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Nationwide Variable Insurance Trust Semiannual Report June 30, 2020 (Unaudited) Nationwide Variable Insurance Trust Index Funds NVIT Bond Index Fund NVIT International Index Fund NVIT Mid Cap Index Fund NVIT S&P 500 Index Fund NVIT Small Cap Index Fund Nationwide Funds Commentary in this report is provided by the portfolio manager(s) of each Fund as of the date of this report and is subject to change at any time based on market or other conditions. Third-party information has been obtained from sources that Nationwide Fund Advisors (NFA), the investment adviser to the Funds, deems reliable. Portfolio composition is accurate as of the date of this report and is subject to change at any time and without notice. NFA, one of its affiliated advisers or its employees may hold a position in the securities named in this report. This report and the holdings provided are for informational purposes only and are not intended to be relied on as investment advice. Investors should work with their financial professional to discuss their specific situation. Statement Regarding Availability of Quarterly Portfolio Holdings The Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Additionally, the Trust files a schedule of portfolio holdings monthly for the NVIT Government Money Market Fund on Form N-MFP. Forms N-PORT and Forms N-MFP are available on the SEC’s website at http://www.sec.gov. Forms N-PORT and Forms N-MFP may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. The Trust also makes this information available to investors on nationwide.com/mutualfunds or upon request without charge. Statement Regarding Availability of Proxy Voting Record Information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the SEC’s website at http://www.sec. gov. Before purchasing a variable annuity, you should carefully consider the investment objectives, risks, charges and expenses of the annuity and its underlying investment options. The product prospectus and underlying fund prospectuses contain this and other important information. Underlying fund prospectuses can be obtained from your investment professional or by contacting Nationwide at 800-848-6331. Read the prospectus carefully before you make a purchase. NVIT Funds are not sold to individual investors. These investment options are underlying subaccounts and cannot be purchased directly by the public. They are only available through variable products issued by life insurance companies. Nationwide Funds Group (NFG) comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds. Variable products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation (NISC), member FINRA. Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), member FINRA, Columbus, Ohio. NISC and NFD are not affiliated with any subadviser contracted by Nationwide Fund Advisors (NFA), with the exception of Nationwide Asset Management, LLC (NWAM). Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. ©2020 Table of Contents Message to Investors 1 Fund Overview 3 Shareholder Expense Example 8 Statements of Investments 10 Statements of Assets and Liabilities 116 Statements of Operations 120 Statements of Changes in Net Assets 122 Financial Highlights 130 Notes to Financial Statements 135 Supplemental Information 156 Management Information 157 Market Index Definitions 160 This page intentionally left blank Nationwide Variable Insurance Trust - June 30, 2020 (Unaudited) - Message to Investors - 1 Dear Investor, U.S. economic activity faces unprecedented challenges from the outbreak, and lasting implications remain During this time of unparalleled uncertainty, Nationwide unclear has remained steadfastly committed to protecting people, businesses and futures with extraordinary care. We have While much of 2019 was characterized by near universal strong diligently sought to care for our associates, communities, and returns and low volatility for risk assets, this reversed sharply ultimately you, our investors. Equity markets experienced during this period as equities, commodities and spread-based an unprecedented period of volatility during the semi-annual bonds (bond types that are measured by the difference in their reporting period from January 1, 2020 through June 30, 2020, yield versus a Treasury yield, usually the 10-year Treasury) as investors tried to make sense of the coronavirus outbreak declined. Growth stocks substantially outperformed value and the resulting shuttering of the economy. stocks, and large-cap stocks beat small-cap stocks. Economic growth collapsed through the reporting period as a Fixed-income markets were higher, driven by a decline in result of the shutdown, with a 5% decline in first quarter real interest rates to historic lows. The Federal Reserve aggressively gross domestic product (GDP), which is the weakest level since added stimulus to the economy, first by bringing the Federal the 2008 financial crisis. Economists estimate that the second Funds target rate effectively to 0% by March 15, followed by an quarter contracted by a record 33% but anticipate rebounding aggressive bond-buying program that expanded the balance in the second half of the year. Corporate profits have been sheet from $2.9 trillion to $7.1 trillion through the end of the devastated with a decline of 14% in the first quarter and an period. Federal Reserve Chair Powell has indicated that the expected decline of up to 45% in the second quarter. As the Fed will remain active in supporting the market and that there economy begins an uneven reopening, tremendous uncertainty is no maximum to their balance sheet growth. Interest rates surrounds the trajectory of the recovery and the long-term collapsed across the curve through the period, with the 10-year economic damage created by the covid-19 pandemic. US Treasury yield falling from 1.92% to a record-low of 0.50% as of March 9, 2020, before bouncing modestly to 0.65% by The S&P 500 declined through the reporting period June 30th. The 2-year yield dropped from 1.57% to 0.15%, despite aggressive mitigation efforts widening the spread between the two yields to 0.50%. Markets experienced extreme volatility during the reporting As volatility continues in the markets, it is important to remember period: the coronavirus outbreak caused the sharpest bear that investing is a long-term process. While difficult, it is wise to market since the Great Depression and a subsequent impressive remain vigilant and informed during periods of stress and avoid bounce in the second half of the period. The S&P 500® Index the temptation to react on emotions as investment decisions (S&P 500) started the year with momentum from a strong 2019, driven by emotions often leads to suboptimal outcomes. hitting a record-high on February 19 and recording a year-to- Nationwide Funds encourages you to speak with your financial date return of 5.0%. This quickly reversed as the severity of the professional to ensure that your portfolio maintains the right coronavirus outbreak began to take shape, with a 34% decline balance for your goals. Thank you for your continued support through March 23. Since 1950, there have been five previous and confidence. occasions where the S&P 500 fell 30%, taking on average 297 trading days (roughly a year and 2 months). The quickest 30% Sincerely, fall was in 1987 and took a mere 70 days. In comparison, this time the decline occurred within 20 days. Aggressive fiscal and monetary policy, teamed with the prospect for reopening the economy, drove investor sentiment higher, with a 39% rally through the period that began on January 1, 2020 and ended June 30, 2020. Overall, for the six-month period from January 1, 2020 to June 30, 2020, the S&P 500 finished with a return Michael S. Spangler of -3.1%. Fixed income returns were mostly higher, including a President and CEO dramatic drop in interest rates, more than offsetting wider credit Nationwide Funds spreads. International markets lagged domestic markets as they have for much of the past decade, with the MSCI EAFE® Index returning -11.3% and the MSCI Emerging Markets® Index returning -9.8%. The global pandemic and subsequent economic shutdown had a broad impact, though the peak in many foreign countries caused a recent outperformance of international indexes versus domestic indexes. 2 - Message to Investors - June 30, 2020 (Unaudited) - Nationwide Variable Insurance Trust Annual Total Return Index (as of June 30, 2020) Bloomberg Barclays Emerging Markets USD Aggregate Bond -0.43% Bloomberg Barclays Municipal Bond 2.08% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond 2.88% Bloomberg Barclays U.S. 10- 20 Year Treasury Bond 17.05% Bloomberg Barclays U.S. Aggregate Bond 6.14% Bloomberg Barclays U.S. Corporate High Yield -3.80% MSCI EAFE® -11.34% MSCI Emerging Markets® -9.78% MSCI ACWI ex USA -11.00% Russell 1000® Growth 9.81% Russell 1000® Value -16.26% Russell 2000® -12.98% S&P 500® -3.08% Source: Morningstar NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Fund Overview - 3 Asset Allocation1 Top Holdings2 U.S. Treasury Obligations 37.1% FNMA/FHLMC UMBS, 30 Year, Single Family, Corporate Bonds 27.7% 2.50%, 7/25/2050 1.5% Mortgage-Backed Securities 26.7% U.S.
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