,376
1,199,514
South
Indian
Bank
Ltd.
(The)
3,052,617
1,118,167
State
Bank
of
India
168,987
1,800,953
Union
Bank
of
India
Ltd.
489,612
881,001
7,475,459
Diversified
Telecommunication
Services
0
.3
%
Indus
Towers
Ltd.
*
326,542
1,448,116
Financial
Services
0
.4
%
LIC
Housing
Finance
Ltd.
176,024
924,889
Power
Finance
Corp.
Ltd.
222,318
921,075
1,845,964
Insurance
0
.2
%
Life
Insurance
Corp.
of
India
104,023
823,666
IT
Services
0
.4
%
Infosys
Ltd.
132,296
1,763,890
Metals
&
Mining
0
.3
%
Vedanta
Ltd.
214,969
1,527,079
Oil,
Gas
&
Consumable
Fuels
0
.1
%
Reliance
Industries
Ltd.
24,214
350,873
Pharmaceuticals
0
.2
%
Sun
Pharmaceutical
Industries
Ltd.
59,757
1,125,238
Real
Estate
Management
&
Development
0
.1
%
Oberoi
Realty
Ltd.
42,185
636,805
17,493,446
NVIT
International
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
3
Common
Stocks
Shares
Value
($)
INDONESIA
0
.4
%
Diversified
Telecommunication
Services
0
.2
%
Telkom
Indonesia
Persero
Tbk.
PT
5,536,100
1,008,521
Food
Products
0
.2
%
Japfa
Comfeed
Indonesia
Tbk.
PT
6,468,100
902,256
1,910,777
IRELAND
0
.5
%
Banks
0
.2
%
AIB
Group
plc
91,013
968,007
Trading
Companies
&
Distributors
0
.3
%
AerCap
Holdings
NV
8,763
1,202,108
2,170,115
ISRAEL
0
.2
%
Passenger
Airlines
0
.2
%
El
Al
Israel
Airlines
197,448
862,506
ITALY
2
.6
%
Aerospace
&
Defense
0
.7
%
Leonardo
SpA
45,085
3,028,272
Automobiles
0
.3
%
Ferrari
NV
3,714
1,251,879
Banks
1
.0
%
Intesa
Sanpaolo
SpA
272,894
1,658,846
UniCredit
SpA
43,792
3,155,540
4,814,386
Diversified
Telecommunication
Services
0
.2
%
Telecom
Italia
SpA
*(a)
1,307,684
915,941
Financial
Services
0
.2
%
Nexi
SpA
Reg.
S
(a)(b)
204,571
761,621
Leisure
Products
0
.2
%
Technogym
SpA
Reg.
S
(b)
49,277
998,645
11,770,744
JAPAN
13
.5
%
Automobiles
1
.1
%
Honda
Motor
Co.
Ltd.
(a)
421,200
3,409,438
Suzuki
Motor
Corp.
39,400
472,050
Toyota
Motor
Corp.
43,000
891,360
4,772,848
Banks
1
.0
%
Mizuho
Financial
Group,
Inc.
24,500
977,914
Sumitomo
Mitsui
Financial
Group,
Inc.
(a)
102,300
3,372,181
4,350,095
Beverages
0
.4
%
Kirin
Holdings
Co.
Ltd.
117,400
1,867,887
Chemicals
1
.4
%
Asahi
Kasei
Corp.
401,600
3,888,803
Nissan
Chemical
Corp.
(a)
36,700
1,408,149
Nitto
Denko
Corp.
26,200
524,185
Sumitomo
Chemical
Co.
Ltd.
(a)
245,200
791,313
6,612,450
Consumer
Finance
0
.1
%
Credit
Saison
Co.
Ltd.
(a)
24,600
637,195
Diversified
Telecommunication
Services
0
.8
%
NTT,
Inc.
3,780,600
3,753,489
Electric
Utilities
0
.3
%
Kyushu
Electric
Power
Co.,
Inc.
(a)
129,200
1,487,506
Common
Stocks
Shares
Value
($)
JAPAN
Electrical
Equipment
0
.9
%
Mitsubishi
Electric
Corp.
117,700
3,843,786
Financial
Services
0
.4
%
ORIX
Corp.
54,600
1,635,814
Food
Products
0
.3
%
NH
Foods
Ltd.
13,100
579,797
Sakata
Seed
Corp.
23,100
632,326
1,212,123
Ground
Transportation
0
.2
%
Central
Japan
Railway
Co.
26,600
688,809
Household
Durables
0
.8
%
Sony
Group
Corp.
173,100
3,570,420
Industrial
Conglomerates
0
.6
%
Hitachi
Ltd.
95,400
2,788,124
Insurance
1
.4
%
Japan
Post
Holdings
Co.
Ltd.
504,300
5,785,654
T&D
Holdings,
Inc.
(a)
37,300
948,023
6,733,677
Leisure
Products
0
.4
%
Bandai
Namco
Holdings,
Inc.
79,300
1,958,748
Machinery
0
.2
%
Glory
Ltd.
(a)
29,000
738,215
Passenger
Airlines
0
.5
%
Japan
Airlines
Co.
Ltd.
(a)
145,000
2,359,158
Personal
Care
Products
0
.4
%
Kao
Corp.
(a)
40,700
1,590,358
Pharmaceuticals
0
.2
%
Chugai
Pharmaceutical
Co.
Ltd.
18,000
995,910
Professional
Services
0
.2
%
Recruit
Holdings
Co.
Ltd.
24,800
1,072,871
Real
Estate
Management
&
Development
0
.3
%
Daiwa
House
Industry
Co.
Ltd.
(a)
15,600
487,650
Mitsui
Fudosan
Co.
Ltd.
78,900
835,121
1,322,771
Semiconductors
&
Semiconductor
Equipment
0
.5
%
Advantest
Corp.
5,900
798,244
Tokyo
Electron
Ltd.
5,500
1,345,037
2,143,281
Specialty
Retail
0
.3
%
Fast
Retailing
Co.
Ltd.
2,900
1,154,236
Technology
Hardware,
Storage
&
Peripherals
0
.7
%
Canon,
Inc.
(a)
111,400
3,102,446
Wireless
Telecommunication
Services
0
.1
%
SoftBank
Corp.
(a)
377,500
503,790
60,896,007
MALAYSIA
0
.4
%
Consumer
Staples
Distribution
&
Retail
0
.1
%
99
Speed
Mart
Retail
Holdings
Bhd.
713,600
603,489
Electric
Utilities
0
.3
%
Tenaga
Nasional
Bhd.
336,800
1,162,186
1,765,675
4
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Equity
Fund
Common
Stocks
Shares
Value
($)
MEXICO
0
.2
%
Construction
Materials
0
.2
%
Cemex
SAB
de
CV,
ADR
69,686
797,208
NETHERLANDS
4
.1
%
Consumer
Staples
Distribution
&
Retail
0
.9
%
Koninklijke
Ahold
Delhaize
NV
85,188
3,976,900
Financial
Services
0
.5
%
EXOR
NV
(a)
28,380
2,175,095
Hotels,
Restaurants
&
Leisure
0
.1
%
Basic-Fit
NV
Reg.
S
*(b)
15,174
522,567
Professional
Services
0
.4
%
Wolters
Kluwer
NV
22,678
1,696,545
Semiconductors
&
Semiconductor
Equipment
2
.2
%
ASM
International
NV
2,429
1,850,236
ASML
Holding
NV
6,255
8,279,348
10,129,584
18,500,691
PHILIPPINES
0
.4
%
Transportation
Infrastructure
0
.4
%
International
Container
Terminal
Services,
Inc.
175,950
2,017,795
POLAND
0
.6
%
Electric
Utilities
0
.6
%
PGE
Polska
Grupa
Energetyczna
SA
*
599,074
1,738,572
Tauron
Polska
Energia
SA
*
390,134
1,086,745
2,825,317
PORTUGAL
0
.1
%
Banks
0
.1
%
Banco
Comercial
Portugues
SA,
Class
R
626,391
614,062
SAUDI
ARABIA
0
.9
%
Electric
Utilities
0
.2
%
Saudi
Energy
Co.
232,695
1,051,319
Electrical
Equipment
0
.5
%
Electrical
Industries
Co.
415,303
1,850,120
Wireless
Telecommunication
Services
0
.2
%
Etihad
Etisalat
Co.
61,969
1,078,183
3,979,622
SINGAPORE
1
.0
%
Banks
0
.4
%
Oversea-Chinese
Banking
Corp.
Ltd.
34,700
597,637
United
Overseas
Bank
Ltd.
43,000
1,236,750
1,834,387
Broadline
Retail
0
.1
%
Sea
Ltd.,
ADR
*
6,319
523,276
Capital
Markets
0
.3
%
Singapore
Exchange
Ltd.
89,900
1,379,414
Real
Estate
Management
&
Development
0
.2
%
UOL
Group
Ltd.
116,500
887,392
4,624,469
SOUTH
AFRICA
0
.8
%
Financial
Services
0
.1
%
FirstRand
Ltd.
102,455
523,688
Common
Stocks
Shares
Value
($)
SOUTH
AFRICA
Metals
&
Mining
0
.7
%
Gold
Fields
Ltd.,
ADR
43,602
1,979,530
Harmony
Gold
Mining
Co.
Ltd.,
ADR
77,664
1,193,696
3,173,226
3,696,914
SOUTH
KOREA
5
.0
%
Banks
0
.4
%
Hana
Financial
Group,
Inc.
17,966
1,272,824
KB
Financial
Group,
Inc.
6,044
565,447
1,838,271
Electric
Utilities
0
.5
%
Korea
Electric
Power
Corp.
78,607
2,159,180
Financial
Services
0
.1
%
Meritz
Financial
Group,
Inc.
*
8,354
618,714
Machinery
0
.4
%
HD
Hyundai
Heavy
Industries
Co.
Ltd.
2,606
803,995
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
3,519
803,242
1,607,237
Oil,
Gas
&
Consumable
Fuels
0
.4
%
HD
Hyundai
Co.
Ltd.
11,349
1,786,577
Semiconductors
&
Semiconductor
Equipment
0
.9
%
SK
hynix,
Inc.
7,201
3,916,571
Technology
Hardware,
Storage
&
Peripherals
2
.3
%
Samsung
Electronics
Co.
Ltd.
94,857
10,655,290
22,581,840
SPAIN
1
.8
%
Banks
1
.8
%
Banco
Bilbao
Vizcaya
Argentaria
SA
(a)
108,554
2,369,334
Banco
Santander
SA
490,930
5,555,030
7,924,364
SWEDEN
1
.8
%
Building
Products
0
.7
%
Assa
Abloy
AB,
Class
B
84,425
3,027,513
Commercial
Services
&
Supplies
0
.1
%
Loomis
AB,
Class
B
13,744
622,162
Communications
Equipment
0
.5
%
Telefonaktiebolaget
LM
Ericsson,
ADR
(a)
188,294
2,122,073
Electronic
Equipment,
Instruments
&
Components
0
.0
%
†
Intellego
Technologies
AB
*∞(a)
10,355
0
Hotels,
Restaurants
&
Leisure
0
.2
%
Betsson
AB,
Class
B
75,465
808,755
Metals
&
Mining
0
.3
%
Boliden
AB
*
27,120
1,439,560
8,020,063
SWITZERLAND
2
.2
%
Capital
Markets
0
.8
%
Partners
Group
Holding
AG
(a)
2,358
2,533,350
UBS
Group
AG
(Registered)
25,175
979,157
3,512,507
NVIT
International
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
5
Common
Stocks
Shares
Value
($)
SWITZERLAND
Electrical
Equipment
1
.4
%
ABB
Ltd.
(Registered)
77,282
6,285,552
9,798,059
TAIWAN
6
.9
%
Communications
Equipment
0
.2
%
Accton
Technology
Corp.
22,000
1,071,197
Electronic
Equipment,
Instruments
&
Components
1
.3
%
Delta
Electronics,
Inc.
136,000
6,053,047
Financial
Services
0
.1
%
Yuanta
Financial
Holding
Co.
Ltd.
424,000
603,599
Semiconductors
&
Semiconductor
Equipment
5
.1
%
MediaTek,
Inc.
103,000
4,987,372
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
315,000
17,758,262
22,745,634
Technology
Hardware,
Storage
&
Peripherals
0
.2
%
Asia
Vital
Components
Co.
Ltd.
13,000
839,903
31,313,380
THAILAND
0
.6
%
Electronic
Equipment,
Instruments
&
Components
0
.2
%
Delta
Electronics
Thailand
PCL
119,700
972,003
Food
Products
0
.4
%
Charoen
Pokphand
Foods
PCL
1,317,900
847,753
Thaifoods
Group
PCL,
Class
F
2,989,900
792,873
1,640,626
2,612,629
TURKEY
0
.2
%
Banks
0
.1
%
Turkiye
Vakiflar
Bankasi
TAO,
Class
D
*
714,396
489,168
Diversified
Telecommunication
Services
0
.1
%
Turk
Telekomunikasyon
A/S
*
369,630
488,882
978,050
UNITED
ARAB
EMIRATES
0
.7
%
Multi-Utilities
0
.1
%
Dubai
Electricity
&
Water
Authority
PJSC
710,066
522,012
Real
Estate
Management
&
Development
0
.6
%
Emaar
Development
PJSC
241,492
899,538
Emaar
Properties
PJSC
494,612
1,596,997
2,496,535
3,018,547
UNITED
KINGDOM
9
.0
%
Aerospace
&
Defense
0
.7
%
Rolls-Royce
Holdings
plc
204,485
3,122,680
Banks
3
.3
%
Barclays
plc
447,901
2,360,191
HSBC
Holdings
plc
171,189
2,801,204
NatWest
Group
plc
738,652
5,480,836
Standard
Chartered
plc
199,514
4,143,474
14,785,705
Broadline
Retail
0
.1
%
Next
plc
3,976
670,505
Capital
Markets
0
.1
%
London
Stock
Exchange
Group
plc
4,378
517,418
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Insurance
1
.2
%
Legal
&
General
Group
plc
1,584,289
5,221,617
Marine
Transportation
0
.2
%
Global
Ship
Lease,
Inc.,
Class
A
24,332
905,880
Media
0
.1
%
4imprint
Group
plc
9,978
451,047
Passenger
Airlines
0
.5
%
International
Consolidated
Airlines
Group
SA
471,207
2,252,042
Pharmaceuticals
1
.7
%
AstraZeneca
plc
39,081
7,707,555
Professional
Services
0
.2
%
RELX
plc
25,493
840,484
Software
0
.3
%
Sage
Group
plc
(The)
115,895
1,294,396
Tobacco
0
.2
%
Imperial
Brands
plc
20,386
829,699
Wireless
Telecommunication
Services
0
.4
%
Vodafone
Group
plc
1,191,375
1,806,441
40,405,469
UNITED
STATES
6
.8
%
Biotechnology
0
.2
%
BeOne
Medicines
Ltd.,
Class
H
*
38,200
865,877
Construction
Materials
0
.2
%
Titan
SA
14,626
767,430
Entertainment
0
.4
%
Spotify
Technology
SA
*
3,608
1,749,555
Leisure
Products
0
.1
%
BRP,
Inc.
(a)
8,565
615,700
Oil,
Gas
&
Consumable
Fuels
0
.2
%
Shell
plc
19,314
901,902
Pharmaceuticals
5
.7
%
GSK
plc
311,353
8,538,811
Novartis
AG
(Registered)
78,568
11,928,943
Roche
Holding
AG
10,752
4,245,598
Sanofi
SA
11,669
1,125,543
25,838,895
30,739,359
Total
Common
Stocks
(cost
$388,442,628)
446,050,356
Rights
0
.0
%
†
Number
of
Rights
ITALY
0
.0
%
†
Diversified
Telecommunication
Services
0
.0
%
†
Telecom
Italia
SpA,
expiring
04/01/26*∞
1,307,684
13
Total
Rights
(cost
$0)
13
6
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Equity
Fund
Warrants
0
.0
%
†
Number
of
Warrants
Value
($)
CANADA
0
.0
%
†
Software
0
.0
%
†
Constellation
Software,
Inc.,
expiring
at
an
exercise
price
of
$0.00
on
03/31/40*^∞
723
0
Total
Warrants
(cost
$0)
0
Repurchase
Agreements
2
.9
%
Principal
Amount
($)
BNP
Paribas
Securities
Corp.,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$7,000,710,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
4.88%,
maturing
4/30/2026
-
11/15/2052;
total
market
value
$7,140,001.(c)
7,000,000
7,000,000
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$100,010,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$102,000.(c)
100,000
100,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$941,133,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$959,956.(c)
941,037
941,037
Citi
Global
Market,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,102,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.25%
-
4.38%,
maturing
11/30/2030
-
5/15/2035;
total
market
value
$1,020,000.(c)
1,000,000
1,000,000
MetLife,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,102,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.50%,
maturing
8/15/2028
-
8/15/2047;
total
market
value
$1,020,512.(c)
1,000,000
1,000,000
Repurchase
Agreements
Principal
Amount
($)
Value
($)
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$3,000,303,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$3,060,000.(c)
3,000,000
3,000,000
Total
Repurchase
Agreements
(cost
$13,041,037)
13,041,037
Total
Investments
(cost
$401,483,665)
—
101.8%
459,091,406
Liabilities
in
excess
of
other
assets
—
(1.8)%
(
7,930,971
)
NET
ASSETS
—
100.0%
$451,160,435
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$35,636,418,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$13,041,037
and
by
$25,964,925
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$39,005,962.
(b)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$13,734,378
which
represents
3.04%
of
net
assets.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$13,041,037.
NVIT
International
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
7
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.
8
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
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
International
Equity
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
9
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
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
$
–
$
7,542,336
$
–
$
7,542,336
Automobile
Components
4,210,093
–
–
4,210,093
Automobiles
–
10,719,704
–
10,719,704
Banks
3,919,196
61,001,569
–
64,920,765
Beverages
–
1,867,887
–
1,867,887
Biotechnology
–
865,877
–
865,877
Broadline
Retail
3,533,140
4,685,050
–
8,218,190
Building
Products
–
3,027,513
–
3,027,513
Capital
Markets
–
10,276,361
–
10,276,361
Chemicals
–
6,612,449
–
6,612,449
Commercial
Services
&
Supplies
–
4,571,677
–
4,571,677
Communications
Equipment
2,122,073
1,071,197
–
3,193,270
Construction
&
Engineering
–
6,329,970
–
6,329,970
Construction
Materials
1,256,510
767,430
–
2,023,940
Consumer
Finance
–
637,195
–
637,195
Consumer
Staples
Distribution
&
Retail
3,889,997
4,580,389
–
8,470,386
Diversified
Telecommunication
Services
785,732
8,164,103
–
8,949,835
Electric
Utilities
2,482,933
8,685,508
–
11,168,441
Electrical
Equipment
–
16,897,101
–
16,897,101
Electronic
Equipment,
Instruments
&
Components
–
7,025,050
–
7,025,050
Energy
Equipment
&
Services
–
598,763
–
598,763
Entertainment
1,749,556
1,702,088
–
3,451,644
Financial
Services
–
8,164,494
–
8,164,494
Food
Products
–
11,044,756
–
11,044,756
Gas
Utilities
–
532,024
–
532,024
Ground
Transportation
–
688,809
–
688,809
Hotels,
Restaurants
&
Leisure
537,952
2,864,297
–
3,402,249
Household
Durables
–
5,998,168
–
5,998,168
Independent
Power
and
Renewable
Electricity
Producers
–
622,348
–
622,348
Industrial
Conglomerates
–
3,421,992
–
3,421,992
Insurance
3,097,526
22,964,938
–
26,062,464
Interactive
Media
&
Services
–
5,481,445
–
5,481,445
IT
Services
2,771,052
2,601,593
–
5,372,645
Leisure
Products
615,700
2,957,393
–
3,573,093
Machinery
–
7,581,281
–
7,581,281
Marine
Transportation
905,880
–
–
905,880
Media
–
451,047
–
451,047
Metals
&
Mining
13,464,395
8,123,558
–
21,587,953
Multi-Utilities
–
522,012
–
522,012
Oil,
Gas
&
Consumable
Fuels
10,723,165
12,716,376
–
23,439,541
Passenger
Airlines
–
8,316,157
–
8,316,157
Personal
Care
Products
–
3,953,566
–
3,953,566
Pharmaceuticals
7,707,555
27,960,043
–
35,667,598
Professional
Services
520,054
4,154,809
–
4,674,863
Real
Estate
Management
&
Development
–
5,911,292
–
5,911,292
Semiconductors
&
Semiconductor
Equipment
–
38,935,071
–
38,935,071
Software
1,265,671
2,282,300
–
3,547,971
Specialty
Retail
–
1,631,030
–
1,631,030
Technology
Hardware,
Storage
&
Peripherals
–
14,597,639
–
14,597,639
Tobacco
–
829,699
–
829,699
Trading
Companies
&
Distributors
1,202,108
–
–
1,202,108
Transportation
Infrastructure
–
2,017,795
–
2,017,795
Water
Utilities
946,505
–
–
946,505
Wireless
Telecommunication
Services
–
3,388,414
–
3,388,414
Total
Common
Stocks
$
67,706,793
$
378,343,563
$
–
$
446,050,356
10
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
International
Equity
Fund
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
Level
1
Level
2
Level
3
Total
Assets:
Repurchase
Agreements
$
–
$
13,041,037
$
–
$
13,041,037
Rights
–
13
–
13
Warrants
–
–
–
–
Total
$
67,706,793
$
391,384,613
$
–
$
459,091,406
As
of
March
31,
2026,
the
Fund
held
one
warrant
investment
that
was
categorized
as
a
Level
3
investment
which
was
valued
at
$0.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
NVIT
Putnam
International
Value
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
11
Common
Stocks
97
.3
%
Shares
Value
($)
AUSTRALIA
8
.5
%
Banks
1
.5
%
ANZ
Group
Holdings
Ltd.
173,839
4,370,016
Diversified
REITs
0
.6
%
Mirvac
Group
1,370,282
1,689,355
Diversified
Telecommunication
Services
1
.3
%
Telstra
Group
Ltd.
1,087,735
4,006,177
Insurance
1
.9
%
QBE
Insurance
Group
Ltd.
398,956
5,861,867
Metals
&
Mining
2
.0
%
Glencore
plc
802,412
6,114,381
Passenger
Airlines
1
.2
%
Qantas
Airways
Ltd.
616,576
3,621,227
25,663,023
CANADA
2
.5
%
Oil,
Gas
&
Consumable
Fuels
2
.5
%
Cenovus
Energy,
Inc.
(a)
288,200
7,648,871
DENMARK
2
.1
%
Beverages
1
.3
%
Carlsberg
A/S,
Class
B
33,097
4,129,680
Pharmaceuticals
0
.8
%
Novo
Nordisk
A/S,
Class
B
61,428
2,263,571
6,393,251
FRANCE
10
.1
%
Aerospace
&
Defense
2
.2
%
Airbus
SE
16,724
3,141,191
Thales
SA
11,579
3,399,679
6,540,870
Banks
2
.8
%
BNP
Paribas
SA
88,494
8,430,026
Building
Products
1
.0
%
Cie
de
Saint-Gobain
SA
37,711
3,103,436
Insurance
2
.2
%
AXA
SA
145,575
6,673,983
Machinery
1
.9
%
Alstom
SA
*
199,177
5,675,373
30,423,688
GERMANY
8
.9
%
Air
Freight
&
Logistics
1
.0
%
Deutsche
Post
AG
56,573
2,917,537
Chemicals
0
.5
%
LANXESS
AG
(a)
68,813
1,494,915
Diversified
Telecommunication
Services
1
.6
%
Deutsche
Telekom
AG
(Registered)
134,504
4,959,707
Industrial
Conglomerates
1
.4
%
Siemens
AG
(Registered)
17,800
4,221,988
Insurance
1
.8
%
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
8,593
5,352,832
Multi-Utilities
1
.4
%
E.ON
SE
195,762
4,278,726
Common
Stocks
Shares
Value
($)
GERMANY
Pharmaceuticals
1
.2
%
Bayer
AG
(Registered)
81,817
3,719,487
26,945,192
HONG
KONG
1
.2
%
Insurance
1
.2
%
Prudential
plc
261,191
3,642,394
IRELAND
2
.9
%
Banks
2
.0
%
AIB
Group
plc
575,076
6,116,463
Household
Durables
0
.9
%
Cairn
Homes
plc
1,047,531
2,563,404
8,679,867
ITALY
1
.9
%
Electric
Utilities
1
.9
%
Enel
SpA
530,200
5,772,214
JAPAN
19
.5
%
Banks
6
.9
%
Mitsubishi
UFJ
Financial
Group,
Inc.
598,100
10,105,298
Resona
Holdings,
Inc.
311,400
3,464,937
Sumitomo
Mitsui
Financial
Group,
Inc.
(a)
211,800
6,981,700
20,551,935
Beverages
0
.7
%
Asahi
Group
Holdings
Ltd.
222,000
2,227,985
Broadline
Retail
0
.4
%
Pan
Pacific
International
Holdings
Corp.
208,400
1,278,372
Consumer
Staples
Distribution
&
Retail
0
.8
%
MatsukiyoCocokara
&
Co.
(a)
151,500
2,421,036
Food
Products
1
.0
%
Yamazaki
Baking
Co.
Ltd.
128,500
2,877,508
Health
Care
Equipment
&
Supplies
1
.9
%
Hoya
Corp.
32,800
5,657,867
Household
Durables
0
.9
%
Sony
Group
Corp.
126,500
2,609,233
Machinery
0
.7
%
MINEBEA
MITSUMI,
Inc.
(a)
130,300
2,137,408
Textiles,
Apparel
&
Luxury
Goods
1
.3
%
Asics
Corp.
(a)
150,900
4,012,620
Trading
Companies
&
Distributors
4
.1
%
ITOCHU
Corp.
(a)
276,100
3,509,345
Mitsubishi
Corp.
(a)
256,700
8,815,388
12,324,733
Wireless
Telecommunication
Services
0
.8
%
KDDI
Corp.
(a)
147,000
2,517,361
58,616,058
NETHERLANDS
5
.8
%
Banks
3
.4
%
ING
Groep
NV
390,044
10,191,571
Biotechnology
0
.7
%
Argenx
SE
*
2,945
2,145,758
12
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Putnam
International
Value
Fund
Common
Stocks
Shares
Value
($)
NETHERLANDS
Insurance
1
.7
%
ASR
Nederland
NV
75,241
5,183,504
17,520,833
RUSSIA
0
.0
%
†
Oil,
Gas
&
Consumable
Fuels
0
.0
%
†
LUKOIL
PJSC
*^∞
10,847
0
SINGAPORE
1
.2
%
Semiconductors
&
Semiconductor
Equipment
1
.2
%
STMicroelectronics
NV
(a)
105,784
3,631,435
SOUTH
AFRICA
0
.7
%
Metals
&
Mining
0
.7
%
Anglo
American
plc
38,058
1,616,883
Valterra
Platinum
Ltd.
4,520
373,658
1,990,541
SPAIN
3
.1
%
Banks
2
.1
%
CaixaBank
SA
547,683
6,571,316
Specialty
Retail
1
.0
%
Industria
de
Diseno
Textil
SA
49,911
2,869,683
9,440,999
SWITZERLAND
2
.2
%
Capital
Markets
1
.0
%
Partners
Group
Holding
AG
(a)
2,812
3,021,111
Electrical
Equipment
1
.2
%
ABB
Ltd.
(Registered)
43,519
3,539,517
6,560,628
UNITED
KINGDOM
15
.5
%
Banks
6
.7
%
Barclays
plc
1,644,881
8,667,616
HSBC
Holdings
plc
700,657
11,465,007
20,132,623
Capital
Markets
0
.8
%
London
Stock
Exchange
Group
plc
21,449
2,534,969
Consumer
Staples
Distribution
&
Retail
1
.6
%
Tesco
plc
740,863
4,671,389
Hotels,
Restaurants
&
Leisure
0
.6
%
Compass
Group
plc
60,434
1,679,082
Industrial
REITs
0
.8
%
Segro
plc
276,404
2,403,701
Personal
Care
Products
1
.6
%
Unilever
plc
84,951
4,787,538
Pharmaceuticals
1
.1
%
AstraZeneca
plc
16,328
3,189,153
Tobacco
1
.3
%
Imperial
Brands
plc
95,062
3,868,970
Wireless
Telecommunication
Services
1
.0
%
Vodafone
Group
plc
2,022,015
3,065,911
46,333,336
UNITED
STATES
11
.2
%
Automobiles
0
.3
%
Stellantis
NV
(a)
140,221
999,096
Construction
Materials
1
.9
%
CRH
plc
54,745
5,691,700
Common
Stocks
Shares
Value
($)
UNITED
STATES
Oil,
Gas
&
Consumable
Fuels
5
.6
%
Shell
plc
364,250
17,009,313
Pharmaceuticals
1
.8
%
Sanofi
SA
55,560
5,359,083
Trading
Companies
&
Distributors
1
.6
%
Ferguson
Enterprises,
Inc.
12,953
3,039,704
Sunbelt
Rentals
Holdings,
Inc.
26,038
1,662,743
4,702,447
33,761,639
Total
Common
Stocks
(cost
$216,269,375)
293,023,969
Short-Term
Investments
0
.5
%
U.S.
Treasury
Obligations
0
.5
%
Financial
Services
0
.5
%
U.S.
Treasury
Bills(b)
3.69%,
04/23/26
380,000
379,157
3.60%,
07/16/26
1,180,000
1,167,531
1,546,688
Total
Short-Term
Investment
(cost
$1,546,805)
1,546,688
Repurchase
Agreements
5
.3
%
Principal
Amount
($)
Value
($)
Cantor
Fitzgerald
&
Co.,
3.68%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$6,000,613,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
1.10%
-
8.50%,
maturing
6/1/2026
-
1/20/2076;
total
market
value
$6,120,000.(c)
6,000,000
6,000,000
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,123,364,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$1,145,831.(c)
1,123,250
1,123,250
Citi
Global
Market,
Inc.,
3.66%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,000,102,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.25%
-
4.38%,
maturing
11/30/2030
-
5/15/2035;
total
market
value
$1,020,000.(c)
1,000,000
1,000,000
NVIT
Putnam
International
Value
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
13
Repurchase
Agreements
Principal
Amount
($)
Value
($)
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$8,000,809,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$8,160,001.(c)
8,000,000
8,000,000
Total
Repurchase
Agreements
(cost
$16,123,250)
16,123,250
Total
Investments
(cost
$233,939,430)
—
103.1%
310,693,907
Liabilities
in
excess
of
other
assets
—
(3.1)%
(
9,322,817
)
NET
ASSETS
—
100.0%
$301,371,090
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$30,679,961,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$16,123,250
and
by
$15,066,758
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
4/16/2026
-
2/15/2055,
a
total
value
of
$31,190,008.
(b)
Security
or
a
portion
of
the
security
was
used
to
cover
the
margin
requirement
for
Forward
Foreign
Currency
contracts.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$16,123,250.
REIT
Real
Estate
Investment
Trust
Forward
Foreign
Currency
Contracts
outstanding
as
of
March
31,
2026:
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
AUD
113,800
USD
76,028
Goldman
Sachs
International
4/15/2026
2,476
AUD
3,862,700
USD
2,595,738
Morgan
Stanley
Co.,
Inc.
4/15/2026
68,885
AUD
2,420,200
USD
1,627,077
Toronto
Dominion
Bank
4/15/2026
42,460
USD
6,974,106
CAD
9,622,500
Goldman
Sachs
International
4/15/2026
52,930
USD
865,652
CAD
1,182,000
Westpac
Banking
Corp.
4/15/2026
15,475
CNH
5,641,200
USD
818,485
Morgan
Stanley
Co.,
Inc.
**
5/13/2026
3,077
USD
376,977
HKD
2,937,300
Goldman
Sachs
International
5/13/2026
1,495
USD
5,159,879
JPY
803,117,100
Goldman
Sachs
International
5/13/2026
80,347
USD
2,439,480
JPY
380,921,100
Morgan
Stanley
Co.,
Inc.
5/13/2026
30,241
USD
1,601,385
JPY
249,294,000
Toronto
Dominion
Bank
5/13/2026
24,657
USD
1,959,108
JPY
304,939,100
Westpac
Banking
Corp.
5/13/2026
30,438
USD
636,352
KRW
927,865,000
Goldman
Sachs
International
**
5/13/2026
29,826
USD
737,955
KRW
1,076,012,700
Toronto
Dominion
Bank
**
5/13/2026
34,588
USD
329,745
SGD
416,600
Toronto
Dominion
Bank
5/13/2026
4,736
DKK
6,328,500
USD
974,395
Goldman
Sachs
International
6/17/2026
8,664
EUR
684,200
USD
787,063
Goldman
Sachs
International
6/17/2026
6,552
EUR
6,353,400
USD
7,343,217
Morgan
Stanley
Co.,
Inc.
6/17/2026
26,195
NOK
2,308,300
USD
238,149
State
Street
Bank
and
Trust
Co.
6/17/2026
87
USD
1,464,139
CHF
1,141,900
State
Street
Bank
and
Trust
Co.
6/17/2026
23,985
USD
1,813,584
CHF
1,416,600
Westpac
Banking
Corp.
6/17/2026
26,981
USD
1,419
CZK
30,100
Morgan
Stanley
Co.,
Inc.
6/17/2026
–
USD
20,034,124
GBP
15,134,600
Goldman
Sachs
International
6/17/2026
6,597
USD
12,076,951
GBP
9,063,500
Morgan
Stanley
Co.,
Inc.
6/17/2026
83,275
USD
1,000,366
SEK
9,291,000
Goldman
Sachs
International
6/17/2026
15,108
USD
557,543
SEK
5,226,600
Westpac
Banking
Corp.
6/17/2026
3,293
Total
unrealized
appreciation
622,368
AUD
1,225,800
USD
866,462
Goldman
Sachs
International
4/15/2026
(
20,863
)
AUD
506,900
USD
356,389
Morgan
Stanley
Co.,
Inc.
4/15/2026
(
6,712
)
CAD
244,200
USD
177,830
Morgan
Stanley
Co.,
Inc.
4/15/2026
(
2,185
)
CAD
633,300
USD
459,537
State
Street
Bank
and
Trust
Co.
4/15/2026
(
4,024
)
ILS
2,404,700
USD
766,109
Goldman
Sachs
International
4/15/2026
(
796
)
ILS
9,408,200
USD
2,998,582
Morgan
Stanley
Co.,
Inc.
4/15/2026
(
4,357
)
NZD
827,300
USD
475,940
Westpac
Banking
Corp.
4/15/2026
(
322
)
USD
4,237,462
AUD
6,305,400
State
Street
Bank
and
Trust
Co.
4/15/2026
(
112,219
)
USD
188,811
AUD
282,600
Westpac
Banking
Corp.
4/15/2026
(
6,136
)
HKD
9,451,900
USD
1,212,985
Morgan
Stanley
Co.,
Inc.
5/13/2026
(
4,726
)
HKD
11,145,600
USD
1,430,495
State
Street
Bank
and
Trust
Co.
5/13/2026
(
5,726
)
HKD
32,884,600
USD
4,220,498
Westpac
Banking
Corp.
5/13/2026
(
16,782
)
14
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Putnam
International
Value
Fund
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
JPY
3,281,777,200
USD
21,073,131
Morgan
Stanley
Co.,
Inc.
5/13/2026
(
316,641
)
JPY
171,639,600
USD
1,102,692
State
Street
Bank
and
Trust
Co.
5/13/2026
(
17,111
)
JPY
132,709,400
USD
856,384
Westpac
Banking
Corp.
5/13/2026
(
17,027
)
KRW
2,001,028,900
USD
1,372,482
Morgan
Stanley
Co.,
Inc.
**
5/13/2026
(
64,451
)
SGD
1,839,800
USD
1,456,419
Goldman
Sachs
International
5/13/2026
(
21,107
)
SGD
132,600
USD
104,971
State
Street
Bank
and
Trust
Co.
5/13/2026
(
1,524
)
SGD
5,182,400
USD
4,102,467
Westpac
Banking
Corp.
5/13/2026
(
59,437
)
USD
725,492
CNH
5,000,500
Goldman
Sachs
International
**
5/13/2026
(
2,760
)
USD
845,549
JPY
133,979,000
Westpac
Banking
Corp.
5/13/2026
(
1,838
)
CHF
15,068,300
USD
19,270,897
Goldman
Sachs
International
6/17/2026
(
266,900
)
CHF
2,111,900
USD
2,707,887
Morgan
Stanley
Co.,
Inc.
6/17/2026
(
44,380
)
EUR
113,100
USD
131,289
Morgan
Stanley
Co.,
Inc.
6/17/2026
(
103
)
GBP
2,981,500
USD
3,968,102
Goldman
Sachs
International
6/17/2026
(
22,701
)
GBP
2,338,900
USD
3,125,242
Morgan
Stanley
Co.,
Inc.
6/17/2026
(
30,189
)
GBP
1,600,300
USD
2,128,445
State
Street
Bank
and
Trust
Co.
6/17/2026
(
10,778
)
GBP
597,300
USD
794,427
Toronto
Dominion
Bank
6/17/2026
(
4,023
)
GBP
1,001,000
USD
1,325,091
Westpac
Banking
Corp.
6/17/2026
(
473
)
NOK
23,237,900
USD
2,402,035
Morgan
Stanley
Co.,
Inc.
6/17/2026
(
3,695
)
SEK
24,372,600
USD
2,599,966
Goldman
Sachs
International
6/17/2026
(
15,391
)
SEK
63,796,400
USD
6,860,786
Morgan
Stanley
Co.,
Inc.
6/17/2026
(
95,542
)
SEK
4,036,000
USD
433,456
State
Street
Bank
and
Trust
Co.
6/17/2026
(
5,462
)
SEK
8,386,200
USD
900,701
Toronto
Dominion
Bank
6/17/2026
(
11,392
)
USD
5,330,043
DKK
34,407,400
Morgan
Stanley
Co.,
Inc.
6/17/2026
(
14,748
)
USD
1,048,767
EUR
905,600
Goldman
Sachs
International
6/17/2026
(
1,653
)
USD
3,090,027
EUR
2,669,800
Morgan
Stanley
Co.,
Inc.
6/17/2026
(
6,719
)
USD
4,168,327
EUR
3,613,800
State
Street
Bank
and
Trust
Co.
6/17/2026
(
23,380
)
USD
6,034,163
EUR
5,249,600
Westpac
Banking
Corp.
6/17/2026
(
54,935
)
Total
unrealized
depreciation
(
1,299,208
)
Net
unrealized
depreciation
(
676,840
)
**
Non-deliverable
forward.
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
NVIT
Putnam
International
Value
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
15
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
16
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Putnam
International
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
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Aerospace
&
Defense
$
–
$
6,540,870
$
–
$
6,540,870
Air
Freight
&
Logistics
–
2,917,537
–
2,917,537
Automobiles
–
999,096
–
999,096
Banks
–
76,363,949
–
76,363,949
Beverages
–
6,357,664
–
6,357,664
Biotechnology
–
2,145,758
–
2,145,758
Broadline
Retail
–
1,278,372
–
1,278,372
Building
Products
–
3,103,436
–
3,103,436
Capital
Markets
–
5,556,080
–
5,556,080
Chemicals
–
1,494,915
–
1,494,915
Construction
Materials
–
5,691,700
–
5,691,700
Consumer
Staples
Distribution
&
Retail
–
7,092,425
–
7,092,425
Diversified
REITs
–
1,689,355
–
1,689,355
Diversified
Telecommunication
Services
–
8,965,885
–
8,965,885
Electric
Utilities
–
5,772,214
–
5,772,214
Electrical
Equipment
–
3,539,517
–
3,539,517
Food
Products
–
2,877,508
–
2,877,508
Health
Care
Equipment
&
Supplies
–
5,657,867
–
5,657,867
Hotels,
Restaurants
&
Leisure
–
1,679,082
–
1,679,082
Household
Durables
–
5,172,637
–
5,172,637
Industrial
Conglomerates
–
4,221,988
–
4,221,988
Industrial
REITs
–
2,403,701
–
2,403,701
Insurance
–
26,714,579
–
26,714,579
Machinery
–
7,812,781
–
7,812,781
Metals
&
Mining
–
8,104,922
–
8,104,922
Multi-Utilities
–
4,278,726
–
4,278,726
Oil,
Gas
&
Consumable
Fuels
7,648,871
17,009,312
–
24,658,183
Passenger
Airlines
–
3,621,227
–
3,621,227
Personal
Care
Products
–
4,787,538
–
4,787,538
Pharmaceuticals
–
14,531,295
–
14,531,295
Semiconductors
&
Semiconductor
Equipment
–
3,631,435
–
3,631,435
Specialty
Retail
–
2,869,683
–
2,869,683
Textiles,
Apparel
&
Luxury
Goods
–
4,012,620
–
4,012,620
Tobacco
–
3,868,970
–
3,868,970
Trading
Companies
&
Distributors
–
17,027,182
–
17,027,182
Wireless
Telecommunication
Services
–
5,583,272
–
5,583,272
Total
Common
Stocks
$
7,648,871
$
285,375,098
$
–
$
293,023,969
Forward
Foreign
Currency
Contracts
–
622,368
–
622,368
Repurchase
Agreements
–
16,123,250
–
16,123,250
Short-Term
Investments
–
1,546,688
–
1,546,688
Total
Assets
$
7,648,871
$
303,667,404
$
–
$
311,316,275
Liabilities:
Forward
Foreign
Currency
Contracts
$
–
$
(
1,299,208
)
$
–
$
(
1,299,208
)
Total
Liabilities
$
–
$
(
1,299,208
)
$
–
$
(
1,299,208
)
Total
$
7,648,871
$
302,368,196
$
–
$
310,017,067
As
of
March
31,
2026,
the
Fund
held
one
common
stock
investment
that
was
categorized
as
a
Level
3
investment
which
was
valued
at
$0.
NVIT
Putnam
International
Value
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
17
(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
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Assets:
Fair
Value
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
appreciation
on
forward
foreign
currency
contracts
$
622,368
Total
$
622,368
Liabilities:
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
depreciation
on
forward
foreign
currency
contracts
$
(
1,299,208
)
Total
$
(
1,299,208
)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
18
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Fidelity
Institutional
AM
®
Emerging
Markets
Fund
Common
Stocks
99
.5
%
Shares
Value
($)
AUSTRALIA
2
.1
%
Metals
&
Mining
2
.1
%
Anglogold
Ashanti
plc
110,400
10,748,544
BRAZIL
2
.4
%
Banks
1
.1
%
Itau
Unibanco
Holding
SA
(Preference)
679,172
5,701,014
Metals
&
Mining
1
.3
%
Vale
SA,
Class
B,
ADR
394,600
6,278,086
11,979,100
CHILE
1
.0
%
Metals
&
Mining
1
.0
%
Antofagasta
plc
108,900
4,844,612
CHINA
26
.4
%
Automobiles
2
.2
%
BYD
Co.
Ltd.,
Class
H
812,900
11,145,210
Banks
2
.3
%
China
Construction
Bank
Corp.,
Class
H
10,807,000
11,737,449
Broadline
Retail
2
.2
%
Alibaba
Group
Holding
Ltd.,
ADR
48,000
6,022,080
PDD
Holdings,
Inc.,
ADR
*
52,000
5,313,360
11,335,440
Electrical
Equipment
1
.7
%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
146,023
8,558,907
Household
Durables
1
.1
%
Haier
Smart
Home
Co.
Ltd.,
Class
A
1,824,995
5,683,253
Insurance
2
.8
%
China
Life
Insurance
Co.
Ltd.,
Class
H
3,000,000
9,585,736
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
2,402,000
4,426,068
14,011,804
Interactive
Media
&
Services
5
.5
%
Tencent
Holdings
Ltd.
448,100
28,289,406
Life
Sciences
Tools
&
Services
1
.2
%
WuXi
AppTec
Co.
Ltd.,
Class
H
Reg.
S
(a)
400,700
6,059,519
Machinery
3
.0
%
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
1,739,200
4,893,129
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
1,073,100
10,509,125
15,402,254
Metals
&
Mining
1
.5
%
Zijin
Mining
Group
Co.
Ltd.,
Class
A
1,552,900
7,585,571
Oil,
Gas
&
Consumable
Fuels
1
.5
%
China
Petroleum
&
Chemical
Corp.,
Class
H
13,168,000
7,569,876
Pharmaceuticals
1
.4
%
Hansoh
Pharmaceutical
Group
Co.
Ltd.
Reg.
S
(a)
1,506,000
6,851,493
134,230,182
Common
Stocks
Shares
Value
($)
GREECE
3
.2
%
Banks
3
.2
%
Eurobank
SA
1,631,400
6,550,406
National
Bank
of
Greece
SA
626,400
9,708,646
16,259,052
HUNGARY
2
.6
%
Banks
1
.5
%
OTP
Bank
Nyrt.
67,300
7,256,825
Pharmaceuticals
1
.1
%
Richter
Gedeon
Nyrt.
163,200
5,831,432
13,088,257
INDIA
7
.5
%
Banks
3
.0
%
ICICI
Bank
Ltd.
458,200
5,965,025
State
Bank
of
India
888,000
9,463,722
15,428,747
Construction
&
Engineering
2
.1
%
Larsen
&
Toubro
Ltd.
292,200
10,895,174
Construction
Materials
0
.9
%
JK
Cement
Ltd.
79,600
4,391,656
IT
Services
1
.5
%
Tata
Consultancy
Services
Ltd.
297,100
7,521,411
38,236,988
INDONESIA
1
.7
%
Banks
1
.7
%
Bank
Central
Asia
Tbk.
PT
23,207,500
8,878,874
JAPAN
1
.4
%
Machinery
1
.4
%
Komatsu
Ltd.
178,216
6,995,858
MALAYSIA
1
.5
%
Banks
1
.5
%
CIMB
Group
Holdings
Bhd.
4,020,200
7,536,643
MEXICO
6
.3
%
Banks
1
.7
%
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
272,600
3,023,346
Regional
SAB
de
CV
666,300
5,725,429
8,748,775
Beverages
1
.1
%
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
49,000
5,441,940
Consumer
Staples
Distribution
&
Retail
1
.1
%
Wal-Mart
de
Mexico
SAB
de
CV
1,657,700
5,382,924
Wireless
Telecommunication
Services
2
.4
%
America
Movil
SAB
de
CV,
ADR
476,800
12,148,863
31,722,502
PERU
2
.7
%
Banks
2
.7
%
Credicorp
Ltd.
40,600
13,770,708
RUSSIA
0
.0
%
†
Banks
0
.0
%
†
Sberbank
of
Russia
PJSC
(Preference)
*^∞
533,346
0
T-Tekhnologii
MKPAO,
GDR
Reg.
S
*^∞
24,424
0
0
NVIT
Fidelity
Institutional
AM
®
Emerging
Markets
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
19
Common
Stocks
Shares
Value
($)
RUSSIA
Consumer
Staples
Distribution
&
Retail
0
.0
%
†
Magnit
PJSC
*^∞
32,259
0
Oil,
Gas
&
Consumable
Fuels
0
.0
%
†
Gazprom
PJSC
*^∞
1,425,666
0
0
SAUDI
ARABIA
3
.3
%
Banks
1
.6
%
Al
Rajhi
Bank
283,300
8,067,927
Oil,
Gas
&
Consumable
Fuels
1
.7
%
Saudi
Arabian
Oil
Co.
Reg.
S
(a)
1,206,400
8,796,684
16,864,611
SOUTH
AFRICA
3
.5
%
Financial
Services
0
.9
%
FirstRand
Ltd.
939,900
4,804,200
Metals
&
Mining
1
.0
%
Impala
Platinum
Holdings
Ltd.
359,400
5,281,947
Wireless
Telecommunication
Services
1
.6
%
MTN
Group
Ltd.
682,320
7,917,270
18,003,417
SOUTH
KOREA
10
.8
%
Aerospace
&
Defense
1
.7
%
Korea
Aerospace
Industries
Ltd.
80,950
8,754,755
Automobile
Components
1
.0
%
Hyundai
Mobis
Co.
Ltd.
19,070
4,904,247
Technology
Hardware,
Storage
&
Peripherals
8
.1
%
Samsung
Electronics
Co.
Ltd.
366,250
41,140,877
54,799,879
TAIWAN
18
.3
%
Electronic
Equipment,
Instruments
&
Components
2
.9
%
Delta
Electronics,
Inc.
173,000
7,699,832
Yageo
Corp.
906,000
7,229,230
14,929,062
Machinery
0
.9
%
Hiwin
Technologies
Corp.
619,000
4,518,412
Semiconductors
&
Semiconductor
Equipment
13
.7
%
eMemory
Technology,
Inc.
38,000
3,306,157
MediaTek,
Inc.
338,000
16,366,327
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
890,000
50,174,139
69,846,623
Textiles,
Apparel
&
Luxury
Goods
0
.8
%
Eclat
Textile
Co.
Ltd.
377,000
3,947,661
93,241,758
TURKEY
1
.9
%
Banks
0
.9
%
Yapi
ve
Kredi
Bankasi
A/S
*
5,963,000
4,524,812
Electrical
Equipment
1
.0
%
Astor
Transformator
Enerji
Turizm
Insaat
ve
Petrol
Sanayi
Ticaret
A/S,
Class
B
1,093,600
4,885,211
9,410,023
Common
Stocks
Shares
Value
($)
UNITED
ARAB
EMIRATES
1
.6
%
Oil,
Gas
&
Consumable
Fuels
1
.6
%
Adnoc
Gas
plc
9,067,600
7,931,780
UNITED
STATES
1
.3
%
Energy
Equipment
&
Services
1
.3
%
Tenaris
SA,
ADR
109,900
6,393,982
Total
Common
Stocks
(cost
$445,527,333)
504,936,770
Total
Investments
(cost
$445,527,333)
—
99.5%
504,936,770
Other
assets
in
excess
of
liabilities
—
0.5%
2,546,190
NET
ASSETS
—
100.0%
$507,482,960
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$21,707,696
which
represents
4.28%
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.
20
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Fidelity
Institutional
AM
®
Emerging
Markets
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
Fidelity
Institutional
AM
®
Emerging
Markets
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
21
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
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
$
–
$
8,754,755
$
–
$
8,754,755
Automobile
Components
–
4,904,247
–
4,904,247
Automobiles
–
11,145,210
–
11,145,210
Banks
28,220,497
79,690,328
–
107,910,825
Beverages
5,441,940
–
–
5,441,940
Broadline
Retail
11,335,440
–
–
11,335,440
Construction
&
Engineering
–
10,895,174
–
10,895,174
Construction
Materials
–
4,391,656
–
4,391,656
Consumer
Staples
Distribution
&
Retail
5,382,924
–
–
5,382,924
Electrical
Equipment
–
13,444,117
–
13,444,117
Electronic
Equipment,
Instruments
&
Components
–
14,929,062
–
14,929,062
Energy
Equipment
&
Services
6,393,982
–
–
6,393,982
Financial
Services
–
4,804,200
–
4,804,200
Household
Durables
–
5,683,253
–
5,683,253
Insurance
–
14,011,804
–
14,011,804
Interactive
Media
&
Services
–
28,289,406
–
28,289,406
IT
Services
–
7,521,411
–
7,521,411
Life
Sciences
Tools
&
Services
–
6,059,519
–
6,059,519
Machinery
–
26,916,524
–
26,916,524
Metals
&
Mining
17,026,630
17,712,130
–
34,738,760
Oil,
Gas
&
Consumable
Fuels
–
24,298,341
–
24,298,341
Pharmaceuticals
–
12,682,925
–
12,682,925
Semiconductors
&
Semiconductor
Equipment
–
69,846,623
–
69,846,623
Technology
Hardware,
Storage
&
Peripherals
–
41,140,877
–
41,140,877
Textiles,
Apparel
&
Luxury
Goods
–
3,947,661
–
3,947,661
Wireless
Telecommunication
Services
12,148,864
7,917,270
–
20,066,134
Total
$
85,950,277
$
418,986,493
$
–
$
504,936,770
As
of
March
31,
2026,
the
Fund
held
four
common
stock
investments
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
22
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Fidelity
Institutional
AM
®
Worldwide
Fund
Common
Stocks
99.5%
Shares
Value
($)
AUSTRALIA
2.0%
Aerospace
&
Defense
0.4%
DroneShield
Ltd.
Reg.
S
*
396,192
1,085,466
Capital
Markets
0.3%
Pinnacle
Investment
Management
Group
Ltd.
69,479
687,664
Commercial
Services
&
Supplies
0.3%
Brambles
Ltd.
37,521
586,300
Insurance
0.6%
Generation
Development
Group
Ltd.
(a)
164,459
481,336
Steadfast
Group
Ltd.
125,905
371,580
Suncorp
Group
Ltd.
52,137
581,650
1,434,566
Metals
&
Mining
0.2%
Deterra
Royalties
Ltd.
186,593
522,486
Specialty
Retail
0.2%
Lovisa
Holdings
Ltd.
(a)
27,740
412,937
4,729,419
AUSTRIA
0.0%
†
Construction
Materials
0.0%
†
Wienerberger
AG
397
10,627
BELGIUM
1.1%
Banks
0.4%
KBC
Group
NV
8,475
1,036,020
Pharmaceuticals
0.7%
UCB
SA
5,585
1,682,263
2,718,283
CANADA
1.0%
Energy
Equipment
&
Services
0.1%
TerraVest
Industries,
Inc.
(a)
3,587
340,960
Metals
&
Mining
0.9%
Franco-Nevada
Corp.
8,923
2,209,422
Oil,
Gas
&
Consumable
Fuels
0.0%
†
PrairieSky
Royalty
Ltd.
(a)
4,100
94,903
2,645,285
CHINA
1.7%
Automobiles
0.4%
BYD
Co.
Ltd.,
Class
H
72,846
998,750
Electrical
Equipment
0.4%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
15,933
933,888
Hotels,
Restaurants
&
Leisure
0.1%
Luckin
Coffee,
Inc.,
ADR
*(a)
9,097
292,014
Interactive
Media
&
Services
0.5%
Tencent
Holdings
Ltd.
18,394
1,161,248
Machinery
0.3%
Airtac
International
Group
25,439
805,561
4,191,461
DENMARK
0.5%
Air
Freight
&
Logistics
0.5%
DSV
A/S
5,493
1,312,301
Common
Stocks
Shares
Value
($)
FINLAND
0.7%
Communications
Equipment
0.5%
Nokia
OYJ,
ADR
166,000
1,334,640
Paper
&
Forest
Products
0.2%
UPM-Kymmene
OYJ
13,566
421,975
1,756,615
FRANCE
0.7%
Capital
Markets
0.2%
Amundi
SA
Reg.
S
(b)
6,012
517,073
Food
Products
0.5%
Danone
SA
15,449
1,240,743
1,757,816
GERMANY
0.3%
Health
Care
Providers
&
Services
0.3%
Fresenius
SE
&
Co.
KGaA
16,108
825,125
HONG
KONG
0.9%
Capital
Markets
0.2%
Futu
Holdings
Ltd.,
ADR
*
3,957
541,159
Insurance
0.7%
Prudential
plc
130,724
1,822,989
2,364,148
INDONESIA
0.7%
Banks
0.7%
Bank
Central
Asia
Tbk.
PT
4,449,920
1,702,479
IRELAND
1.3%
Banks
0.9%
AIB
Group
plc
201,677
2,145,021
Building
Products
0.4%
Kingspan
Group
plc
11,924
1,006,495
3,151,516
ITALY
1.3%
Electrical
Equipment
0.4%
Prysmian
SpA
8,030
938,978
Financial
Services
0.1%
BFF
Bank
SpA
Reg.
S
*(a)(b)
148,750
250,001
Hotels,
Restaurants
&
Leisure
0.0%
†
Lottomatica
Group
Spa
369
10,651
Pharmaceuticals
0.5%
Recordati
Industria
Chimica
e
Farmaceutica
SpA
20,461
1,163,914
Textiles,
Apparel
&
Luxury
Goods
0.3%
PRADA
SpA
166,241
785,684
3,149,228
JAPAN
5.0%
Chemicals
0.4%
NOF
Corp.
48,783
964,346
Commercial
Services
&
Supplies
0.2%
Japan
Elevator
Service
Holdings
Co.
Ltd.
56,032
581,931
Entertainment
0.5%
Nintendo
Co.
Ltd.
21,963
1,253,228
Food
Products
0.2%
Kotobuki
Spirits
Co.
Ltd.
(a)
37,761
437,723
NVIT
Fidelity
Institutional
AM
®
Worldwide
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
23
Common
Stocks
Shares
Value
($)
JAPAN
Household
Durables
0.3%
Panasonic
Holdings
Corp.
42,794
710,559
Machinery
0.7%
Daifuku
Co.
Ltd.
27,034
944,493
Ebara
Corp.
27,211
766,738
1,711,231
Pharmaceuticals
0.3%
Takeda
Pharmaceutical
Co.
Ltd.
22,207
819,235
Real
Estate
Management
&
Development
0.3%
Katitas
Co.
Ltd.
(a)
41,502
833,716
Semiconductors
&
Semiconductor
Equipment
0.9%
Kioxia
Holdings
Corp.
*
6,072
771,910
Lasertec
Corp.
2,001
441,199
Renesas
Electronics
Corp.
65,472
929,737
2,142,846
Specialty
Retail
0.7%
Fast
Retailing
Co.
Ltd.
2,262
900,304
USS
Co.
Ltd.
93,201
975,822
1,876,126
Trading
Companies
&
Distributors
0.5%
ITOCHU
Corp.
85,875
1,091,507
12,422,448
LUXEMBOURG
0.0%
†
Automobile
Components
0.0%
†
Novem
Group
SA
*
382
1,108
NETHERLANDS
1.4%
Semiconductors
&
Semiconductor
Equipment
1.4%
ASML
Holding
NV
2,319
3,069,514
BE
Semiconductor
Industries
NV
2,094
441,809
3,511,323
NORWAY
0.8%
Electronic
Equipment,
Instruments
&
Components
0.1%
General
Oceans
A/S
*
103,100
262,518
Energy
Equipment
&
Services
0.7%
TGS
ASA
121,686
1,635,333
1,897,851
SOUTH
KOREA
0.2%
Semiconductors
&
Semiconductor
Equipment
0.2%
SK
hynix,
Inc.
865
470,467
SPAIN
2.1%
Banks
2.1%
Banco
Santander
SA
124,651
1,410,466
Bankinter
SA
(a)
125,284
1,972,292
CaixaBank
SA
149,913
1,798,715
5,181,473
SWEDEN
1.7%
Banks
0.7%
NOBA
Bank
Group
AB
*
42,207
368,412
Swedbank
AB,
Class
A
(a)
43,816
1,487,646
1,856,058
Electronic
Equipment,
Instruments
&
Components
0.0%
†
Dustin
Group
AB
Reg.
S
*(b)
13,397
1,945
Household
Durables
0.2%
JM
AB
(a)
40,404
514,043
Life
Sciences
Tools
&
Services
0.6%
AddLife
AB,
Class
B
93,073
1,381,652
Common
Stocks
Shares
Value
($)
SWEDEN
Machinery
0.2%
Epiroc
AB,
Class
A
21,925
538,296
Metals
&
Mining
0.0%
†
Alleima
AB
(a)
10,300
82,061
Specialty
Retail
0.0%
†
Haypp
Group
AB
*(a)
1,168
16,497
4,390,552
SWITZERLAND
1.7%
Electronic
Equipment,
Instruments
&
Components
1.7%
TE
Connectivity
plc
20,355
4,254,602
TAIWAN
4.5%
Electronic
Equipment,
Instruments
&
Components
0.3%
E
Ink
Holdings,
Inc.
160,834
699,154
Semiconductors
&
Semiconductor
Equipment
4.2%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
28,425
1,602,472
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
26,235
8,866,118
10,468,590
11,167,744
UNITED
KINGDOM
3.3%
Aerospace
&
Defense
0.3%
Rolls-Royce
Holdings
plc
50,524
771,549
Banks
0.3%
NatWest
Group
plc
104,298
773,897
Beverages
0.3%
Diageo
plc
34,906
648,564
Diversified
Telecommunication
Services
0.0%
†
Zegona
Communications
plc
1,280
27,991
Food
Products
0.2%
Cranswick
plc
8,962
623,483
Insurance
0.9%
Admiral
Group
plc
24,781
1,045,436
Hiscox
Ltd.
63,911
1,288,032
Sabre
Insurance
Group
plc
Reg.
S
(b)
11,193
23,312
2,356,780
Leisure
Products
0.0%
†
Games
Workshop
Group
plc
148
34,887
Pharmaceuticals
0.4%
AstraZeneca
plc
4,700
926,934
Specialized
REITs
0.1%
Big
Yellow
Group
plc
32,612
368,712
Tobacco
0.8%
British
American
Tobacco
plc
35,058
2,042,153
Trading
Companies
&
Distributors
0.0%
†
RS
GROUP
plc
2,057
15,360
8,590,310
UNITED
STATES
66.6%
Aerospace
&
Defense
2.2%
Boeing
Co.
(The)
*
23,101
4,597,792
GE
Aerospace
2,651
752,274
5,350,066
24
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Fidelity
Institutional
AM
®
Worldwide
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
Air
Freight
&
Logistics
0.7%
FedEx
Corp.
4,500
1,602,810
Automobiles
0.5%
Rivian
Automotive,
Inc.,
Class
A
*
40,874
615,154
Tesla,
Inc.
*
1,461
543,127
1,158,281
Banks
0.7%
Citigroup,
Inc.
14,700
1,667,127
Biotechnology
1.1%
Gilead
Sciences,
Inc.
17,100
2,383,227
Moderna,
Inc.
*(a)
6,000
304,800
2,688,027
Broadline
Retail
3.7%
Amazon.com,
Inc.
*
44,719
9,313,626
Building
Products
0.1%
Johnson
Controls
International
plc
1,500
196,425
Capital
Markets
1.6%
Bank
of
New
York
Mellon
Corp.
(The)
15,960
1,893,335
Coinbase
Global,
Inc.,
Class
A
*(a)
1,000
174,610
Interactive
Brokers
Group,
Inc.,
Class
A
1,192
79,947
Robinhood
Markets,
Inc.,
Class
A
*
24,892
1,725,016
3,872,908
Chemicals
0.1%
Sherwin-Williams
Co.
(The)
1,000
320,550
Communications
Equipment
1.0%
Ciena
Corp.
*
5,600
2,174,088
Lumentum
Holdings,
Inc.
*
150
105,414
Viavi
Solutions,
Inc.
*
4,000
133,120
2,412,622
Electric
Utilities
0.1%
NRG
Energy,
Inc.
1,851
270,505
Electrical
Equipment
0.9%
Acuity,
Inc.
100
28,022
Regal
Rexnord
Corp.
8,100
1,516,806
Schneider
Electric
SE
3,225
885,811
2,430,639
Electronic
Equipment,
Instruments
&
Components
2.8%
Amphenol
Corp.,
Class
A
3,484
440,203
Coherent
Corp.
*
400
95,284
Corning,
Inc.
36,867
5,012,806
Flex
Ltd.
*
17,600
1,152,096
Keysight
Technologies,
Inc.
*
700
197,659
6,898,048
Entertainment
0.1%
Netflix,
Inc.
*
2,830
272,104
Ground
Transportation
2.0%
Old
Dominion
Freight
Line,
Inc.
17,037
3,329,030
XPO,
Inc.
*(a)
9,100
1,770,405
5,099,435
Health
Care
Equipment
&
Supplies
0.6%
Alcon
AG
19,105
1,433,274
Health
Care
Providers
&
Services
0.5%
Cardinal
Health,
Inc.
928
196,096
HCA
Healthcare,
Inc.
1,368
647,392
McKesson
Corp.
387
334,895
1,178,383
Common
Stocks
Shares
Value
($)
UNITED
STATES
Hotels,
Restaurants
&
Leisure
0.6%
Flutter
Entertainment
plc
*
8,943
915,129
Flutter
Entertainment
plc
*
3,215
327,769
Viking
Holdings
Ltd.
*
2,000
146,960
1,389,858
Household
Durables
1.7%
Somnigroup
International,
Inc.
58,227
4,304,140
Household
Products
0.5%
Procter
&
Gamble
Co.
(The)
9,100
1,314,404
Insurance
0.7%
Chubb
Ltd.
3,900
1,271,127
Travelers
Cos.,
Inc.
(The)
1,500
437,520
1,708,647
Interactive
Media
&
Services
8.1%
Alphabet,
Inc.,
Class
A
57,170
16,439,805
Meta
Platforms,
Inc.,
Class
A
6,608
3,780,635
20,220,440
IT
Services
0.3%
Fastly,
Inc.,
Class
A
*(a)
23,000
668,380
Machinery
5.1%
Caterpillar,
Inc.
1,605
1,137,078
Cummins,
Inc.
9,902
5,327,474
Dover
Corp.
2,900
604,505
ITT,
Inc.
200
38,106
PACCAR,
Inc.
30,164
3,483,942
Parker-Hannifin
Corp.
1,527
1,367,032
RBC
Bearings,
Inc.
*
1,400
760,368
12,718,505
Metals
&
Mining
2.1%
Alcoa
Corp.
14,300
948,519
Steel
Dynamics,
Inc.
23,864
4,295,520
5,244,039
Oil,
Gas
&
Consumable
Fuels
3.2%
Chevron
Corp.
38,700
8,007,030
Passenger
Airlines
0.0%
†
United
Airlines
Holdings,
Inc.
*
1,235
113,706
Pharmaceuticals
5.1%
Eli
Lilly
&
Co.
7,474
6,874,361
Johnson
&
Johnson
20,400
4,986,576
Roche
Holding
AG
1,641
647,975
VeraDermics,
Inc.
*
6,600
416,790
12,925,702
Semiconductors
&
Semiconductor
Equipment
10.9%
Analog
Devices,
Inc.
2,800
890,792
Applied
Materials,
Inc.
3,000
1,025,370
Intel
Corp.
*
23,000
1,014,990
KLA
Corp.
450
662,584
Lam
Research
Corp.
5,000
1,068,300
Micron
Technology,
Inc.
5,200
1,756,768
Monolithic
Power
Systems,
Inc.
70
76,534
NVIDIA
Corp.
94,974
16,563,466
Teradyne,
Inc.
8,965
2,657,764
Texas
Instruments,
Inc.
9,100
1,766,674
27,483,242
Software
0.7%
Circle
Internet
Group,
Inc.,
Class
A
*
3,500
333,935
Microsoft
Corp.
3,187
1,179,732
Strategy,
Inc.,
Class
A
*
1,900
237,120
1,750,787
NVIT
Fidelity
Institutional
AM
®
Worldwide
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
25
Common
Stocks
Shares
Value
($)
UNITED
STATES
Specialty
Retail
0.9%
Lowe's
Cos.,
Inc.
9,300
2,197,404
Technology
Hardware,
Storage
&
Peripherals
6.5%
Apple,
Inc.
22,318
5,664,085
Dell
Technologies,
Inc.,
Class
C
800
131,304
Everpure,
Inc.,
Class
A
*
2,500
147,600
Sandisk
Corp.
*
950
603,573
Seagate
Technology
Holdings
plc
7,414
2,904,509
Western
Digital
Corp.
25,459
6,886,405
16,337,476
Textiles,
Apparel
&
Luxury
Goods
1.0%
Ralph
Lauren
Corp.,
Class
A
7,354
2,529,703
Trading
Companies
&
Distributors
0.5%
Fastenal
Co.
16,000
742,400
WW
Grainger,
Inc.
505
550,859
1,293,259
166,371,552
Total
Common
Stocks
(cost
$249,075,587)
248,573,733
Repurchase
Agreements
1.0%
Principal
Amount
($)
CF
Secured,
LLC,
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,092,722,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$1,114,576.(c)
1,092,611
1,092,611
Pershing
LLC,
3.64%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,400,142,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
9.00%,
maturing
4/1/2026
-
1/20/2076;
total
market
value
$1,428,000.(c)
1,400,000
1,400,000
Total
Repurchase
Agreements
(cost
$2,492,611)
2,492,611
Total
Investments
(cost
$251,568,198)
—
100.5%
251,066,344
Liabilities
in
excess
of
other
assets
—
(0.5)%
(1,269,533)
NET
ASSETS
—
100.0%
$249,796,811
*
Denotes
a
non-income
producing
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$8,980,878,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$2,492,611
and
by
$6,887,276
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.38%,
and
maturity
dates
ranging
from
4/30/2026
-
11/15/2055,
a
total
value
of
$9,379,887.
(b)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$792,331
which
represents
0.32%
of
net
assets.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$2,492,611.
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
26
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Fidelity
Institutional
AM
®
Worldwide
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Variable
Insurance
Trust's
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
NVIT
Fidelity
Institutional
AM
®
Worldwide
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
27
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Aerospace
&
Defense
$
5,350,066
$
1,857,015
$
–
$
7,207,081
Air
Freight
&
Logistics
1,602,810
1,312,301
–
2,915,111
Automobile
Components
–
1,108
–
1,108
Automobiles
1,158,281
998,750
–
2,157,031
Banks
1,667,127
12,694,948
–
14,362,075
Beverages
–
648,564
–
648,564
Biotechnology
2,688,027
–
–
2,688,027
Broadline
Retail
9,313,626
–
–
9,313,626
Building
Products
196,425
1,006,495
–
1,202,920
Capital
Markets
4,414,067
1,204,737
–
5,618,804
Chemicals
320,550
964,346
–
1,284,896
Commercial
Services
&
Supplies
–
1,168,231
–
1,168,231
Communications
Equipment
3,747,262
–
–
3,747,262
Construction
Materials
–
10,627
–
10,627
Diversified
Telecommunication
Services
–
27,991
–
27,991
Electric
Utilities
270,505
–
–
270,505
Electrical
Equipment
1,544,828
2,758,677
–
4,303,505
Electronic
Equipment,
Instruments
&
Components
11,415,168
701,099
–
12,116,267
Energy
Equipment
&
Services
340,960
1,635,333
–
1,976,293
Entertainment
272,105
1,253,227
–
1,525,332
Financial
Services
–
250,001
–
250,001
Food
Products
–
2,301,949
–
2,301,949
Ground
Transportation
5,099,435
–
–
5,099,435
Health
Care
Equipment
&
Supplies
–
1,433,274
–
1,433,274
Health
Care
Providers
&
Services
1,178,382
825,125
–
2,003,507
Hotels,
Restaurants
&
Leisure
766,743
925,780
–
1,692,523
Household
Durables
4,304,139
1,224,603
–
5,528,742
Household
Products
1,314,404
–
–
1,314,404
Insurance
1,708,647
5,614,335
–
7,322,982
Interactive
Media
&
Services
20,220,440
1,161,248
–
21,381,688
IT
Services
668,380
–
–
668,380
Leisure
Products
–
34,887
–
34,887
Life
Sciences
Tools
&
Services
–
1,381,652
–
1,381,652
Machinery
12,718,505
3,055,088
–
15,773,593
Metals
&
Mining
7,453,461
604,547
–
8,058,008
Oil,
Gas
&
Consumable
Fuels
8,101,933
–
–
8,101,933
Paper
&
Forest
Products
–
421,975
–
421,975
Passenger
Airlines
113,706
–
–
113,706
Pharmaceuticals
13,204,661
4,313,387
–
17,518,048
Real
Estate
Management
&
Development
–
833,716
–
833,716
Semiconductors
&
Semiconductor
Equipment
36,349,361
7,727,108
–
44,076,469
Software
1,750,787
–
–
1,750,787
Specialized
REITs
–
368,712
–
368,712
Specialty
Retail
2,197,403
2,305,561
–
4,502,964
Technology
Hardware,
Storage
&
Peripherals
16,337,476
–
–
16,337,476
Textiles,
Apparel
&
Luxury
Goods
2,529,703
785,684
–
3,315,387
Tobacco
–
2,042,153
–
2,042,153
Trading
Companies
&
Distributors
1,293,259
1,106,867
–
2,400,126
Total
Common
Stocks
$
181,612,632
$
66,961,101
$
–
$
248,573,733
Repurchase
Agreements
–
2,492,611
–
2,492,611
Total
$
181,612,632
$
69,453,712
$
–
$
251,066,344
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
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
Asset-Backed
Securities
13.6%
Principal
Amount
($)
Value
($)
Airlines
0.3%
Blackbird
Capital
II
Aircraft
Lease
Ltd.,
Series
2021-
1A,
Class
B,
3.45%,
7/15/2046(a)
1,488,528
1,420,389
Automobiles
4.0%
Ally
Bank
Auto
Credit-Linked
Notes,
Series
2025-A,
Class
E,
6.07%,
6/15/2033(a)
1,004,277
1,007,115
American
Credit
Acceptance
Receivables
Trust,
Series
2025-4,
Class
D,
5.25%,
9/12/2031(a)
380,000
380,850
Arivo
Acceptance
Auto
Loan
Receivables
Trust,
Series
2024-1A,
Class
B,
6.87%,
6/17/2030(a)
870,000
884,444
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2024-1A,
Class
C,
6.48%,
6/20/2030(a)
540,000
553,753
CPS
Auto
Receivables
Trust,
Series
2024-B,
Class
E,
8.36%,
11/17/2031(a)
930,000
965,886
Exeter
Automobile
Receivables
Trust
Series
2024-4A,
Class
E,
7.65%,
2/17/2032(a)
1,480,000
1,518,134
Series
2025-5A,
Class
E,
7.15%,
6/15/2033(a)
1,870,000
1,845,721
GLS
Auto
Receivables
Issuer
Trust
Series
2021-4A,
Class
E,
4.43%,
10/16/2028(a)
1,640,000
1,637,772
Series
2025-4A,
Class
E,
7.17%,
12/15/2032(a)
1,080,000
1,092,799
GLS
Auto
Select
Receivables
Trust,
Series
2024-
1A,
Class
D,
6.43%,
1/15/2031(a)
1,650,000
1,698,017
Kinetic
Advantage
Master
Owner
Trust,
Series
2025-1A,
Class
A,
5.87%,
10/15/2029(a)(b)
1,010,000
1,013,992
Merchants
Fleet
Funding
LLC
Series
2025-1A,
Class
D,
5.76%,
1/20/2039(a)
1,460,000
1,459,404
Series
2025-1A,
Class
E,
8.48%,
1/20/2039(a)
1,400,000
1,401,853
Octane
Receivables
Trust,
Series
2023-2A,
Class
E,
10.50%,
6/20/2031(a)
2,165,000
2,325,853
Research-Driven
Pagaya
Motor
Asset
Trust,
Series
2025-3A,
Class
A2,
5.15%,
2/27/2034(a)
1,410,000
1,417,698
19,203,291
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Equipment
Loans
&
Leases
0.1%
NMEF
Funding
LLC,
Series
2025-B,
Class
E,
7.66%,
1/18/2033(a)
500,000
506,977
Home
Equity
3.0%
ACHM
Trust,
Series
2025-
HE3,
Class
A,
5.20%,
11/25/2055(a)(b)
2,290,717
2,271,993
Angel
Oak
Mortgage
Trust
Series
2025-HB2,
Class
A1,
5.26%,
12/25/2055(a)(b)
816,274
817,953
Series
2025-HB2,
Class
M2,
6.11%,
12/25/2055(a)(b)
2,140,000
2,155,120
BRAVO
Residential
Funding
Trust,
Series
2025-
HE1,
Class
A1,
5.01%,
9/25/2072(a)(b)
1,634,754
1,635,459
FIGRE
Trust
Series
2025-HE6,
Class
A,
5.04%,
9/25/2055(a)(b)
1,362,549
1,349,642
Series
2025-HE8,
Class
A,
5.21%,
11/25/2055(a)(b)
706,372
701,944
J.P.
Morgan
Mortgage
Trust,
Series
2025-HE3,
Class
A1,
5.02%,
3/20/2056(a)(b)
1,393,703
1,396,633
Saluda
Grade
Alternative
Mortgage
Trust
Series
2025-LOC4,
Class
A1A,
5.41%,
6/25/2055(a)
(b)
1,005,041
1,008,523
Series
2025-FIG6,
Class
M1,
5.48%,
1/25/2056(a)(b)
2,039,161
2,023,523
Vista
Point
Securitization
Trust,
Series
2025-
CES3,
Class
A1,
5.30%,
11/25/2055(a)(c)
1,054,389
1,050,716
14,411,506
Other
6.2%
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.
Series
2025-BTR1,
Class
AS,
6.31%,
1/20/2041(a)(b)
2,300,000
2,313,633
Series
2025-BTR1,
Class
B,
6.86%,
1/20/2041(a)(b)
1,440,000
1,448,357
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL1,
Class
A,
5.12%,
1/15/2037(a)(b)
425,413
425,413
AREIT,
Series
2025-
CRE11,
Class
A,
5.23%,
7/25/2043(a)(b)
2,240,000
2,244,094
BHG
Securitization
Trust
Series
2022-C,
Class
E,
9.73%,
10/17/2035(a)
830,000
879,099
Series
2023-B,
Class
C,
8.15%,
12/17/2036(a)
2,270,000
2,336,772
BSPRT
Issuer
LLC,
Series
2025-FL12,
Class
A,
5.06%,
1/17/2043(a)(b)
1,490,000
1,488,372
NVIT
Strategic
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
29
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
GreenSky
Home
Improvement
Issuer
Trust,
Series
2025-3A,
Class
E,
7.83%,
12/27/2060(a)
3,200,000
3,258,334
Lending
Funding
Trust,
Series
2020-2A,
Class
D,
6.77%,
4/21/2031(a)
910,000
910,038
LMNT
CRE
LLC,
Series
2025-FL3,
Class
AS,
5.57%,
7/21/2043(a)(b)
2,280,000
2,288,007
LoanCore
Issuer
LLC,
Series
2025-CRE9,
Class
A,
5.13%,
8/18/2042(a)(b)
1,110,000
1,109,999
LoanCore
Issuer
Ltd.,
Series
2022-CRE7,
Class
A,
5.22%,
1/17/2037(a)(b)
283,805
283,646
MF1,
Series
2024-FL16,
Class
A,
5.22%,
11/18/2039(a)(b)
1,185,000
1,188,936
PFP
Ltd.
Series
2024-11,
Class
A,
5.50%,
9/17/2039(a)(b)
248,276
248,668
Series
2026-13,
Class
AS,
5.33%,
8/18/2043(a)(b)
1,260,000
1,260,695
Progress
Residential
Trust
Series
2021-SFR8,
Class
G,
4.01%,
10/17/2038(a)
2,100,000
2,074,143
Series
2021-SFR7,
Class
F,
3.83%,
8/17/2040(a)
1,710,000
1,614,908
Series
2021-SFR9,
Class
F,
4.05%,
11/17/2040(a)
780,000
756,463
RCKT
Trust,
Series
2025-
1A,
Class
D,
5.42%,
7/25/2034(a)
225,000
224,481
RCKTL,
Series
2025-
2A,
Class
D,
5.25%,
11/27/2034(a)
1,120,000
1,108,872
Reach
ABS
Trust,
Series
2025-1A,
Class
C,
5.99%,
8/16/2032(a)
1,000,000
1,011,866
Tricon
American
Homes,
Series
2020-SFR1,
Class
F,
4.88%,
7/17/2038(a)
980,000
976,302
29,451,098
Total
Asset-Backed
Securities
(cost
$65,026,136)
64,993,261
Collateralized
Mortgage
Obligations
8.2%
A&D
Mortgage
Trust
Series
2023-NQM3,
Class
B1,
8.03%,
7/25/2068(a)(b)
770,000
773,185
Series
2023-NQM4,
Class
B1,
8.05%,
9/25/2068(a)(b)
930,000
936,085
Bellemeade
Re
Ltd.,
Series
2025-1,
Class
M1B,
6.16%,
10/25/2035(a)(b)
500,000
502,409
COLT
Mortgage
Loan
Trust
Series
2023-3,
Class
B2,
7.79%,
9/25/2068(a)(b)
3,000,000
3,019,487
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
Series
2025-5,
Class
B1,
7.44%,
5/25/2070(a)(b)
470,000
477,178
Connecticut
Avenue
Securities
Trust,
Series
2021-
R01,
Class
1B2,
9.66%,
10/25/2041(a)(b)
1,500,000
1,530,683
DataBank
Issuer,
Series
2024-1A,
Class
A2,
5.30%,
1/26/2054(a)
290,000
285,509
FARM
Mortgage
Trust,
Series
2021-1,
Class
B,
3.23%,
7/25/2051(a)(b)
523,538
394,892
FHLMC
REMICS
Series
4601,
Class
NI,
IO,
3.50%,
9/15/2045
532,748
63,291
Series
4791,
Class
,
IO,
3.00%,
5/15/2048
328,660
53,721
Series
4988,
Class
IL,
IO,
3.00%,
6/25/2050
443,095
81,404
Series
5003,
Class
KI,
IO,
2.50%,
8/25/2050
323,477
42,229
Series
5086,
Class
NI,
IO,
2.50%,
3/25/2051
353,122
54,023
Series
5141,
Class
IJ,
IO,
2.50%,
4/25/2051
521,412
59,123
Series
5135,
Class
MI,
IO,
2.50%,
8/25/2051
301,646
33,331
FHLMC
STACR
REMIC
Trust
Series
2024-HQA2,
Class
M1,
4.86%,
8/25/2044(a)(b)
1,047,051
1,047,520
Series
2020-HQA5,
Class
B2,
11.06%,
11/25/2050(a)
(b)
1,140,000
1,390,470
Series
2020-DNA6,
Class
B2,
9.31%,
12/25/2050(a)(b)
2,115,000
2,458,838
FHLMC
STACR
Trust
Series
2018-HQA2,
Class
B2,
14.78%,
10/25/2048(a)
(b)
2,800,000
3,398,612
Series
2019-DNA3,
Class
B2,
11.93%,
7/25/2049(a)(b)
1,360,000
1,507,782
Flagstar
Mortgage
Trust,
Series
2021-4,
Class
AX1,
IO,
0.20%,
6/1/2051(a)(b)
73,671,352
928,495
FNMA
REMICS
Series
2019-59,
Class
AI,
IO,
4.00%,
10/25/2039
277,100
41,005
Series
2018-42,
Class
SB,
IO,
2.42%,
6/25/2048(b)
2,674,148
321,400
Series
2021-1,
Class
CI,
IO,
3.00%,
11/25/2050
2,205,901
366,543
Series
2021-44,
Class
NI,
IO,
3.00%,
7/25/2051
559,987
106,587
Series
2021-78,
Class
CI,
IO,
4.50%,
11/25/2051
526,986
118,587
Series
437,
Class
C11,
IO,
3.00%,
7/25/2052
5,053,741
890,157
GCAT
Trust,
Series
2021-
CM1,
Class
M1,
3.28%,
4/25/2065(a)(b)
805,000
741,196
30
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
GNMA
REMICS
Series
2020-34,
Class
,
IO,
5.00%,
12/20/2039
2,612,447
487,895
Series
2021-213,
Class
EI,
IO,
2.50%,
1/20/2049
372,392
36,250
Series
2019-159,
Class
HI,
IO,
3.50%,
12/20/2049
1,485,619
243,502
Series
2019-159,
Class
CI,
IO,
3.50%,
12/20/2049
735,182
118,865
Series
2025-120,
Class
IC,
IO,
4.50%,
1/20/2050
1,807,783
404,335
Series
2023-70,
Class
,
IO,
4.00%,
6/20/2050
1,776,345
359,469
Series
2021-213,
Class
CI,
IO,
2.50%,
7/20/2050
426,636
55,254
Series
2021-97,
Class
IA,
IO,
3.00%,
7/20/2050
1,310,846
223,180
Series
2023-168,
Class
ID,
IO,
2.50%,
3/20/2051
1,363,456
155,029
Series
2021-42,
Class
KI,
IO,
2.50%,
3/20/2051
397,093
51,962
Series
2021-96,
Class
BI,
IO,
3.50%,
6/20/2051
722,933
131,627
Series
2021-140,
Class
,
IO,
2.50%,
8/20/2051
2,104,761
207,983
Series
2024-24,
Class
AI,
IO,
2.50%,
8/20/2051
1,798,312
175,844
Series
2021-146,
Class
QI,
IO,
3.00%,
8/20/2051
591,999
95,607
Series
2025-173,
Class
AI,
IO,
2.50%,
10/20/2051
6,988,745
723,566
Series
2024-206,
Class
,
IO,
2.50%,
10/20/2051
2,177,075
218,727
Series
2021-182,
Class
TI,
IO,
3.50%,
10/20/2051
274,658
50,768
Series
2021-213,
Class
NI,
IO,
3.00%,
12/20/2051
548,692
67,192
Home
Re
Ltd.
Series
2026-1,
Class
M1C,
6.26%,
1/25/2036(a)(b)
580,000
581,113
Series
2026-1,
Class
M2,
6.86%,
1/25/2036(a)(b)
360,000
362,892
Series
2026-1,
Class
B1,
7.86%,
1/25/2036(a)(b)
190,000
191,504
Home
RE
Ltd.,
Series
2023-
1,
Class
M1B,
8.26%,
10/25/2033(a)(b)
380,187
388,595
Hundred
Acre
Wood
Trust,
Series
2021-INV1,
Class
AX1,
IO,
0.23%,
7/25/2051(a)(b)
23,266,284
312,820
Imperial
Fund
Mortgage
Trust,
Series
2022-NQM5,
Class
B1,
6.25%,
8/25/2067(a)(c)
990,000
985,974
J.P.
Morgan
Mortgage
Trust
Series
2021-8,
Class
AX1,
IO,
0.11%,
12/25/2051(a)(b)
40,263,218
242,643
Series
2021-10,
Class
AX1,
IO,
0.11%,
12/25/2051(a)(b)
45,111,077
274,027
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
J.P.
Morgan
Mortgage
Trust
ACES,
Series
2026-
ACES1,
Class
B1,
6.50%,
4/25/2066(a)(b)
2,200,000
2,189,306
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series
2023-NQM1,
Class
B2,
7.33%,
9/25/2068(a)(b)
1,300,000
1,297,643
Saluda
Grade
Alternative
Mortgage
Trust,
Series
2024-RTL5,
Class
A1,
7.76%,
4/25/2030(a)(c)
430,000
429,495
STACR
Trust,
Series
2018-
HRP2,
Class
B2,
14.28%,
2/25/2047(a)(b)
2,000,000
2,416,293
Towd
Point
Mortgage
Trust,
Series
2022-SJ1,
Class
B1,
5.25%,
3/25/2062(a)(b)
1,829,000
1,807,410
Verus
Securitization
Trust
Series
2023-3,
Class
B2,
7.67%,
3/25/2068(a)(b)
1,400,000
1,393,811
Series
2023-5,
Class
B2,
7.97%,
6/25/2068(a)(b)
340,000
339,404
Series
2023-INV3,
Class
B2,
8.16%,
11/25/2068(a)(b)
580,000
583,690
Total
Collateralized
Mortgage
Obligations
(cost
$36,517,834)
39,227,417
Commercial
Mortgage-Backed
Securities
4.2%
Commercial
Mortgage
Trust,
Series
2015-CR26,
Class
D,
3.61%,
10/10/2048(b)
3,000,000
2,424,390
FHLMC
Multifamily
Structured
Credit
Risk
REMICS
Series
2021-MN1,
Class
M2,
7.41%,
1/25/2051(a)(b)
1,275,000
1,322,087
Series
2021-MN3,
Class
M2,
7.66%,
11/25/2051(a)
(b)
1,615,000
1,670,183
HTL
Commercial
Mortgage
Trust
Series
2024-T53,
Class
C,
7.09%,
5/10/2039(a)(b)
410,000
413,721
Series
2024-T53,
Class
D,
8.20%,
5/10/2039(a)(b)
990,000
1,002,794
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C2,
Class
D,
3.43%,
6/15/2049(a)(b)
2,500,000
1,188,396
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2015-C22,
Class
D,
3.97%,
4/15/2048(a)(b)
2,000,000
1,002,980
Series
2017-C33,
Class
D,
3.36%,
5/15/2050(a)
3,250,000
2,930,301
Morgan
Stanley
Capital
I
Trust,
Series
2016-
UBS9,
Class
D,
3.00%,
3/15/2049(a)
715,000
554,118
NVIT
Strategic
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
31
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
Multifamily
Connecticut
Avenue
Securities
Trust,
Series
2019-01,
Class
CE,
12.53%,
10/25/2049(a)(b)
2,136,000
2,173,162
SLG
Office
Trust,
Series
2026-OMA,
Class
F,
1.00%,
4/15/2041(a)(b)
950,000
953,905
SMRT,
Series
2022-
MINI,
Class
E,
6.37%,
1/15/2039(a)(b)
720,000
717,300
Velocity
Commercial
Capital
Loan
Trust,
Series
2025-5,
Class
A,
5.32%,
12/25/2055(a)(b)
1,654,622
1,639,551
VRTX
Trust
Series
2025-HQ,
Class
B,
5.49%,
8/5/2042(a)(b)
670,000
666,286
Series
2025-HQ,
Class
C,
5.92%,
8/5/2042(a)(b)
320,000
318,845
Series
2025-HQ,
Class
D,
6.60%,
8/5/2042(a)(b)
320,000
321,245
Wells
Fargo
Commercial
Mortgage
Trust
Series
2026-1250B,
Class
C,
5.59%,
3/10/2041(a)(b)
490,000
483,852
Series
2026-1250B,
Class
D,
6.59%,
3/10/2041(a)(b)
240,000
237,648
Total
Commercial
Mortgage-Backed
Securities
(cost
$21,942,368)
20,020,764
Common
Stocks
0.1%
Shares
Media
0.0%
†
Diamond
Sports
Group
LLC
*^∞
171
32
Passenger
Airlines
0.1%
Grupo
Aeromexico
SAB
de
CV
*(d)
437,430
617,718
Wireless
Telecommunication
Services
0.0%
†
WOM
Mobile
SA
*^∞
579
8,685
Total
Common
Stocks
(cost
$677,200)
626,435
Convertible
Preferred
Stock
0.2%
Principal
Amount
($)
Software
0.2%
Oracle
Corp.,
6.50%,1/15/2029*
16,100
724,661
Total
Convertible
Preferred
Stock
(cost
$805,000)
724,661
Corporate
Bonds
55.8%
Principal
Amount
($)
Value
($)
Automobiles
0.9%
Hyundai
Capital
America
,
5.68%,
6/26/2028(a)(d)
950,000
968,710
6.50%,
1/16/2029(a)
690,000
720,361
4.50%,
9/18/2030(a)(d)
810,000
796,489
6.20%,
9/21/2030(a)
770,000
806,919
5.40%,
6/23/2032(a)(d)
760,000
773,545
Volkswagen
Group
of
America
Finance
LLC
,
5.80%,
3/27/2035(a)(d)
450,000
449,736
4,515,760
Banks
6.7%
Banque
Federative
du
Credit
Mutuel
SA
,
4.54%,
1/15/2031(a)(d)
1,560,000
1,538,421
BNP
Paribas
SA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
6.88%,
12/15/2033(a)(d)
(e)(f)
1,290,000
1,246,515
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%),
7.45%,
6/27/2035(a)(d)(e)(f)
1,530,000
1,535,790
CaixaBank
SA
,
Reg.
S,
(EUR
Swap
Annual
5
Year
+
3.86%),
3.63%,
9/14/2028(d)(e)(f)
EUR
1,000,000
1,103,837
Citigroup,
Inc.
,
Series
GG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
6.88%,
8/15/2030(d)(e)(f)
1,000,000
1,007,058
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
6.63%,
2/15/2031(e)(f)
3,545,000
3,547,660
Citizens
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.45%),
5.30%,
1/29/2036(f)
175,000
173,424
Credit
Agricole
SA
,
(SOFR
+
1.43%),
5.26%,
1/12/2037(a)(f)
3,920,000
3,834,774
HSBC
Holdings
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.64%),
6.95%,
8/27/2031(d)(e)(f)
1,205,000
1,202,372
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.80%),
7.00%,
9/24/2035(e)(f)
735,000
727,712
(SOFR
+
1.55%),
5.28%,
3/10/2037(f)
1,580,000
1,551,621
32
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
ING
Groep
NV
,
Series
NC10,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%),
4.25%,
5/16/2031(e)(f)
2,208,000
1,912,449
NatWest
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%),
8.13%,
11/10/2033(e)(f)
595,000
644,104
Nordea
Bank
Abp
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%),
6.75%,
11/10/2033(a)(d)
(e)(f)
450,000
448,720
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%),
3.75%,
3/1/2029(a)(e)(f)
1,525,000
1,414,009
Old
National
Bancorp
,
(CME
Term
SOFR
3
Month
+
2.20%),
5.77%,
2/15/2036(f)
260,000
258,744
Santander
Holdings
USA,
Inc.
,
(SOFR
+
2.14%),
6.34%,
5/31/2035(d)(f)
1,900,000
1,987,196
Societe
Generale
SA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.60%),
6.10%,
4/13/2033(a)(d)(f)
1,000,000
1,038,924
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.20%),
6.22%,
6/15/2033(a)(f)
2,300,000
2,369,122
Sumitomo
Mitsui
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.30%),
5.33%,
3/3/2041(f)
2,890,000
2,802,335
UniCredit
SpA
,
(USD
ICE
Swap
Rate
5
Year
+
3.70%),
5.86%,
6/19/2032(a)(f)
1,760,000
1,770,875
32,115,662
Capital
Markets
4.2%
Citadel
Securities
Global
Holdings
LLC
,
5.50%,
6/18/2030(a)(d)
2,090,000
2,123,285
6.20%,
6/18/2035(a)(d)
2,949,000
3,017,038
Deutsche
Bank
AG
,
(SOFR
+
1.10%),
4.47%,
12/10/2031(d)(f)
1,265,000
1,243,791
Jane
Street
Group
,
6.75%,
5/1/2033(a)(d)
3,632,000
3,684,911
Jefferies
Financial
Group,
Inc.
,
6.20%,
4/14/2034(d)
3,465,000
3,533,648
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Jefferies
Financial
Group,
Inc.,
5.50%,
2/15/2036(d)
355,000
340,727
Macquarie
Bank
Ltd.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.45%),
5.64%,
8/13/2036(a)(d)(f)
1,550,000
1,541,532
Morgan
Stanley
,
(SOFR
+
2.62%),
5.30%,
4/20/2037(f)
1,310,000
1,306,813
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.43%),
5.95%,
1/19/2038(f)
695,000
711,966
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.80%),
5.94%,
2/7/2039(f)
375,000
383,343
UBS
Group
AG
,
(ICE
IBA
-
USD
SOFR
ICE
Swap
Rate
5
Year
+
3.30%),
7.00%,
2/5/2035(a)(e)(f)
2,229,000
2,166,762
20,053,816
Chemicals
1.8%
ARC
Falcon
I,
Inc.
,
9.75%,
3/1/2033(a)
3,740,000
3,600,610
Celanese
US
Holdings
LLC
,
7.20%,
11/15/2033(c)(d)
3,790,000
4,042,929
7.38%,
2/15/2034(d)
1,110,000
1,137,222
8,780,761
Commercial
Services
&
Supplies
0.5%
Element
Fleet
Management
Corp.
,
5.04%,
3/25/2030(a)(d)
1,815,000
1,831,704
4.64%,
11/24/2030(a)(d)
485,000
478,162
2,309,866
Construction
&
Engineering
0.2%
ASG
Finance
DAC
,
9.75%,
5/15/2029(a)
1,301,000
1,049,785
Consumer
Finance
3.0%
Ally
Financial,
Inc.
,
(SOFR
+
3.26%),
6.99%,
6/13/2029(d)(f)
1,040,000
1,083,219
(SOFR
+
2.29%),
6.18%,
7/26/2035(d)(f)
1,050,000
1,053,051
Avolon
Holdings
Funding
Ltd.
,
6.38%,
5/4/2028(a)
1,665,000
1,713,793
5.38%,
5/30/2030(a)
545,000
550,942
4.70%,
1/30/2031(a)
610,000
597,736
Ford
Motor
Credit
Co.
LLC
,
6.05%,
11/5/2031(d)
3,582,000
3,597,799
General
Motors
Financial
Co.,
Inc.
,
6.40%,
1/9/2033(d)
2,340,000
2,479,557
Global
Aircraft
Leasing
Co.
Ltd.
,
8.75%,
9/1/2027(a)(d)
1,435,000
1,455,865
NVIT
Strategic
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
33
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
OneMain
Finance
Corp.
,
6.50%,
3/15/2033(d)
1,975,000
1,887,954
14,419,916
Containers
&
Packaging
0.3%
Ball
Corp.
,
4.25%,
7/1/2032(d)
EUR
1,190,000
1,359,352
Diversified
REITs
0.1%
Vornado
Realty
LP
,
5.75%,
2/1/2033(d)
380,000
372,639
Diversified
Telecommunication
Services
0.8%
Total
Play
Telecomunicaciones
SA
de
CV
,
11.13%,
12/31/2032(a)
3,777,250
3,415,970
Uniti
Group
LP
,
8.63%,
6/15/2032(a)(d)
295,000
300,454
3,716,424
Electric
Utilities
1.3%
American
Electric
Power
Co.,
Inc.
,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.13%),
5.80%,
3/15/2056(d)(f)
3,195,000
3,156,069
Series
D,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.94%),
6.05%,
3/15/2056(d)(f)
1,520,000
1,506,434
Eversource
Energy
,
Series
A,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.52%),
6.10%,
8/15/2056(d)(f)
570,000
562,954
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.33%),
6.35%,
8/15/2056(f)
305,000
300,869
Vistra
Operations
Co.
LLC
,
4.70%,
1/31/2031(a)(d)
300,000
295,170
5.35%,
1/31/2036(a)
425,000
415,732
6,237,228
Energy
Equipment
&
Services
0.5%
Borr
IHC
Ltd.
,
10.00%,
11/15/2028(a)
362,805
371,738
10.38%,
11/15/2030(a)(d)
1,528,631
1,546,806
Enerflex,
Inc.
,
6.88%,
1/15/2031(a)
695,000
709,612
2,628,156
Financial
Services
2.1%
Alamo
Re
Ltd.
,
Series
A,
(FHMMUSTF
+
9.08%),
12.59%,
6/7/2026(a)(f)
700,000
708,400
Series
A,
(FHMMUSTF
+
6.54%),
10.05%,
6/7/2027(a)(f)
500,000
515,000
Corporate
Bonds
Principal
Amount
($)
Value
($)
Financial
Services
Alamo
Re
Ltd.,
Series
B,
(FHMMUSTF
+
8.43%),
11.94%,
6/7/2027(a)(f)
250,000
258,750
Aquila
Re
I
Ltd.
,
Series
A-1,
(BNMMDTSC
+
5.34%),
8.88%,
6/8/2026(a)
(f)
450,000
453,150
Series
C-1,
(BNMMDTSC
+
8.83%),
12.37%,
6/8/2026(a)(f)
450,000
455,850
Series
A-1.,
(BRMMUSDF
+
5.39%),
8.95%,
6/7/2027(a)
(f)
250,000
255,625
Atlas
Capital
DAC
,
Series
A,
(SOFR
+
7.57%),
11.21%,
6/5/2026(a)(f)
450,000
461,340
Series
2024,
(SOFR
+
12.22%),
15.86%,
6/8/2027(a)(f)
250,000
271,150
Fidelity
National
Information
Services,
Inc.
,
4.80%,
3/10/2031
640,000
634,977
Freedom
Mortgage
Holdings
LLC
,
9.13%,
5/15/2031(a)
1,010,000
1,026,665
8.38%,
4/1/2032(a)
125,000
122,962
High
Point
Re
Ltd.
,
Series
A,
(BRMMUSDF
+
5.64%),
9.20%,
1/6/2027(a)
(f)
250,000
250,925
Hypatia
Ltd.
,
Series
A,
(GSMMUSTI
+
10.50%),
14.04%,
4/8/2026(a)(f)
450,000
450,450
Long
Point
Re
IV
Ltd.
,
Series
2022,
(BRMMUSDF
+
4.25%),
7.81%,
6/1/2026(a)(f)
450,000
450,495
Lseg
US
Fin
Corp.
,
5.25%,
3/23/2036(a)
585,000
579,255
Mona
Lisa
Re
Ltd.
,
Series
B,
(BRMMUSDF
+
12.00%),
15.56%,
1/8/2030(a)(f)
500,000
503,400
Series
A,
(BRMMUSDF
+
5.50%),
9.06%,
1/8/2031(a)
(f)
750,000
752,025
Skyline
Re
II
Ltd.
,
Series
A,
(1
Month
Treasury
Bill
Rate
+
3.50%),
7.16%,
1/7/2030(a)(f)
500,000
499,350
Woodside
Finance
Ltd.
,
6.00%,
5/19/2035(d)
1,105,000
1,151,524
9,801,293
Food
Products
1.1%
Darling
Global
Finance
BV
,
4.50%,
7/15/2032(a)
EUR
955,000
1,098,387
Grupo
Nutresa
SA
,
9.00%,
5/12/2035(a)(d)
3,015,000
3,352,981
34
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Food
Products
Minerva
Luxembourg
SA
,
4.38%,
3/18/2031(a)
625,000
565,865
5,017,233
Gas
Utilities
0.1%
Spire,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.33%),
6.45%,
6/1/2056(d)(f)
480,000
478,750
Health
Care
Equipment
&
Supplies
0.4%
Abbott
Laboratories
,
4.30%,
3/15/2033
2,105,000
2,060,072
Health
Care
Providers
&
Services
0.3%
US
Acute
Care
Solutions
LLC
,
9.75%,
5/15/2029(a)(d)
1,535,000
1,482,884
Hotels,
Restaurants
&
Leisure
2.2%
Brightstar
Lottery
plc
,
5.75%,
1/15/2033(a)(d)
1,115,000
1,083,866
Carnival
Corp.
,
5.75%,
1/15/2030(a)
EUR
1,060,000
1,271,077
Cruise
Yacht
Upper
HoldCo
Ltd.
,
11.88%,
7/5/2028
800,000
710,895
Darden
Restaurants,
Inc.
,
6.30%,
10/10/2033(d)
2,593,000
2,774,561
Resorts
World
Las
Vegas
LLC
,
8.45%,
7/27/2030(a)(d)
3,500,000
3,320,453
4.63%,
4/6/2031(a)(d)
400,000
315,354
Wynn
Macau
Ltd.
,
6.75%,
2/15/2034(a)(d)
1,220,000
1,190,627
10,666,833
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Talen
Energy
Supply
LLC
,
6.25%,
2/1/2034(a)
830,000
820,752
6.50%,
2/1/2036(a)
830,000
835,753
1,656,505
Insurance
11.8%
3264
re
Ltd.
,
Series
B,
(GSMMUSTI
+
6.00%),
9.54%,
1/8/2029(a)
(f)
250,000
248,325
Series
A,
(GSMMUSTI
+
6.50%),
10.04%,
1/8/2029(a)(f)
500,000
499,950
Allianz
SE
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.32%),
6.55%,
10/30/2033(a)(d)
(e)(f)
2,800,000
2,805,225
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%),
5.60%,
9/3/2054(a)(f)
2,000,000
1,983,761
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Bayou
Re
Ltd.
,
Series
B,
(JMMMUSTF
+
19.04%),
22.60%,
5/26/2026(a)(f)
250,000
256,250
Blue
Ridge
Re
Ltd.
,
Series
A,
(FHMMUSTF
+
5.25%),
8.76%,
1/8/2027(a)
(f)
250,000
251,975
Series
B,
(FHMMUSTF
+
7.99%),
11.50%,
1/8/2027(a)(f)
250,000
254,075
Series
A,
(FHMMUSTF
+
3.50%),
7.01%,
1/8/2029(a)
(f)
250,000
251,150
Series
B,
(FHMMUSTF
+
6.00%),
9.51%,
1/8/2029(a)
(f)
250,000
246,925
Series
C,
(FHMMUSTF
+
8.00%),
11.51%,
1/8/2029(a)(f)
250,000
245,975
Bonanza
RE
Ltd.
,
Series
C,
(MSMMUSTF
+
5.50%),
9.03%,
12/19/2027(a)(f)
250,000
252,300
Bridge
Street
Re
Ltd.
,
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.75%),
11.41%,
1/8/2029(a)(f)
1,500,000
1,508,100
Cape
Lookout
Re
Ltd.
,
Series
A,
(FHMMUSTF
+
7.20%),
10.71%,
4/28/2026(a)(f)
700,000
702,100
Citrus
Re
Ltd.
,
Series
A,
(BRMMUSDF
+
6.59%),
10.15%,
6/7/2026(a)(f)
450,000
453,600
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.25%),
8.91%,
6/7/2029(a)(f)
250,000
249,750
CNO
Financial
Group,
Inc.
,
6.45%,
6/15/2034(d)
2,191,000
2,260,820
Commonwealth
RE
Ltd.
,
Series
A,
(JMMMUSTF
+
3.86%),
7.42%,
7/8/2026(a)
(f)
500,000
502,550
Dai-ichi
Life
Insurance
Co.
Ltd.
(The)
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.52%),
6.20%,
1/16/2035(a)(e)(f)
3,560,000
3,581,186
Farmers
Exchange
Capital
III
,
(CME
Term
SOFR
3
Month
+
3.72%),
5.45%,
10/15/2054(a)(f)
2,010,000
1,815,421
Farmers
Insurance
Exchange
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.86%),
7.00%,
10/15/2064(a)(f)
410,000
409,783
NVIT
Strategic
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
35
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
First
Coast
Re
IV
Ltd.
,
Series
A,
(JMMMUSTF
+
9.94%),
13.50%,
4/7/2026(a)(f)
400,000
399,600
FloodSmart
Re
Ltd.
,
Series
A,
(FHMMUSTF
+
14.36%),
17.87%,
3/12/2027(a)(f)
500,000
523,500
Foundation
Re
IV
Ltd.
,
Series
A,
(3
Month
Treasury
Bill
Rate
+
3.50%),
7.16%,
1/7/2030(a)(f)
500,000
502,400
Four
Lakes
Re
Ltd.
,
Series
A,
(BRMMUSDF
+
5.80%),
9.36%,
1/7/2027(a)
(f)
250,000
253,475
Series
A,
(BRMMUSDF
+
5.50%),
9.06%,
1/7/2028(a)
(f)
500,000
510,600
Series
A,
(BRMMUSDF
+
3.25%),
6.81%,
1/8/2029(a)
(f)
250,000
248,425
Series
B,
(BRMMUSDF
+
6.00%),
9.56%,
1/8/2029(a)
(f)
750,000
743,250
Fuchsia
-
London
Bridge
2
PCC
Ltd.
,
Series
A,
(FRMMUSTF
+
3.25%),
6.79%,
4/6/2029(a)
(f)
250,000
248,425
Gateway
Re
Ltd.
,
Series
AA,
(BRMMUSDF
+
5.90%),
9.46%,
7/8/2027(a)
(f)
250,000
254,050
Handshake
Re
Ltd.
,
Series
A,
(JMMMUSTF
+
4.50%),
8.06%,
1/8/2030(a)
(f)
400,000
397,080
Hanwha
Life
Insurance
Co.
Ltd.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.29%),
6.30%,
6/24/2055(a)(f)
610,000
623,664
Herbie
Re
Ltd.
,
Series
A,
(JMMMUSTF
+
6.90%),
10.46%,
1/7/2028(a)(f)
250,000
250,025
Series
A,
(MSMMUSTF
+
4.25%),
7.78%,
1/7/2030(a)
(f)
250,000
250,000
Integrity
Re
Ltd.
,
Series
B,
(FHMMUSTF
+
13.32%),
16.83%,
6/6/2026(a)(f)
500,000
510,000
Kendall
Re
Ltd.
,
Series
A,
(GSMMUSTI
+
6.25%),
9.79%,
4/30/2027(a)(f)
250,000
256,250
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Kendall
Re
Ltd.,
Series
B,
(GSMMUSTI
+
7.74%),
11.28%,
4/30/2027(a)(f)
250,000
256,500
Kilimanjaro
II
Re
Ltd.
,
Series
C-1,
(GSMMUSTI
+
4.00%),
7.54%,
7/9/2029(a)
(f)
250,000
255,900
Series
D-1,
(GSMMUSTI
+
6.50%),
10.04%,
7/9/2029(a)(f)
250,000
257,000
Liberty
Mutual
Insurance
Co.
,
7.70%,
10/15/2097(a)
730,000
799,687
Locke
Tavern
Re
Ltd.
,
Series
A,
(GSMMUSTI
+
4.96%),
8.50%,
4/9/2026(a)
(f)
450,000
450,000
Series
A,
(JMMMUSTF
+
0.50%),
4.06%,
4/9/2029(a)
(f)
250,000
249,750
Marlon
Ltd.
,
Series
A,
(JMMMUSTF
+
7.31%),
10.87%,
6/7/2027(a)(f)
250,000
260,975
Matterhorn
Re
Ltd.
,
Series
A,
(BRMMUSDF
+
7.75%),
11.31%,
2/16/2029(a)(f)
250,000
249,100
Series
B,
(BRMMUSDF
+
11.75%),
15.31%,
2/16/2029(a)(f)
250,000
248,300
Mayflower
Re
Ltd.
,
Series
A,
(FHMMUSTF
+
5.05%),
8.56%,
7/8/2026(a)
(f)
750,000
756,150
Series
B,
(FHMMUSTF
+
6.51%),
10.02%,
7/8/2026(a)(f)
500,000
505,750
Series
A,
(FHMMUSTF
+
4.93%,
1.56%
Cap,
0.56%
Floor),
8.44%,
7/8/2027(a)(f)
250,000
256,450
Meiji
Yasuda
Life
Insurance
Co.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.91%),
6.10%,
6/11/2055(a)(d)(f)
5,340,000
5,344,875
Merna
Reinsurance
II
Ltd.
,
Series
A,
(GSMMUSTI
+
8.38%),
11.92%,
7/7/2026(a)(f)
400,000
407,200
Series
B,
(GSMMUSTI
+
10.47%),
14.01%,
7/7/2026(a)(f)
1,200,000
1,227,600
Series
A,
(GSMMUSTI
+
7.47%),
11.01%,
7/7/2027(a)(f)
250,000
258,625
Series
C,
(GSMMUSTI
+
8.49%),
12.03%,
7/7/2027(a)(f)
250,000
258,325
36
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
MetLife,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.82%),
5.85%,
3/15/2056(d)(f)
1,110,000
1,089,456
Montoya
Re
Ltd.
,
Series
A,
(1
Month
Treasury
Bill
Rate
+
5.25%),
8.91%,
4/9/2030(a)(f)
750,000
745,875
Mystic
Re
IV
Ltd.
,
Series
A,
(GSMMUSTI
+
12.00%),
15.54%,
1/8/2027(a)(f)
250,000
255,200
Nippon
Life
Insurance
Co.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.19%),
6.50%,
4/30/2055(a)(d)(f)
2,137,000
2,203,409
Palm
RE
Ltd.
,
Series
A,
(BNMMDTSC
+
9.70%),
13.24%,
6/7/2027(a)(f)
250,000
261,275
Purple
Re
Ltd.
,
Series
A,
(CME
Term
SOFR
1
Month
+
13.01%),
16.69%,
4/24/2026(a)(f)
300,000
301,800
Series
A,
(JMMMUSTF
+
9.13%),
12.69%,
6/7/2027(a)(f)
500,000
515,050
Residential
Reinsurance
2004
Ltd.
,
Series
4,
(JMMMUSTF
+
5.38%),
8.94%,
12/6/2028(a)(f)
250,000
255,900
Series
3,
(JMMMUSTF
+
6.94%),
10.50%,
12/6/2028(a)(f)
250,000
253,650
Residential
Reinsurance
2023
Ltd.
,
Series
5,
(JMMMUSTF
+
5.97%),
9.53%,
12/6/2027(a)(f)
250,000
260,075
Series
3,
(JMMMUSTF
+
8.70%),
12.26%,
12/6/2027(a)(f)
250,000
258,575
RGA
Global
Funding
,
5.00%,
8/25/2032(a)(d)
1,020,000
1,008,985
Sanders
Re
III
Ltd.
,
Series
A,
(BRMMUSDF
+
3.34%),
6.90%,
4/7/2026(a)
(f)
450,000
450,000
Series
A,
(BRMMUSDF
+
7.72%),
11.28%,
6/5/2026(a)(f)
450,000
454,500
(BRMMUSDF
+
5.47%),
9.03%,
4/7/2027(a)(f)
450,000
459,450
Series
A,
(BRMMUSDF
+
5.56%),
9.12%,
4/7/2028(a)
(f)
250,000
260,075
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Sanders
Re
III
Ltd.,
Series
b-2,
(3
Month
Treasury
Bill
Rate
+
5.00%),
8.66%,
4/7/2031(a)(f)
250,000
249,575
Sanders
Re
IV
Ltd.
,
Series
A-2,
(HSMMUSTF
+
3.50%),
7.04%,
4/7/2031(a)
(f)
250,000
249,575
Solomon
Re
Ltd.
,
Series
A,
(GSMMUSTI
+
5.52%),
9.06%,
6/8/2026(a)
(f)
450,000
452,880
Sumitomo
Life
Insurance
Co.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%),
5.88%,
9/10/2055(a)(d)(f)
5,545,000
5,425,388
Topanga
Re
Ltd.
,
Series
A,
(JMMMUSTF
+
4.75%),
8.31%,
1/7/2030(a)
(f)
500,000
497,700
Series
B,
(JMMMUSTF
+
5.75%),
9.31%,
1/7/2030(a)
(f)
250,000
248,675
Torrey
Pines
Re
Ltd.
,
Series
A,
(JMMMUSTF
+
5.31%),
8.87%,
6/5/2026(a)
(f)
450,000
451,440
Series
A,
(JMMMUSTF
+
6.04%),
9.60%,
6/7/2027(a)
(f)
250,000
258,150
Turris
RE
Ltd.
,
Series
A,
(JMMMUSTF
+
2.40%),
5.96%,
1/8/2029(a)
(f)
250,000
250,500
Ursa
Re
II
Ltd.
,
Series
FG,
(3
Month
Treasury
Bill
Rate
+
7.75%),
11.41%,
6/7/2028(a)(f)
250,000
252,050
Series
E,
(3
Month
Treasury
Bill
Rate
+
5.00%),
8.66%,
12/7/2029(a)(f)
450,000
446,175
Vitality
Re
XIV
Ltd.
,
Series
A,
(FHMMUSTF
+
3.50%),
7.01%,
1/5/2027(a)
(f)
500,000
505,450
Vitality
Re
XVII
Ltd.
,
Series
A,
(GSMMUSTI
+
2.00%),
5.54%,
1/8/2030(a)
(f)
250,000
249,650
Windrose
Re
Ltd.
,
Series
A,
(HSMMUSTF
+
5.25%),
8.79%,
2/13/2029(a)(f)
500,000
497,800
Series
B,
(3
Month
Treasury
Bill
Rate
+
8.00%),
11.66%,
2/13/2029(a)(f)
250,000
250,650
56,111,085
NVIT
Strategic
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
37
Corporate
Bonds
Principal
Amount
($)
Value
($)
Interactive
Media
&
Services
0.4%
Meta
Platforms,
Inc.
,
5.63%,
11/15/2055
750,000
703,043
5.75%,
11/15/2065(d)
1,250,000
1,161,004
1,864,047
IT
Services
0.5%
ION
Platform
Finance
US,
Inc.
,
9.00%,
8/1/2029(a)(d)
2,485,000
2,303,775
Marine
Transportation
0.4%
Danaos
Corp.
,
6.88%,
10/15/2032(a)
1,895,000
1,925,525
Media
0.8%
CSC
Holdings
LLC
,
11.75%,
1/31/2029(a)(d)
1,465,000
1,059,408
Omnicom
Group,
Inc.
,
5.00%,
6/2/2033
2,600,000
2,539,500
3,598,908
Metals
&
Mining
1.1%
Commercial
Metals
Co.
,
5.75%,
11/15/2033(a)
465,000
460,112
6.00%,
12/15/2035(a)(d)
465,000
458,418
Corp.
Nacional
del
Cobre
de
Chile
,
6.78%,
1/13/2055(a)(d)
765,000
810,150
Galileo
Re
Ltd.
,
Series
A,
(GSMMUSTI
+
7.00%),
10.54%,
1/7/2028(a)(f)
250,000
258,500
Series
A,
(JMMMUSTF
+
3.25%),
6.81%,
1/8/2030(a)
(f)
500,000
496,400
Series
B,
(JMMMUSTF
+
5.00%),
8.56%,
1/8/2030(a)
(f)
500,000
492,850
Novelis
Corp.
,
6.38%,
8/15/2033(a)
2,089,000
2,049,085
5,025,515
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.6%
Starwood
Property
Trust,
Inc.
,
5.25%,
10/15/2028(a)
2,365,000
2,338,039
5.75%,
1/15/2031(a)
330,000
325,875
2,663,914
Multi-Utilities
0.2%
San
Diego
Gas
&
Electric
Co.
,
Series
DDDD,
5.20%,
3/15/2036(d)
540,000
538,489
WEC
Energy
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.91%),
5.63%,
5/15/2056(d)(f)
265,000
259,655
798,144
Office
REITs
0.8%
COPT
Defense
Properties
LP
,
2.90%,
12/1/2033(d)
3,150,000
2,665,310
Corporate
Bonds
Principal
Amount
($)
Value
($)
Office
REITs
Cousins
Properties
LP
,
4.88%,
3/1/2033(d)
1,040,000
1,001,280
Highwoods
Realty
LP
,
5.35%,
1/15/2033(d)
280,000
273,391
3,939,981
Oil,
Gas
&
Consumable
Fuels
6.4%
Aker
BP
ASA
,
6.00%,
6/13/2033(a)(d)
2,005,000
2,088,598
5.25%,
10/30/2035(a)
2,483,000
2,414,611
APA
Corp.
,
6.75%,
2/15/2055
4,510,000
4,519,260
BP
Capital
Markets
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.92%),
6.13%,
3/18/2035(d)(e)(f)
2,605,000
2,627,499
Columbia
Pipelines
Holding
Co.
LLC
,
5.00%,
11/17/2032(a)
1,850,000
1,837,815
Enbridge,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%),
7.20%,
6/27/2054(d)(f)
185,000
194,576
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.12%),
7.38%,
3/15/2055(d)(f)
185,000
194,349
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.43%),
8.50%,
1/15/2084(d)(f)
990,000
1,113,826
Energy
Transfer
LP
,
5.35%,
1/15/2036(d)
835,000
829,201
Series
G,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%),
7.13%,
5/15/2030(e)(f)
620,000
631,051
Hilcorp
Energy
I
LP
,
6.88%,
5/15/2034(a)(d)
1,930,000
1,885,591
7.25%,
2/15/2035(a)(d)
480,000
478,519
International
Petroleum
Corp.
,
Reg.
S,
7.50%,
10/10/2030(d)
3,910,000
3,968,944
MC
Brazil
Downstream
Trading
SARL
,
7.25%,
6/30/2031(a)
796,522
717,906
Saudi
Arabian
Oil
Co.
,
6.38%,
6/2/2055(a)
1,436,000
1,426,606
Summit
Midstream
Holdings
LLC
,
8.63%,
10/31/2029(a)(d)
1,500,000
1,542,693
Venture
Global
Plaquemines
LNG
LLC
,
6.13%,
12/15/2030(a)(d)
1,040,000
1,069,563
6.50%,
1/15/2034(a)
710,000
740,136
6.75%,
1/15/2036(a)(d)
1,305,000
1,382,193
38
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Wildfire
Intermediate
Holdings
LLC
,
7.50%,
10/15/2029(a)(d)
962,000
974,764
30,637,701
Passenger
Airlines
2.3%
ABRA
Global
Finance
,
6.00%,
10/22/2029(a)(g)
2,773,904
2,566,986
American
Airlines,
Inc.
,
5.75%,
4/20/2029(a)(d)
345,000
343,113
Avianca
Midco
2
plc
,
9.63%,
2/14/2030(a)
1,464,000
1,368,840
9.50%,
1/28/2031(a)(d)
1,515,000
1,390,013
Grupo
Aeromexico
SAB
de
CV
,
8.25%,
11/15/2029(a)
575,000
554,156
8.63%,
11/15/2031(a)
1,235,000
1,185,600
United
Airlines
Holdings,
Inc.
,
4.88%,
3/1/2029
3,215,000
3,144,533
5.38%,
3/1/2031(d)
305,000
298,691
10,851,932
Pharmaceuticals
1.4%
1261229
BC
Ltd.
,
10.00%,
4/15/2032(a)(d)
2,965,000
3,035,697
Novartis
Capital
Corp.
,
4.60%,
3/18/2033
1,040,000
1,035,581
5.70%,
3/18/2056
700,000
704,994
Teva
Pharmaceutical
Finance
Netherlands
II
BV
,
4.38%,
5/9/2030
EUR
1,598,000
1,846,086
Tricida,
Inc.
,
3.50%,
5/15/2027^∞
2,520,000
0
6,622,358
Professional
Services
0.1%
Verisk
Analytics,
Inc.
,
4.45%,
3/15/2031
545,000
535,936
Semiconductors
&
Semiconductor
Equipment
1.3%
Foundry
JV
Holdco
LLC
,
6.15%,
1/25/2032(a)(d)
1,350,000
1,409,382
6.10%,
1/25/2036(a)
1,608,000
1,656,438
MKS,
Inc.
,
4.25%,
2/15/2034(a)
2,770,000
3,058,932
6,124,752
Software
0.7%
OAK-Eagle
Acquireco,
Inc.
,
7.25%,
7/1/2033(a)
390,000
404,077
Oracle
Corp.
,
5.95%,
9/26/2055(d)
1,396,000
1,174,414
6.70%,
2/4/2056
1,200,000
1,113,724
6.85%,
2/4/2066
700,000
643,525
3,335,740
Water
Utilities
0.2%
Essential
Utilities,
Inc.
,
5.13%,
3/15/2036
885,000
872,639
Total
Corporate
Bonds
(cost
$266,797,970)
265,934,887
Foreign
Government
Securities
5.1%
Principal
Amount
($)
Value
($)
BRAZIL
0.8%
Federative
Republic
of
Brazil
,
6.25%,
5/22/2036
3,945,000
3,864,128
CHILE
0.7%
Republic
of
Chile
,
3.75%,
1/14/2032
EUR
680,000
780,335
3.88%,
4/14/2036
2,215,000
2,473,551
3,253,886
COLOMBIA
0.2%
Republic
of
Colombia
,
6.13%,
1/21/2031
1,065,000
1,046,362
INDONESIA
0.6%
Republic
of
Indonesia
,
4.46%,
3/4/2038
2,700,000
2,944,556
IVORY
COAST
0.5%
Republic
of
Cote
d'Ivoire
,
4.88%,
1/30/2032(a)(d)
2,092,000
2,247,958
KUWAIT
0.4%
State
of
Kuwait
,
4.65%,
10/9/2035(a)
2,110,000
2,025,971
MEXICO
1.0%
United
Mexican
States
,
5.13%,
5/4/2037
3,550,000
4,015,644
6.88%,
5/13/2037(d)
820,000
858,950
4,874,594
SAUDI
ARABIA
0.9%
Kingdom
of
Saudi
Arabia
,
4.88%,
1/12/2036(a)
4,300,000
4,187,082
Total
Foreign
Government
Securities
(cost
$24,476,209)
24,444,537
Loan
Participations
2.0%
Diversified
Telecommunication
Services
0.1%
Windstream
Services
LLC,
First
Lien
Term
Loan,
(CME
Term
SOFR
1
Month
+
4.00%),
7.67%,
10/6/2032
(f)
351,120
350,902
0
Electric
Utilities
0.2%
Alpha
Generation
LLC,
First
Lien
Term
Loan
B,
(CME
Term
SOFR
1
Month
+
1.75%),
5.42%,
9/30/2031
(f)
829,500
826,671
0
Health
Care
Providers
&
Services
0.1%
Sotera
Health
Holdings
LLC,
First
Lien
Term
Loan,
(CME
Term
SOFR
1
Month
+
2.50%),
6.17%,
5/30/2031
(f)
496,483
496,483
0
NVIT
Strategic
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
39
Loan
Participations
Principal
Amount
($)
Value
($)
Insurance
0.8%
River
Rock
Entertainment
Authority,
First
Lien
Term
Loan,
(CME
Term
SOFR
1
Month
+
9.00%),
12.67%,
6/25/2031
(f)
3,705,000
3,612,375
0
Media
0.4%
DIRECTV
Financing
LLC,
First
Lien
Term
Loan
B,
(CME
Term
SOFR
3
Month
+
5.25%),
9.18%,
8/2/2029
(f)
362,863
363,374
Nexstar
Media,
Inc.,
First
Lien
Term
Loan
B7,
(CME
Term
SOFR
12
Month
+
2.75%),
6.22%,
3/18/2033
(f)
1,506,004
1,487,812
1,851,186
0
Pharmaceuticals
0.4%
1261229
BC
Ltd.,
First
Lien
Term
Loan,
(CME
Term
SOFR
1
Month
+
6.25%),
9.92%,
10/8/2030
(f)
2,034,625
1,960,585
0
Professional
Services
0.0%
†
Amentum
Holdings,
Inc.,
First
Lien
Term
Loan,
(CME
Term
SOFR
1
Month
+
2.00%),
5.67%,
9/29/2031
(f)
257,366
257,153
0
Total
Loan
Participations
(cost
$9,369,079)
9,355,355
Mortgage-Backed
Securities
10.1%
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
2.50%,
4/25/2056
29,000,000
24,378,125
3.50%,
4/25/2056
14,400,000
13,199,674
5.50%,
4/25/2056
10,000,000
10,046,059
GNMA
Pool#
MB0260
,
6.00%,
3/20/2055
402,890
410,234
Total
Mortgage-Backed
Securities
(cost
$47,456,814)
48,034,092
Supranational
0.7%
African
Development
Bank,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.65%),
5.88%,
5/7/2035(f)
2,366,000
2,304,386
International
Bank
for
Reconstruction
&
Development
(SOFR
+
4.22%),
7.85%,
4/24/2028(a)(f)
250,000
255,850
(SOFR
+
12.22%),
15.85%,
4/24/2028(a)(f)
250,000
269,775
Supranational
Principal
Amount
($)
Value
($)
International
Bank
for
Reconstruction
&
Development
(SOFR
+
13.72%),
17.35%,
4/24/2028(a)(f)
250,000
261,575
Total
Supranational
(cost
$3,117,019)
3,091,586
Preferred
Stocks
1.0%
Shares
Banks
0.7%
Bank
of
America
Corp.,
5.00%,
5/2/2026(d)(h)
45,710
921,971
JPMorgan
Chase
&
Co.,
4.20%,
9/1/2026(d)(h)
55,330
968,275
KeyCorp,
5.63%,
6/15/2026(d)
(h)
18,479
387,320
US
Bancorp,
3.75%,
5/4/2026(h)
11,215
165,645
Wells
Fargo
&
Co.,
4.25%,
9/15/2026(h)
46,503
802,177
3,245,388
Capital
Markets
0.3%
Morgan
Stanley,
4.25%,
1/15/2027(d)(h)
76,366
1,311,204
State
Street
Corp.,
+
0.00%),
5.35%,
6/15/2026(f)(h)
11,781
254,705
1,565,909
Consumer
Finance
0.0%
†
Capital
One
Financial
Corp.,
Preference,
4.38%,
9/1/2026(h)
10,375
166,934
Total
Preferred
Stocks
(cost
$5,137,242)
4,978,231
Short-Term
Investments
5.1%
Principal
Amount
($)
U.S.
Treasury
Obligations
5.1%
U.S.
Treasury
Bills
3.63%,
4/7/2026(d)
10,500,000
10,493,674
3.63%,
4/21/2026
14,000,000
13,971,782
Total
U.S.
Treasury
Obligations
(cost
$24,465,532)
24,465,456
Total
Short-Term
Investments
(cost
$24,465,532)
24,465,456
40
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
Repurchase
Agreements
6.5%
Principal
Amount
($)
Value
($)
BNP
Paribas
Securities
Corp.
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$30,003,042,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
4.88%,
maturing
4/30/2026
-
11/15/2052;
total
market
value
$30,600,004.
(i)
30,000,000
30,000,000
CF
Secured,
LLC
3.65%,
dated
3/31/2026,
due
4/1/2026,
repurchase
price
$1,173,259,
collateralized
by
U.S.
Government
Agency
and
Treasury
Securities,
ranging
from
0.00%
-
8.00%,
maturing
7/28/2026
-
11/20/2075;
total
market
value
$1,196,725.
(i)
1,173,141
1,173,141
Total
Repurchase
Agreements
(cost
$31,173,141)
31,173,141
Total
Investments
(cost
$536,961,544)
—
112.6%
537,069,823
Liabilities
in
excess
of
other
assets
—
(12.6)%
(60,009,668)
NET
ASSETS
—
100.0%
$
477,060,155
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
March
31,
2026
was
$298,231,290
which
represents
62.51%
of
net
assets.
(b)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.  The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(c)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
March
31,
2026.
(d)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
March
31,
2026.
The
total
value
of
securities
on
loan
as
of
March
31,
2026
was
$97,843,001,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$31,173,141
and
by
$69,792,120
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
5.38%,
and
maturity
dates
ranging
from
4/15/2026
-
11/15/2055,
a
total
value
of
$100,965,261.
(e)
Perpetual
Bond
Security.
The
rate
reflected
in
the
Statement
of
Investments
is
the
rate
in
effect
on
March
31,
2026.
The
maturity
date
reflects
the
next
call
date.
(f)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
March
31,
2026.
(g)
PIK-Payment-in-kind
security.
Income
may
be
in
cash
or
additional
notes,
at
the
discretion
of
the
issuer.
The
rate
disclosed
is
the
cash
rate.
(h)
The
date
shown
reflects
the
next
call
date
on
which
the
issuer
may
redeem
the
security
at
par
value.
The
coupon
rate
for
this
security
is
based
on
par
value
and
is
currently
in
effect
as
of
March
31,
2026.
(i)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
March
31,
2026
was
$31,173,141.
ACES
Alternative
Credit
Enhancement
Services
BNMMDTSC
Dreyfus
Treasury
Securities
Cash
Management
Fund
Yield
BRMMUSDF
BlackRock
Money
Market
US
Treasury
Fund
Index
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FHMMUSTF
Federated
Hermes
Money
Market
US
Treasury
Fund
Index
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GSMMUSTI
Goldman
Sachs
Money
Market
US
Treasury
Instrument
Index
ICE
Intercontinental
Exchange
IO
Interest
only
JMMMUSTF
JP
Morgan
Money
Market
US
Treasury
Fund
Index
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
NVIT
Strategic
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
41
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced;
Security
is
subject
to
delayed
delivery
UMBS
Uniform
Mortgage-Backed
Securities
Currency:
EUR
Euro
USD
United
States
Dollar
Centrally
Cleared
Credit
default
swap
contracts
outstanding
-
buy
protection
as
of
March
31,
2026
1
:
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
(%)
Payment
Frequency
Maturity
Date
Implied
Credit
Spread
(%)
2
Notional
Amount
3
Upfront
Payments
(Receipts)
($)
4
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Darden
Restaurants,
Inc.
1.00
Quarterly
6/20/2029
0.32
USD
533,898
(7,720)
(3,558)
(11,278)
Markit
CDX
North
American
High
Yield
Index
Series
45-V2
5.00
Quarterly
12/20/2030
3.64
USD
122,900,000
(8,206,131)
1,555,066
(6,651,065)
(8,213,851)
1,551,508
(6,662,343)
1
The
Fund,
as
a
buyer
of
credit
protection,
pays
periodic
payments
and
any
upfront
premium
to
the
protection
seller,
and
is
obligated
to
receive
a
contingent
payment,
upon
occurrence
of
a
credit
event
with
respect
to
an
underlying
reference
obligation,
as
defined
under
the
terms
of
each
individual
swap
contract.
2
Implied
credit
spreads
are
an
indication
of
the
seller’s
performance
risk,
related
to
the
likelihood
of
a
credit
event
occurring
that
would
require
a
seller
to
make
a
payment
to
a
buyer.
Implied
credit
spreads
are
used
to
determine
the
value
of
swap
contracts
and
reflect
the
cost
of
buying/selling
protection,
which
may
include
upfront
payments
made
to
enter
into
the
contract.
Therefore,
higher
spreads
would
indicate
a
greater
likelihood
that
a
seller
will
be
obligated
to
perform
(i.e.,
make
payment)
under
the
swap
contract.
Increasing
values,
in
absolute
terms
and
relative
notional
amounts,
are
also
indicative
of
greater
performance
risk.
Implied
credit
spreads
for
credit
default
swaps
on
credit
indices
are
linked
to
the
weighted
average
spread
across
the
underlying
reference
obligations
included
in
a
particular
index.
3
The
notional
amount
is
the
maximum
amount
that
a
seller
of
a
credit
default
swap
would
be
obligated
to
pay
and
a
buyer
of
credit
protection
would
receive,
upon
occurrence
of
a
credit
event.
4
Upfront
premiums
generally
related
to
payments
received
or
paid
at
the
initiation
of
the
swap
agreement
to
compensate
for
differences
between
the
stated
terms
of
the
swap
agreement
and
current
market
conditions
(credit
spreads,
interest
rates
and
other
relevant
factors).
Currency:
USD
United
States
dollar
Forward
Foreign
Currency
Contracts
outstanding
as
of
March
31,
2026:
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
USD
783,987
MXN
14,036,553
Morgan
Stanley
Co.,
Inc.
6/26/2026
6,614
Total
unrealized
appreciation
6,614
USD
22,808,860
EUR
19,845,627
Morgan
Stanley
Co.,
Inc.
4/17/2026
(
146,742)
Total
unrealized
depreciation
(146,742)
Net
unrealized
depreciation
(140,128)
Currency:
EUR
Euro
MXN
Mexican
peso
USD
United
States
dollar
42
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
Futures
contracts
outstanding
as
of
March
31,
2026:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
198
6/2026
USD
41,074,172
(282,415)
Total
long
contracts
(282,415)
Short
Contracts
Euro-Bobl
(11)
6/2026
EUR
(1,467,618)
29,528
Euro-Bund
(27)
6/2026
EUR
(3,913,165)
103,050
U.S.
Treasury
5
Year
Note
(454)
6/2026
USD
(49,113,578)
326,465
U.S.
Treasury
10
Year
Note
(62)
6/2026
USD
(6,884,906)
119,307
U.S.
Treasury
10
Year
Ultra
Note
(834)
6/2026
USD
(94,672,031)
1,423,282
U.S.
Treasury
Long
Bond
(94)
6/2026
USD
(10,704,250)
(117,100)
U.S.
Treasury
Ultra
Bond
(146)
6/2026
USD
(17,018,125)
542,508
Total
short
contracts
2,427,040
Net
contracts
2,144,625
Currency:
EUR
Euro
USD
United
States
Dollar
NVIT
Strategic
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
43
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.
44
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
March
31,
2026.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
64,993,261
$
–
$
64,993,261
Collateralized
Mortgage
Obligations
–
39,227,417
–
39,227,417
Commercial
Mortgage-Backed
Securities
–
20,020,764
–
20,020,764
Common
Stocks
Media
–
–
32
32
Passenger
Airlines
617,718
–
–
617,718
Wireless
Telecommunication
Services
–
–
8,685
8,685
Total
Common
Stocks
$
617,718
$
–
$
8,717
$
626,435
Convertible
Preferred
Stock
724,661
–
–
724,661
Corporate
Bonds
Automobiles
–
4,515,760
–
4,515,760
Banks
–
32,115,662
–
32,115,662
Capital
Markets
–
20,053,816
–
20,053,816
Chemicals
–
8,780,761
–
8,780,761
Commercial
Services
&
Supplies
–
2,309,866
–
2,309,866
Construction
&
Engineering
–
1,049,785
–
1,049,785
Consumer
Finance
–
14,419,916
–
14,419,916
Containers
&
Packaging
–
1,359,352
–
1,359,352
Diversified
REITs
–
372,639
–
372,639
Diversified
Telecommunication
Services
–
3,716,424
–
3,716,424
Electric
Utilities
–
6,237,228
–
6,237,228
Energy
Equipment
&
Services
–
2,628,155
–
2,628,155
Financial
Services
–
9,801,293
–
9,801,293
Food
Products
–
5,017,233
–
5,017,233
Gas
Utilities
–
478,750
–
478,750
Health
Care
Equipment
&
Supplies
–
2,060,071
–
2,060,071
Health
Care
Providers
&
Services
–
1,482,884
–
1,482,884
Hotels,
Restaurants
&
Leisure
–
10,666,833
–
10,666,833
Independent
Power
and
Renewable
Electricity
Producers
–
1,656,505
–
1,656,505
Insurance
–
56,111,086
–
56,111,086
Interactive
Media
&
Services
–
1,864,047
–
1,864,047
IT
Services
–
2,303,775
–
2,303,775
Marine
Transportation
–
1,925,525
–
1,925,525
Media
–
3,598,908
–
3,598,908
Metals
&
Mining
–
5,025,515
–
5,025,515
Mortgage
Real
Estate
Investment
Trusts
(REITs)
–
2,663,914
–
2,663,914
Multi-Utilities
–
798,144
–
798,144
Office
REITs
–
3,939,981
–
3,939,981
Oil,
Gas
&
Consumable
Fuels
–
30,637,701
–
30,637,701
Passenger
Airlines
–
10,851,932
–
10,851,932
Pharmaceuticals
–
6,622,358
–
6,622,358
Professional
Services
–
535,936
–
535,936
Semiconductors
&
Semiconductor
Equipment
–
6,124,752
–
6,124,752
Software
–
3,335,740
–
3,335,740
Water
Utilities
–
872,640
–
872,640
Total
Corporate
Bonds
$
–
$
265,934,887
$
–
$
265,934,887
Credit
Default
Swaps†
–
1,555,066
–
1,555,066
Foreign
Government
Securities
–
24,444,537
–
24,444,537
Forward
Foreign
Currency
Contracts
–
6,614
–
6,614
Futures
Contracts
2,544,140
–
–
2,544,140
Loan
Participations
–
9,355,355
–
9,355,355
Mortgage-Backed
Securities
–
48,034,092
–
48,034,092
Preferred
Stocks
4,978,231
–
–
4,978,231
Repurchase
Agreements
–
31,173,141
–
31,173,141
Short-Term
Investments
–
24,465,456
–
24,465,456
Supranational
–
3,091,586
–
3,091,586
Total
Assets
$
8,864,750
$
532,302,176
$
8,717
$
541,175,643
NVIT
Strategic
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
45
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026.
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. 
Level
1
Level
2
Level
3
Total
Liabilities:
Credit
Default
Swaps†
$
–
$
(3,558)
$
–
$
(3,558)
Forward
Foreign
Currency
Contracts
–
(146,742)
–
(146,742)
Futures
Contracts
(399,515)
–
–
(399,515)
Total
Liabilities
$
(399,515)
$
(150,300)
$
–
$
(549,815)
Total
$
8,465,235
$
532,151,876
$
8,717
$
540,625,828
†
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
As
of
March
31,
2026,
the
Fund
held
one
corporate
bond
investment
that
was
categorized
as
Level
3
investment
which
was
valued
at
$0.
Common
Stocks
Total
Balance
as
of
12/31/2025
$
8,970
$
8,970
Accrued
Accretion/(Amortization)
—
—
Realized
Gains
(Losses)
—
—
Distributions
—
—
Purchases
—
—
Sales
—
—
Change
in
Unrealized
Appreciation/Depreciation
(253)
(253)
Transfers
into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
3/31/2026
$
8,717
$
8,717
Change
in
Unrealized
Appreciation/Depreciation
for
Investments
Still
Held
as
of
3/31/2026
$
(253)
$
(253)
46
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
As
the
protection
seller
in
a
credit
default
swap
contract,
the
Fund
receives
from
the
counterparty
a
periodic
stream
of
payments
over
the
term
of
the
contract,
provided
that
no
credit
event
or
default
(or
similar
event)
occurs.
However,
the
Fund
is
required
to
pay
the
par
(or
other
agreed-upon)
value
of
a
referenced
debt
obligation
to
the
counterparty
in
the
event
of
a
default
(or
similar
event)
by
a
third
party,
such
as
a
U.S.
or
foreign
issuer,
on
the
debt
obligation.
In
return,
if
no
credit
event
or
default
(or
similar
event)
occurs,
the
Fund
keeps
the
stream
of
payments
and
would
have
no
payment
of
obligations.
If
a
credit
event
or
default
(or
similar
event)
occurs,
the
Fund
either
(i)
pays
to
the
counterparty
an
amount
equal
to
the
notional
amount
of
the
swap
and
takes
delivery
of
the
referenced
obligation,
other
deliverable
obligations
or
underlying
securities
comprising
the
referenced
index,
or
(ii)
pays
the
counterparty
a
net
settlement
amount
in
the
form
of
cash
or
securities
to
the
notional
amount
of
the
swap
and
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
By
selling
a
credit
default
swap
contract,
the
Fund
effectively
adds
economic
leverage
to
its
portfolio
because,
in
addition
to
its
total
net
assets,
the
Fund
is
subject
to
investment
exposure
on
the
notional
amount
of
the
swap.
Credit
default
swap
agreements
on
credit
indices
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
write-down,
principal
shortfall,
interest
shortfall
or
default
of
all
or
part
of
the
referenced
entities
comprising
the
credit
index.
A
credit
index
is
a
basket
of
credit
instruments
or
exposures
designed
to
be
representative
of
some
part
of
the
credit
market
as
a
whole.
These
indices
are
made
up
of
reference
credits
that
are
judged
by
a
poll
of
dealers
to
be
the
most
liquid
entities
in
the
credit
default
swap
market
based
on
the
sector
of
the
index.
Components
of
the
indices
include
high-yield
securities.
Credit
indices
are
traded
using
credit
default
swap
contracts
with
standardized
terms
including
a
fixed
spread
and
standard
maturity
dates.
An
index
credit
default
swap
contract
references
all
the
names
in
the
index,
and
if
there
is
a
default,
the
credit
event
is
settled
based
on
the
name’s
weight
in
the
index.
For
most
indices,
each
name
has
an
equal
weight
in
the
index.
The
composition
of
the
indices
changes
periodically.
The
use
of
credit
default
swap
contracts
on
indices
is
often
less
expensive
than
it
would
be
to
buy
many
issuer-specific
credit
default
swap
contracts
to
achieve
a
similar
effect.
Credit
default
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
independent
pricing
services.
Credit
default
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
Implied
credit
spreads
are
utilized
in
determining
the
market
value
of
credit
default
swap
agreements
on
credit
indices
and
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
Implied
credit
spreads
utilized
in
valuing
the
Fund’s
investments
as
of
March
31,
2026
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
NVIT
Strategic
Income
Fund
-
March
31,
2026
(Unaudited)
-
Statement
of
Investments
-
47
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.
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.
48
-
Statement
of
Investments
-
March
31,
2026
(Unaudited)
-
NVIT
Strategic
Income
Fund
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
March
31,
2026:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
March
31,
2026:
Assets:
Fair
Value
Swap
Contracts†
Credit
risk
Unrealized
appreciation
from
centrally
cleared
swap
contracts
$
1,555,066
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
appreciation
on
forward
foreign
currency
contracts
6,614
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
2,544,140
Total
$
4,105,820
Liabilities:
Swap
Contracts†
Credit
risk
Unrealized
depreciation
on
centrally
cleared
swap
contracts
$
(3,558)
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
depreciation
on
forward
foreign
currency
contracts
(146,742)
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
(399,515)
Total
$
(549,815)
†
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.