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. Treasury Notes, 1.50%, 8/15/2022 1.3% FNMA/FHLMC UMBS, 30 Year, Single Family, Commercial Mortgage-Backed Securities 2.2% 3.00%, 7/25/2050 1.1% Repurchase Agreements 1.9% U.S. Treasury Notes, 2.38%, 8/15/2024 1.1% Foreign Government Securities 1.9% U.S. Treasury Notes, 2.00%, 8/15/2025 0.9% Supranational 1.4% U.S. Treasury Notes, 1.75%, 9/30/2022 0.9% U.S. Government Agency Securities 1.1% U.S. Treasury Notes, 1.75%, 3/31/2022 0.9% Municipal Bonds 0.7% U.S. Treasury Notes, 2.00%, 2/15/2025 0.8% Asset-Backed Securities 0.4% U.S. Treasury Bonds, 2.50%, 2/15/2045 0.8% Liabilities in excess of other assets (1.1)% U.S. Treasury Notes, 1.75%, 5/31/2022 0.7% 100.0% Other Holdings # 90.0% 100.0% Top Industries2 Banks 4.8% Oil, Gas & Consumable Fuels 2.0% Electric Utilities 1.6% Capital Markets 1.5% Health Care Providers & Services 1.1% Pharmaceuticals 1.0% Diversified Telecommunication Services 1.0% Equity Real Estate Investment Trusts (REITs) 0.8% Media 0.8% Beverages 0.8% Other Industries# 84.6% 100.0%

# For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other. 1 Percentages indicated are based upon net assets as of June 30, 2020. 2 Percentages indicated are based upon total investments as of June 30, 2020.

4 - Fund Overview - June 30, 2020 - NVIT International Index Fund

Asset Allocation1 Top Holdings2 Common Stocks 98.5% Nestle SA (Registered) 2.5% Repurchase Agreements 2.2% Roche Holding AG 1.8% Rights† 0.0% Novartis AG (Registered) 1.4% Futures Contracts† (0.0)% ASML Holding NV 1.2% Liabilities in excess of other assets (0.7)% SAP SE 1.1% 100.0% AstraZeneca plc 1.0% Toyota Motor Corp. 1.0% Top Industries2 LVMH Moet Hennessy Louis Vuitton SE 0.9% Sanofi 0.9% Pharmaceuticals 9.7% Novo Nordisk A/S Class B 0.9% Banks 7.4% Other Holdings# 87.3% Insurance 4.9% 100.0% Food Products 3.8% Chemicals 3.5% Oil, Gas & Consumable Fuels 3.3% Top Countries2 Machinery 2.9% Japan 24.9% Automobiles 2.8% United Kingdom 12.4% Metals & Mining 2.7% France 10.4% Capital Markets 2.7% Switzerland 10.3% Other Industries# 56.3% Germany 8.9% 100.0% Australia 7.5% Netherlands 4.2% Hong Kong 2.8% Sweden 2.8% Spain 2.4% Other Countries# 13.4% 100.0%

† Amount rounds to less than 0.1%. # For purposes of listing top industries, top holdings and top countries, the repurchase agreements are included as part of Other. 1 Percentages indicated are based upon net assets as of June 30, 2020. 2 Percentages indicated are based upon total investments as of June 30, 2020.

NVIT Mid Cap Index Fund - June 30, 2020 - Fund Overview - 5

Asset Allocation1 Top Holdings2 Common Stocks 98.0% Teradyne, Inc. 0.8% Repurchase Agreements 5.3% Etsy, Inc. 0.8% Futures Contracts† 0.0% FactSet Research Systems, Inc. 0.8% Liabilities in excess of other assets (3.3)% Fair Isaac Corp. 0.7% 100.0% Catalent, Inc. 0.7% Masimo Corp. 0.7% Top Industries2 Pool Corp. 0.7% Trimble, Inc. 0.7% Equity Real Estate Investment Trusts (REITs) 9.1% Molina Healthcare, Inc. 0.6% Banks 5.8% Cognex Corp. 0.6% Semiconductors & Semiconductor Equipment 4.5% Other Holdings# 92.9% Machinery 4.4% 100.0% Insurance 4.3% Software 3.9% Electronic Equipment, Instruments & Components 3.5% Health Care Equipment & Supplies 3.4% Hotels, Restaurants & Leisure 3.2% Health Care Providers & Services 2.9% Other Industries# 55.0% 100.0%

† Amount rounds to less than 0.1%. # For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other. 1 Percentages indicated are based upon net assets as of June 30, 2020. 2 Percentages indicated are based upon total investments as of June 30, 2020.

6 - Fund Overview - June 30, 2020 - NVIT S&P 500 Index Fund

Asset Allocation1 Top Holdings2 Common Stocks 98.2% Microsoft Corp. 6.0% Repurchase Agreements 0.6% Apple, Inc. 5.8% Futures Contracts† 0.0% Amazon.com, Inc. 4.5% Rights† 0.0% Facebook, Inc., Class A 2.1% Other assets in excess of liabilities 1.2% Alphabet, Inc., Class A 1.6% 100.0% Alphabet, Inc., Class C 1.6% Johnson & Johnson 1.4% Top Industries2 Berkshire Hathaway, Inc., Class B 1.3% Visa, Inc., Class A 1.3% Software 9.3% Procter & Gamble Co. (The) 1.2% Technology Hardware, Storage & Peripherals 6.0% Other Holdings# 73.2% IT Services 5.7% 100.0% Interactive Media & Services 5.5% Internet & Direct Marketing Retail 4.9% Semiconductors & Semiconductor Equipment 4.8% Pharmaceuticals 4.3% Health Care Equipment & Supplies 3.8% Banks 3.6% Health Care Providers & Services 2.8% Other Industries# 49.3% 100.0%

† Amount rounds to less than 0.1%. # For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other. 1 Percentages indicated are based upon net assets as of June 30, 2020. 2 Percentages indicated are based upon total investments as of June 30, 2020.

NVIT Small Cap Index Fund - June 30, 2020 - Fund Overview - 7

Asset Allocation1 Top Holdings2 Common Stocks 96.4% Deckers Outdoor Corp. 0.3% Repurchase Agreements 13.1% LHC Group, Inc. 0.3% Future 0.1% BJ's Wholesale Club Holdings, Inc. 0.3% Rights† 0.0% Churchill Downs, Inc. 0.3% Liabilities in excess of other assets § (9.6%) Novavax, Inc. 0.2% 100.0% MyoKardia, Inc. 0.2% Helen of Troy Ltd. 0.2% Top Industries2 SiteOne Landscape Supply, Inc. 0.2% EastGroup Properties, Inc. 0.2% Biotechnology 9.5% Ultragenyx Pharmaceutical, Inc. 0.2% Banks 7.5% Other Holdings# 97.6% Equity Real Estate Investment Trusts (REITs) 5.6% 100.0% Software 4.9% Machinery 3.2% Health Care Equipment & Supplies 3.2% Semiconductors & Semiconductor Equipment 2.5% Hotels, Restaurants & Leisure 2.4% Specialty Retail 2.1% Insurance 2.0% Other Industries# 57.1% 100.0%

† Amount rounds to less than 0.1%. # For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other. § Please refer to the Statements of Assets and Liabilities for additional details. 1 Percentages indicated are based upon net assets as of June 30, 2020. 2 Percentages indicated are based upon total investments as of June 30, 2020.

8 - Shareholder Expense Example - June 30, 2020 (Unaudited) - Index Funds

As a shareholder of the Fund, you incur two types of costs: Hypothetical Expenses for Comparison Purposes (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing The second line of each Class in the table below provides costs, including investment advisory fees, administration fees, information about hypothetical account values and hypothetical distribution fees and other Fund expenses. The examples expenses based on the Class’ actual expense ratio and below are intended to help you understand your ongoing costs an assumed rate of return of 5% per year before expenses, (in dollars) of investing in the Fund and to compare these costs which is not the Class’ actual return. The hypothetical account with the ongoing costs of investing in other mutual funds. Per values and expenses may not be used to estimate the actual Securities and Exchange Commission (“SEC”) requirements, ending account balance or expenses you paid for the period the examples assume that you had a $1,000 investment in the from January 1, 2020 through June 30, 2020. You may use Class at the beginning of the reporting period (January 1, 2020) this information to compare the ongoing costs of investing in and continued to hold your shares at the end of the reporting the Class of the Fund and other funds. To do so, compare this period (June 30, 2020). 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Actual Expenses Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any For each Class of the Fund in the table below, the first line transaction costs, such as sales charges (loads) or redemption provides information about actual account values and actual fees. If these transaction costs were included, your costs would expenses. You may use the information in this line, together have been higher. Therefore, the second line for each Class with the amount you invested, to estimate the expenses that in the table is useful in comparing ongoing costs only, and you paid from January 1, 2020 through June 30, 2020. Simply will not help you determine the relative total costs of owning divide your account value by $1,000 (for example, an $8,600 different funds. The examples also assume all dividends and account value divided by $1,000 = 8.6), then multiply the distributions are reinvested. result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

Expenses Paid Expense Ratio Beginning Account Ending Account During Period ($) During Period (%) Value($) 1/1/20 Value($) 6/30/20 1/1/20 - 6/30/20 1/1/20 - 6/30/20(a) NVIT Bond Index Fund Class I Shares Actual(b) 1,000.00 1,060.00 1.95 0.38 Hypothetical(b)(c) 1,000.00 1,022.97 1.91 0.38 Class Y Shares Actual(b) 1,000.00 1,060.90 1.18 0.23 Hypothetical(b)(c) 1,000.00 1,023.72 1.16 0.23

Index Funds - June 30, 2020 (Unaudited) - Shareholder Expense Example - 9

Expenses Paid Expense Ratio Beginning Account Ending Account During Period ($) During Period (%) Value($) 1/1/20 Value($) 6/30/20 1/1/20 - 6/30/20 1/1/20 - 6/30/20(a) NVIT International Index Fund Class I Shares Actual(b) 1,000.00 886.40 2.11 0.45 Hypothetical(b)(c) 1,000.00 1,022.63 2.26 0.45 Class II Shares Actual(b) 1,000.00 886.30 3.05 0.65 Hypothetical(b)(c) 1,000.00 1,021.63 3.27 0.65 Class VIII Shares Actual(b) 1,000.00 884.70 3.98 0.85 Hypothetical(b)(c) 1,000.00 1,020.64 4.27 0.85 Class Y Shares Actual(b) 1,000.00 887.60 1.41 0.30 Hypothetical(b)(c) 1,000.00 1,023.37 1.51 0.30 NVIT Mid Cap Index Fund Class I Shares Actual(b) 1,000.00 869.30 1.91 0.41 Hypothetical(b)(c) 1,000.00 1,022.82 2.06 0.41 Class II Shares Actual(b) 1,000.00 868.30 2.83 0.61 Hypothetical(b)(c) 1,000.00 1,021.83 3.07 0.61 Class Y Shares Actual(b) 1,000.00 870.00 1.21 0.26 Hypothetical(b)(c) 1,000.00 1,023.57 1.31 0.26 NVIT S&P 500 Index Fund Class I Shares Actual(b) 1,000.00 968.40 1.22 0.25 Hypothetical(b)(c) 1,000.00 1,023.62 1.26 0.25 Class II Shares Actual(b) 1,000.00 966.70 2.44 0.50 Hypothetical(b)(c) 1,000.00 1,022.38 2.51 0.50 Class IV Shares Actual(b) 1,000.00 968.00 1.32 0.27 Hypothetical(b)(c) 1,000.00 1,023.52 1.36 0.27 Class Y Shares Actual(b) 1,000.00 968.50 0.83 0.17 Hypothetical(b)(c) 1,000.00 1,024.02 0.86 0.17 NVIT Small Cap Index Fund Class II Shares Actual(b) 1,000.00 866.20 2.83 0.61 Hypothetical(b)(c) 1,000.00 1,021.83 3.07 0.61 Class Y Shares Actual(b) 1,000.00 868.00 1.30 0.28 Hypothetical(b)(c) 1,000.00 1,023.47 1.41 0.28

(a) The Example does not include charges that are imposed by variable insurance contracts. If these charges were reflected, the expenses listed below would be higher. (b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value from January 1, 2020 through June 30, 2020 multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines. (c) Represents the hypothetical 5% return before expenses. 10 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Asset-Backed Securities 0.4% Commercial Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($) Airlines 0.0%† COMM Mortgage Trust Continental Airlines Pass- Series 2012-CR1, Class A3, Through Trust, Series 3.39%, 5/15/2045 1,631,237 1,665,962 2012-1, Class A, 4.15%, Series 2013-CR8, Class A5, 4/11/2024 229,414 214,946 3.61%, 6/10/2046(a) 1,000,000 1,060,528 United Airlines Pass-Through Series 2014-UBS2, Class Trust, Series 2013-1, Class A5, 3.96%, 3/10/2047 1,500,000 1,624,180 A, 4.30%, 8/15/2025 363,864 341,261 Series 2014-UBS3, Class A4, 3.82%, 6/10/2047 1,500,000 1,618,275 556,207

Series 2015-DC1, Class A5, Automobiles 0.2% 3.35%, 2/10/2048 1,000,000 1,077,743 Americredit Automobile Series 2015-PC1, Class A5, Receivables Trust, Series 3.90%, 7/10/2050 1,000,000 1,100,811 2018-1, Class D, 3.82%, CSAIL Commercial Mortgage 3/18/2024 1,600,000 1,656,853 Trust, Series 2018- Ford Credit Auto Owner Trust, CX11, Class A5, 4.03%, Series 2017-C, Class A4, 4/15/2051(a) 1,250,000 1,428,091 2.16%, 3/15/2023 1,400,000 1,423,160 FHLMC Multifamily Structured GM Financial Automobile Pass-Through Certificates Leasing Trust, Series REMICS 2020-2, Class A3, 1.53%, Series K013, Class A2, 7/20/2023 520,000 520,807 3.97%, 1/25/2021(a) 499,579 504,937 Series K020, Class A2, 3,600,820

2.37%, 5/25/2022 1,500,000 1,543,751 Credit Card 0.2% Series K024, Class A2, BA Credit Card Trust, Series 2.57%, 9/25/2022 100,000 103,852 2018-A3, Class A3, 3.10%, Series K026, Class A2, 12/15/2023 3,500,000 3,598,544 2.51%, 11/25/2022 900,000 936,014 Citibank Credit Card Issuance Series K031, Class A2, Trust, Series 2018-A6, 3.30%, 4/25/2023(a) 400,000 427,912 Class A6, 3.21%, 12/7/2024 2,000,000 2,134,157 Series K033, Class A2, 3.06%, 7/25/2023(a) 950,000 1,014,667 5,732,701

Series K034, Class A2, Total Asset-Backed Securities 3.53%, 7/25/2023(a) 5,400,000 5,842,381 (cost $9,591,571) 9,889,728 Series K038, Class A1,

2.60%, 10/25/2023 117,123 120,048 Series K037, Class A2, Commercial Mortgage-Backed Securities 2.2% 3.49%, 1/25/2024 800,000 873,048 Series K069, Class A2, BBCMS Mortgage Trust, 3.19%, 9/25/2027(a) 2,500,000 2,859,132 Series 2017-C1, Class A4, FNMA ACES REMICS 3.67%, 2/15/2050 1,375,000 1,549,570 Series 2014-M6, Class A2, Benchmark Mortgage Trust 2.68%, 5/25/2021(a) 102,151 103,037 Series 2018-B4, Class A2, Series 2013-M6, Class 1AC, 3.98%, 7/15/2051 500,000 536,249 3.55%, 2/25/2043(a) 212,713 236,796 Series 2018-B4, Class A5, GS Mortgage Securities Trust 4.12%, 7/15/2051(a) 1,000,000 1,171,606 Series 2012-GCJ7, Class Series 2019-B11, Class A4, A4, 3.38%, 5/10/2045 1,896,680 1,927,307 3.28%, 5/15/2052 3,000,000 3,379,285 Series 2015-GC30, Class Citigroup Commercial A4, 3.38%, 5/10/2050 1,500,000 1,621,557 Mortgage Trust Series 2014-GC25, Class AS, 4.02%, 10/10/2047 1,500,000 1,606,470 Series 2016-P5, Class A4, 2.94%, 10/10/2049 600,000 645,472 Series 2017-P7, Class A4, 3.71%, 4/14/2050 1,500,000 1,680,951 Series 2019-GC43, Class A4, 3.04%, 11/10/2052 2,940,000 3,259,312 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 11

Commercial Mortgage-Backed Securities Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) JP Morgan Chase Commercial Aerospace & Defense Mortgage Securities Trust, Howmet Aerospace, Inc., Series 2011-C5, Class A3, 5.95%, 2/1/2037 200,000 207,520 4.17%, 8/15/2046 146,618 149,674 L3Harris Technologies, Inc., JPMBB Commercial Mortgage 3.95%, 5/28/2024(b) 257,000 281,573 Securities Trust, Series 2.90%, 12/15/2029 100,000 107,687 2014-C22, Class A4, 3.80%, 4.85%, 4/27/2035 90,000 114,747 9/15/2047 1,000,000 1,086,874 Lockheed Martin Corp., Morgan Stanley Bank of 2.90%, 3/1/2025 500,000 549,619 America Merrill Lynch Trust 3.55%, 1/15/2026 250,000 287,411 Series 2013-C10, Class A5, 3.60%, 3/1/2035 110,000 131,989 4.22%, 7/15/2046(a) 500,000 537,760 4.07%, 12/15/2042 393,000 498,480 Series 2015-C24, Class A4, 4.70%, 5/15/2046 250,000 341,114 3.73%, 5/15/2048 1,000,000 1,097,895 Northrop Grumman Corp., Morgan Stanley Capital I 4.75%, 6/1/2043 250,000 323,711 Trust, Series 2019-H6, 4.03%, 10/15/2047 500,000 606,085 Class A4, 3.42%, 6/15/2052 1,180,000 1,329,198 Raytheon Technologies Corp., UBS-Barclays Commercial 3.15%, 12/15/2024(b)(c) 145,000 156,625 Mortgage Trust, Series 3.95%, 8/16/2025 400,000 455,136 2013-C5, Class A4, 3.18%, 3.50%, 3/15/2027(c) 1,000,000 1,125,245 3/10/2046 2,500,000 2,588,462 4.13%, 11/16/2028 250,000 294,471 Wells Fargo Commercial 2.25%, 7/1/2030 140,000 145,810 Mortgage Trust 6.13%, 7/15/2038 400,000 577,729 Series 2015-C28, Class A4, 4.70%, 12/15/2041(c) 150,000 186,104 3.54%, 5/15/2048 1,500,000 1,633,733 4.50%, 6/1/2042 700,000 872,418 Series 2017-C40, Class A4, 4.15%, 5/15/2045 250,000 299,667 3.58%, 10/15/2050 1,500,000 1,684,186 4.63%, 11/16/2048 500,000 649,136 WFRBS Commercial 3.13%, 7/1/2050 55,000 58,453 Mortgage Trust Textron, Inc., Series 2013-C14, Class A5, 4.30%, 3/1/2024 250,000 266,402 3.34%, 6/15/2046 1,750,000 1,838,729 14,402,455 Series 2013-C15, Class A4, Air Freight & Logistics 0.1% 4.15%, 8/15/2046(a) 1,175,000 1,243,374 FedEx Corp., Total Commercial Mortgage-Backed 3.25%, 4/1/2026 85,000 92,494 Securities 3.30%, 3/15/2027 70,000 75,397 (cost $51,835,987) 54,708,829 3.10%, 8/5/2029(b) 100,000 106,740

3.90%, 2/1/2035 380,000 410,650 3.88%, 8/1/2042 50,000 50,094 Corporate Bonds 27.7% 4.55%, 4/1/2046 500,000 539,066 5.25%, 5/15/2050 200,000 245,266 Aerospace & Defense 0.6% United Parcel Service, Inc., Boeing Co. (The), 2.20%, 9/1/2024 40,000 42,166 2.30%, 8/1/2021 200,000 201,927 3.05%, 11/15/2027(b) 300,000 339,626 2.25%, 6/15/2026 500,000 483,244 6.20%, 1/15/2038 295,000 443,303 2.70%, 2/1/2027 35,000 34,187 3.40%, 9/1/2049 320,000 352,079 5.04%, 5/1/2027 500,000 551,404 5.30%, 4/1/2050(b) 150,000 215,867 3.20%, 3/1/2029 500,000 495,025 2,912,748 2.95%, 2/1/2030(b) 85,000 83,772 5.15%, 5/1/2030 1,000,000 1,115,030 Airlines 0.0%† 3.25%, 2/1/2035 100,000 91,180 Southwest Airlines Co., 3.30%, 3/1/2035(b) 130,000 118,447 4.75%, 5/4/2023 130,000 133,545 5.71%, 5/1/2040 500,000 569,207 5.13%, 6/15/2027 275,000 284,516 3.75%, 2/1/2050 340,000 305,288 2.63%, 2/10/2030(b) 400,000 358,381 5.81%, 5/1/2050 500,000 590,493 776,442 3.95%, 8/1/2059 100,000 87,632 † General Dynamics Corp., Auto Components 0.0% 3.88%, 7/15/2021 100,000 102,937 Aptiv Corp., 2.63%, 11/15/2027(b) 500,000 542,730 4.15%, 3/15/2024(b) 475,000 506,728 3.63%, 4/1/2030(b) 200,000 233,984 Aptiv plc, 4.25%, 4/1/2050 200,000 258,836 5.40%, 3/15/2049 150,000 156,786 12 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Auto Components Banks

BorgWarner, Inc., Bank of America Corp., 3.38%, 3/15/2025(b) 135,000 142,621 (ICE LIBOR USD 3 2.65%, 7/1/2027 55,000 56,430 Month + 1.19%), 2.88%, Lear Corp., 10/22/2030(d) 200,000 216,372 5.25%, 5/15/2049 150,000 152,544 (ICE LIBOR USD 3 1,015,109 Month + 0.99%), 2.50%, 2/13/2031(d) 300,000 314,518 Automobiles 0.1% (SOFR + 2.15%), 2.59%, Daimler Finance North 4/29/2031(d) 600,000 634,887 America LLC, (ICE LIBOR USD 3 8.50%, 1/18/2031 250,000 380,906 Month + 1.81%), 4.24%, General Motors Co., 4/24/2038(d) 250,000 303,792 6.13%, 10/1/2025(b) 400,000 449,474 (SOFR + 1.93%), 2.68%, 4.20%, 10/1/2027 250,000 254,738 6/19/2041(d) 300,000 308,098 5.15%, 4/1/2038 250,000 239,619 5.88%, 2/7/2042 250,000 372,960 5.20%, 4/1/2045 250,000 242,144 5.00%, 1/21/2044 350,000 482,544 6.75%, 4/1/2046(b) 35,000 38,124 Series L, 4.75%, 4/21/2045 250,000 330,169 5.40%, 4/1/2048 250,000 245,160 (ICE LIBOR USD 3 1,850,165 Month + 1.99%), 4.44%, 1/20/2048(d) 500,000 647,780 Banks 4.9% (ICE LIBOR USD 3 Australia & New Zealand Month + 1.52%), 4.33%, Banking Group Ltd., 2.05%, 11/21/2022 250,000 259,233 3/15/2050(b)(d) 500,000 646,152 Banco Santander SA, (ICE LIBOR USD 3 3.50%, 4/11/2022 800,000 832,025 Month + 3.15%), 4.08%, 2.75%, 5/28/2025 200,000 207,263 3/20/2051(d) 600,000 751,837 3.80%, 2/23/2028 600,000 651,224 Bank of America NA, 3.49%, 5/28/2030 200,000 214,761 (ICE LIBOR USD 3 Bank of America Corp., Month + 0.65%), 3.34%, 3.30%, 1/11/2023 500,000 533,638 1/25/2023(d) 500,000 521,805 4.10%, 7/24/2023 250,000 274,530 Bank of Montreal, (ICE LIBOR USD 3 1.90%, 8/27/2021(b) 1,000,000 1,017,042 Month + 0.79%), 3.00%, 1.85%, 5/1/2025 500,000 517,649 12/20/2023(d) 1,515,000 1,591,371 Bank of Nova Scotia (The), 4.00%, 4/1/2024 350,000 388,502 2.80%, 7/21/2021(b) 500,000 512,856 (ICE LIBOR USD 3 2.45%, 9/19/2022(b) 1,000,000 1,043,446 Month + 0.94%), 3.86%, Barclays plc, 7/23/2024(d) 400,000 433,464 3.20%, 8/10/2021 400,000 408,896 Series L, 3.95%, 4/21/2025 310,000 343,266 3.65%, 3/16/2025 360,000 390,280 3.88%, 8/1/2025 250,000 283,058 4.34%, 1/10/2028 1,000,000 1,110,171 (ICE LIBOR USD 3 (ICE LIBOR USD 3 Month + 0.64%), 2.01%, Month + 3.05%), 5.09%, 2/13/2026(d) 300,000 310,229 6/20/2030(d) 200,000 227,043 4.45%, 3/3/2026 125,000 143,906 5.25%, 8/17/2045(b) 205,000 273,853 3.50%, 4/19/2026 290,000 326,437 4.95%, 1/10/2047 200,000 263,337 (SOFR + 1.15%), 1.32%, BBVA USA, 3.88%, 4/10/2025 500,000 528,203 6/19/2026(d) 500,000 501,301 Canadian Imperial Bank of 4.25%, 10/22/2026 435,000 498,969 (ICE LIBOR USD 3 Commerce, (ICE LIBOR USD 3 Month + 1.06%), 3.56%, Month + 0.79%), 2.61%, 4/23/2027(d) 1,500,000 1,674,122 3.25%, 10/21/2027 500,000 551,437 7/22/2023(b)(d) 500,000 516,817 (ICE LIBOR USD 3 Citigroup, Inc., 2.35%, 8/2/2021 500,000 509,618 Month + 1.58%), 3.82%, 4.50%, 1/14/2022 650,000 688,873 1/20/2028(d) 500,000 567,505 (ICE LIBOR USD 3 (ICE LIBOR USD 3 Month + 0.95%), 2.88%, Month + 1.04%), 3.42%, 7/24/2023(d) 500,000 520,367 12/20/2028(d) 1,000,000 1,113,852 3.88%, 10/25/2023 750,000 823,771 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 13

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Banks Banks

Citigroup, Inc., First Republic Bank, 3.75%, 6/16/2024 500,000 551,731 2.50%, 6/6/2022 750,000 771,960 3.30%, 4/27/2025 560,000 614,982 HSBC Holdings plc, 4.60%, 3/9/2026 350,000 399,716 4.25%, 3/14/2024 500,000 539,469 (SOFR + 2.75%), 3.11%, (ICE LIBOR USD 3 4/8/2026(d) 300,000 322,673 Month + 0.99%), 3.95%, 3.40%, 5/1/2026 500,000 554,403 5/18/2024(d) 200,000 214,941 4.30%, 11/20/2026 500,000 567,875 4.30%, 3/8/2026 500,000 564,402 4.45%, 9/29/2027 500,000 570,834 3.90%, 5/25/2026 500,000 555,108 (ICE LIBOR USD 3 4.95%, 3/31/2030 200,000 240,313 Month + 1.56%), 3.89%, (ICE LIBOR USD 3 1/10/2028(d) 500,000 563,601 Month + 1.61%), 3.97%, (ICE LIBOR USD 3 5/22/2030(d) 200,000 222,019 Month + 1.15%), 3.52%, 6.50%, 5/2/2036 400,000 540,046 10/27/2028(d) 1,500,000 1,653,074 6.50%, 9/15/2037 600,000 817,283 (ICE LIBOR USD 3 6.80%, 6/1/2038 200,000 281,968 Month + 1.34%), 3.98%, 5.25%, 3/14/2044 250,000 315,603 3/20/2030(d) 500,000 574,585 HSBC USA, Inc., (SOFR + 1.42%), 2.98%, 3.50%, 6/23/2024(b) 500,000 544,831 11/5/2030(d) 200,000 212,842 Huntington Bancshares, Inc., (SOFR + 3.91%), 4.41%, 2.55%, 2/4/2030 200,000 206,746 3/31/2031(d) 300,000 355,956 ING Groep NV, (SOFR + 2.11%), 2.57%, 4.10%, 10/2/2023 500,000 547,849 6/3/2031(d) 300,000 310,278 4.55%, 10/2/2028(b) 200,000 241,244 6.63%, 6/15/2032 333,000 456,587 JPMorgan Chase & Co., 8.13%, 7/15/2039 350,000 606,136 2.30%, 8/15/2021 1,000,000 1,002,090 (SOFR + 4.55%), 5.32%, 3.25%, 9/23/2022(b) 500,000 527,977 3/26/2041(d) 300,000 407,261 (ICE LIBOR USD 3 Month + 6.68%, 9/13/2043 250,000 385,903 0.70%), 3.21%, 4/1/2023(d) 1,000,000 1,041,156 4.65%, 7/23/2048 200,000 261,780 3.38%, 5/1/2023 250,000 267,478 Citizens Bank NA, 2.70%, 5/18/2023 500,000 527,008 2.65%, 5/26/2022 250,000 258,353 3.88%, 9/10/2024 1,000,000 1,108,772 Citizens Financial Group, Inc., 3.13%, 1/23/2025 500,000 544,944 2.50%, 2/6/2030(b) 170,000 172,357 (ICE LIBOR USD 3 Month + Comerica, Inc., 1.16%), 3.22%, 3/1/2025(d) 200,000 215,355 4.00%, 2/1/2029(b) 250,000 280,903 (SOFR + 1.16%), 2.30%, Cooperatieve Rabobank UA, 10/15/2025(d) 250,000 261,870 2.75%, 1/10/2022 500,000 517,115 (SOFR + 1.59%), 2.00%, 4.63%, 12/1/2023 250,000 275,685 3/13/2026(d) 300,000 310,484 3.38%, 5/21/2025 250,000 278,860 3.30%, 4/1/2026 500,000 558,866 5.25%, 5/24/2041 175,000 248,121 (SOFR + 1.85%), 2.08%, 5.25%, 8/4/2045 250,000 342,253 4/22/2026(d) 200,000 207,724 Credit Suisse Group Funding 8.00%, 4/29/2027 290,000 402,278 Guernsey Ltd., 4.25%, 10/1/2027 500,000 582,269 3.80%, 9/15/2022 440,000 467,485 (ICE LIBOR USD 3 Month + 3.75%, 3/26/2025 390,000 429,914 1.38%), 3.54%, 5/1/2028(d) 500,000 558,045 4.55%, 4/17/2026 500,000 574,930 (ICE LIBOR USD 3 Discover Bank, Month + 1.12%), 4.01%, 4.20%, 8/8/2023(b) 500,000 545,981 4/23/2029(d) 1,000,000 1,153,911 2.45%, 9/12/2024 300,000 314,451 (SOFR + 2.04%), 2.52%, 2.70%, 2/6/2030 310,000 312,324 4/22/2031(b)(d) 400,000 422,442 Fifth Third Bancorp, (SOFR + 2.46%), 3.11%, 3.50%, 3/15/2022 700,000 732,568 4/22/2041(d) 200,000 216,018 2.60%, 6/15/2022 500,000 518,383 5.60%, 7/15/2041 400,000 577,504 3.65%, 1/25/2024 500,000 545,653 5.40%, 1/6/2042 500,000 704,395 Fifth Third Bank, 4.85%, 2/1/2044 500,000 681,995 1.80%, 1/30/2023(b) 250,000 256,692 (ICE LIBOR USD 3 3.95%, 7/28/2025 200,000 228,639 Month + 1.58%), 4.26%, 2.25%, 2/1/2027(b) 295,000 313,073 2/22/2048(d) 750,000 944,931 14 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Banks Banks

JPMorgan Chase & Co., Oesterreichische Kontrollbank (ICE LIBOR USD 3 AG, Month + 1.38%), 3.96%, 1.63%, 9/17/2022 1,000,000 1,028,685 11/15/2048(d) 500,000 611,489 1.50%, 2/12/2025 1,000,000 1,043,797 (SOFR + 2.44%), 3.11%, PNC Bank NA, 4/22/2051(d) 600,000 646,041 2.95%, 1/30/2023 250,000 263,055 KeyBank NA, 3.80%, 7/25/2023(b) 500,000 543,788 3.30%, 2/1/2022(b) 500,000 520,977 2.95%, 2/23/2025 500,000 544,079 6.95%, 2/1/2028 225,000 290,428 PNC Financial Services KeyCorp, Group, Inc. (The), 2.25%, 4/6/2027 50,000 52,454 3.30%, 3/8/2022 500,000 521,574 2.55%, 10/1/2029 250,000 258,780 2.55%, 1/22/2030(b) 500,000 540,377 Korea Development Bank Regions Financial Corp., (The), 2.75%, 8/14/2022 750,000 781,117 4.63%, 11/16/2021 200,000 210,290 Royal Bank of Canada, 3.00%, 1/13/2026 500,000 552,251 1.95%, 1/17/2023 170,000 175,311 Kreditanstalt fuer 2.55%, 7/16/2024(b) 350,000 371,681 Wiederaufbau, 2.25%, 11/1/2024 500,000 526,080 2.00%, 11/30/2021 1,000,000 1,024,582 Royal Bank of Scotland Group 2.13%, 6/15/2022 2,000,000 2,073,436 plc, 1.75%, 8/22/2022 1,000,000 1,031,707 6.13%, 12/15/2022 500,000 545,762 2.38%, 12/29/2022 1,250,000 1,315,157 3.88%, 9/12/2023 365,000 393,523 2.63%, 2/28/2024 2,500,000 2,706,875 4.80%, 4/5/2026 500,000 578,508 0.00%, 6/29/2037(e) 750,000 594,192 (US Treasury Yield Curve Landwirtschaftliche Rate T Note Constant Rentenbank, Maturity 1 Year + 2.55%), Series 36, 2.00%, 12/6/2021 250,000 256,009 3.07%, 5/22/2028(d) 200,000 210,496 1.75%, 7/27/2026 1,000,000 1,065,476 (ICE LIBOR USD 3 Lloyds Banking Group plc, Month + 1.75%), 4.89%, (ICE LIBOR USD 3 5/18/2029(d) 250,000 294,375 Month + 1.25%), 2.86%, (ICE LIBOR USD 3 3/17/2023(d) 400,000 411,989 Month + 1.91%), 5.08%, 4.50%, 11/4/2024 205,000 224,133 1/27/2030(d) 500,000 600,788 4.58%, 12/10/2025 350,000 388,525 Santander Holdings USA, Inc., 4.65%, 3/24/2026 500,000 556,067 3.50%, 6/7/2024 500,000 525,931 (ICE LIBOR USD 3 Santander UK plc, Month + 1.21%), 3.57%, 4.00%, 3/13/2024 500,000 550,848 11/7/2028(d) 1,000,000 1,086,862 Sumitomo Mitsui Financial Mitsubishi UFJ Financial Group, Inc., Group, Inc., 2.78%, 7/12/2022 1,000,000 1,041,673 3.22%, 3/7/2022 500,000 521,555 2.45%, 9/27/2024 500,000 524,464 2.62%, 7/18/2022 500,000 519,339 2.63%, 7/14/2026 750,000 798,780 3.46%, 3/2/2023 750,000 801,753 3.35%, 10/18/2027 500,000 546,324 3.85%, 3/1/2026 750,000 852,527 3.20%, 9/17/2029 500,000 541,751 3.74%, 3/7/2029 1,000,000 1,139,520 Toronto-Dominion Bank (The), 3.20%, 7/18/2029 500,000 546,771 1.90%, 12/1/2022 500,000 516,256 Mizuho Financial Group, Inc., 3.25%, 3/11/2024 500,000 544,476 2.95%, 2/28/2022 500,000 518,527 Truist Bank, (ICE LIBOR USD 3 2.15%, 12/6/2024 400,000 420,647 Month + 1.10%), 2.55%, 3.63%, 9/16/2025 250,000 278,782 9/13/2025(d) 455,000 474,049 (US Treasury Yield Curve 3.17%, 9/11/2027(b) 750,000 809,863 Rate T Note Constant MUFG Americas Holdings Maturity 5 Year + 1.15%), Corp., 2.64%, 9/17/2029(d) 250,000 249,893 3.00%, 2/10/2025 400,000 425,433 Truist Financial Corp., National Australia Bank Ltd., 3.05%, 6/20/2022 500,000 522,631 2.50%, 7/12/2026 750,000 811,443 2.85%, 10/26/2024 250,000 269,485 4.00%, 5/1/2025 1,000,000 1,135,768 US Bancorp, Series V, 2.63%, 1/24/2022 250,000 258,231 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 15

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Banks Beverages

US Bancorp, Anheuser-Busch InBev

3.90%, 4/26/2028(b) 500,000 595,270 Worldwide, Inc., US Bank NA, 4.60%, 4/15/2048 500,000 585,308 2.80%, 1/27/2025 1,000,000 1,088,645 4.44%, 10/6/2048 581,000 670,279 Wells Fargo & Co., 5.55%, 1/23/2049 1,000,000 1,333,189 2.63%, 7/22/2022 500,000 520,905 4.50%, 6/1/2050 500,000 592,760 3.07%, 1/24/2023 400,000 414,485 5.80%, 1/23/2059 200,000 284,616 3.75%, 1/24/2024 2,000,000 2,185,296 Coca-Cola Co. (The), (SOFR + 1.60%), 1.65%, 3.20%, 11/1/2023 550,000 598,763 6/2/2024(d) 600,000 609,487 1.75%, 9/6/2024(b) 500,000 523,718 3.00%, 2/19/2025 825,000 890,687 2.90%, 5/25/2027(b) 500,000 559,624 (ICE LIBOR USD 3 3.45%, 3/25/2030(b) 400,000 470,656 Month + 0.75%), 2.16%, 4.20%, 3/25/2050 100,000 130,588 2/11/2026(d) 250,000 257,661 2.60%, 6/1/2050 400,000 403,657 3.00%, 4/22/2026 500,000 546,001 Constellation Brands, Inc., 4.30%, 7/22/2027 100,000 114,798 3.50%, 5/9/2027 500,000 553,271 (SOFR + 2.10%), 2.39%, 3.60%, 2/15/2028 400,000 443,203 6/2/2028(d) 200,000 206,643 2.88%, 5/1/2030 500,000 529,768 (ICE LIBOR USD 3 Diageo Capital plc, Month + 1.00%), 2.57%, 2.63%, 4/29/2023(b) 500,000 527,067 2/11/2031(d) 250,000 261,587 2.38%, 10/24/2029 210,000 224,189 5.38%, 2/7/2035 457,000 619,755 Diageo Investment Corp., 5.95%, 12/15/2036∞ 275,000 330,945 7.45%, 4/15/2035 250,000 409,757 5.38%, 11/2/2043 250,000 338,755 Fomento Economico 5.61%, 1/15/2044 388,000 535,162 Mexicano SAB de CV, 4.65%, 11/4/2044 500,000 618,281 3.50%, 1/16/2050 200,000 206,432 3.90%, 5/1/2045(b) 250,000 293,033 Keurig Dr Pepper, Inc., 4.90%, 11/17/2045 500,000 640,966 4.60%, 5/25/2028 750,000 899,581 4.40%, 6/14/2046 350,000 417,338 5.09%, 5/25/2048(b) 250,000 329,659 4.75%, 12/7/2046 250,000 320,404 Molson Coors Beverage Co., (ICE LIBOR USD 3 Month + 3.00%, 7/15/2026 190,000 197,670 4.24%), 5.01%, 4/4/2051(d) 500,000 693,991 5.00%, 5/1/2042 250,000 264,845 Wells Fargo Bank NA, PepsiCo, Inc., (ICE LIBOR USD 3 Month + 0.75%, 5/1/2023 65,000 65,591 0.65%), 2.08%, 9/9/2022(d) 1,000,000 1,016,134 2.25%, 3/19/2025 300,000 320,617 Westpac Banking Corp., 2.85%, 2/24/2026(b) 150,000 165,729 2.00%, 1/13/2023 30,000 31,059 2.75%, 3/19/2030 700,000 780,272 3.40%, 1/25/2028(b) 500,000 570,222 1.63%, 5/1/2030 130,000 132,386 2.65%, 1/16/2030(b) 120,000 131,668 4.25%, 10/22/2044 500,000 639,382 (US Treasury Yield Curve 4.45%, 4/14/2046 500,000 668,537 Rate T Note Constant 3.63%, 3/19/2050(b) 600,000 722,164 Maturity 5 Year + 2.00%), 19,251,934 4.11%, 7/24/2034(d) 500,000 551,619 Zions Bancorp NA, Biotechnology 0.6% 3.25%, 10/29/2029 250,000 246,469 AbbVie, Inc., 2.15%, 11/19/2021(c) 300,000 305,704 119,023,182 3.45%, 3/15/2022(c) 310,000 322,419 Beverages 0.8% 3.25%, 10/1/2022(c) 200,000 209,592 Anheuser-Busch Cos. LLC, 2.30%, 11/21/2022(c) 200,000 206,876 3.65%, 2/1/2026 750,000 842,089 3.85%, 6/15/2024(c) 325,000 356,055 4.70%, 2/1/2036 500,000 589,037 2.60%, 11/21/2024(c) 400,000 424,645 4.90%, 2/1/2046 770,000 942,238 3.80%, 3/15/2025(c) 250,000 277,379 Anheuser-Busch InBev 3.60%, 5/14/2025 500,000 552,886 Finance, Inc., 3.20%, 5/14/2026 1,020,000 1,121,428 4.63%, 2/1/2044 150,000 171,319 2.95%, 11/21/2026(c) 200,000 217,530 Anheuser-Busch InBev 3.20%, 11/21/2029(c) 350,000 385,137 Worldwide, Inc., 4.55%, 3/15/2035(c) 195,000 236,477 4.15%, 1/23/2025 1,500,000 1,702,128 4.50%, 5/14/2035 500,000 602,307 4.00%, 4/13/2028 250,000 288,527 4.30%, 5/14/2036 250,000 288,622 4.75%, 1/23/2029 400,000 483,318 4.05%, 11/21/2039(c) 580,000 678,287 16 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Biotechnology Capital Markets

AbbVie, Inc., Credit Suisse AG, 4.40%, 11/6/2042 625,000 748,019 2.10%, 11/12/2021(b) 1,145,000 1,168,945 4.75%, 3/15/2045(c) 168,000 208,782 1.00%, 5/5/2023 1,250,000 1,256,795 4.25%, 11/21/2049(c) 675,000 818,214 3.63%, 9/9/2024 250,000 276,146 Amgen, Inc., Credit Suisse USA, Inc., 2.45%, 2/21/2030 400,000 422,935 7.13%, 7/15/2032 55,000 83,071 2.30%, 2/25/2031 500,000 523,250 Deutsche Bank AG, 4.40%, 5/1/2045 200,000 248,834 3.95%, 2/27/2023 750,000 778,857 4.56%, 6/15/2048 524,000 682,350 3.70%, 5/30/2024 470,000 491,247 4.66%, 6/15/2051 618,000 823,890 (SOFR + 2.58%), 3.96%, Baxalta, Inc., 11/26/2025(d) 200,000 209,815 4.00%, 6/23/2025 60,000 68,007 Franklin Resources, Inc., Biogen, Inc., 2.80%, 9/15/2022 500,000 520,314 3.63%, 9/15/2022 500,000 531,227 Goldman Sachs Group, Inc. 4.05%, 9/15/2025 195,000 223,538 (The), 2.25%, 5/1/2030 400,000 403,264 5.25%, 7/27/2021 500,000 525,003 5.20%, 9/15/2045 250,000 327,788 2.35%, 11/15/2021 500,000 503,182 3.15%, 5/1/2050 230,000 221,456 5.75%, 1/24/2022 1,000,000 1,078,840 Gilead Sciences, Inc., 3.63%, 1/22/2023(b) 750,000 803,816 3.70%, 4/1/2024(b) 1,000,000 1,106,247 3.20%, 2/23/2023 500,000 530,527 3.50%, 2/1/2025 240,000 267,143 (ICE LIBOR USD 3 Month + 3.65%, 3/1/2026 145,000 165,978 1.05%), 2.91%, 6/5/2023(d) 1,000,000 1,036,634 4.50%, 2/1/2045 500,000 650,165 3.85%, 7/8/2024 385,000 424,492 4.75%, 3/1/2046 500,000 675,748 3.50%, 4/1/2025 670,000 734,660 15,302,179 3.75%, 5/22/2025 500,000 553,988 (ICE LIBOR USD 3 Month + Building Products 0.1% 1.51%), 3.69%, 6/5/2028(d) 250,000 280,053 Allegion plc, 3.80%, 3/15/2030 500,000 567,575 3.50%, 10/1/2029(b) 250,000 262,125 6.45%, 5/1/2036 400,000 551,246 Carrier Global Corp., 6.75%, 10/1/2037 150,000 218,379 1.92%, 2/15/2023(c) 95,000 96,839 (ICE LIBOR USD 3 2.24%, 2/15/2025(c) 120,000 122,690 Month + 1.37%), 4.02%, 2.49%, 2/15/2027(c) 135,000 137,524 10/31/2038(d) 500,000 580,244 2.72%, 2/15/2030(c) 200,000 200,868 (ICE LIBOR USD 3 3.58%, 4/5/2050(c) 500,000 492,156 Month + 1.43%), 4.41%, Fortune Brands Home & 4/23/2039(d) 500,000 602,123 Security, Inc., 6.25%, 2/1/2041 350,000 524,760 3.25%, 9/15/2029 250,000 266,538 4.80%, 7/8/2044 500,000 654,577 Johnson Controls International 4.75%, 10/21/2045(b) 350,000 457,151 plc, Intercontinental Exchange, 3.90%, 2/14/2026(b) 183,000 203,573 Inc., 4.63%, 7/2/2044(f) 350,000 395,642 4.00%, 10/15/2023(b) 500,000 554,690 Owens Corning, 3.75%, 12/1/2025 160,000 170,129 4.30%, 7/15/2047 350,000 355,596 2.10%, 6/15/2030 165,000 167,657 2,533,551 4.25%, 9/21/2048 250,000 317,828 3.00%, 6/15/2050 75,000 76,796 Capital Markets 1.5% Jefferies Group LLC, Bank of New York Mellon 5.13%, 1/20/2023 250,000 271,305 Corp. (The), 4.85%, 1/15/2027 500,000 550,682 3.25%, 9/11/2024(b) 750,000 823,640 Legg Mason, Inc., 2.10%, 10/24/2024 250,000 263,427 4.75%, 3/15/2026 500,000 565,694 Series G, 3.00%, 2/24/2025 205,000 224,297 Moody's Corp., 3.00%, 10/30/2028 500,000 548,791 4.50%, 9/1/2022 150,000 161,083 Brookfield Finance, Inc., 3.25%, 5/20/2050 35,000 37,537 4.25%, 6/2/2026 500,000 562,501 Morgan Stanley, 4.85%, 3/29/2029 300,000 353,115 5.50%, 7/28/2021 250,000 263,252 Charles Schwab Corp. (The), 4.88%, 11/1/2022 500,000 543,731 4.00%, 2/1/2029(b) 500,000 589,970 4.10%, 5/22/2023 650,000 702,467 CME Group, Inc., Series F, 3.88%, 4/29/2024 625,000 691,110 3.00%, 3/15/2025 500,000 551,918 4.00%, 7/23/2025 215,000 243,777 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 17

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Capital Markets Chemicals

Morgan Stanley, FMC Corp., (SOFR + 1.99%), 2.19%, 3.45%, 10/1/2029 60,000 65,060 4/28/2026(d) 640,000 666,374 4.50%, 10/1/2049 85,000 100,976 3.13%, 7/27/2026 500,000 551,150 Lubrizol Corp. (The), 4.35%, 9/8/2026 500,000 576,540 6.50%, 10/1/2034 147,000 231,266 3.63%, 1/20/2027 750,000 846,781 LYB International Finance III 3.95%, 4/23/2027 500,000 562,740 LLC, (ICE LIBOR USD 3 3.38%, 5/1/2030 500,000 535,367 Month + 1.34%), 3.59%, LyondellBasell Industries NV, 7/22/2028(d) 500,000 562,240 6.00%, 11/15/2021 500,000 529,178 (ICE LIBOR USD 3 4.63%, 2/26/2055 250,000 279,555 Month + 1.14%), 3.77%, Mosaic Co. (The), 1/24/2029(d) 1,000,000 1,138,497 3.75%, 11/15/2021 250,000 255,894 (ICE LIBOR USD 3 4.25%, 11/15/2023 250,000 262,328 Month + 1.63%), 4.43%, 4.05%, 11/15/2027(b) 250,000 265,495 1/23/2030(d) 1,000,000 1,191,428 Nutrien Ltd., (SOFR + 3.12%), 3.62%, 3.15%, 10/1/2022 50,000 51,823 4/1/2031(d) 820,000 936,747 3.00%, 4/1/2025 150,000 160,717 7.25%, 4/1/2032 324,000 487,568 5.88%, 12/1/2036 125,000 153,522 4.30%, 1/27/2045 300,000 377,552 6.13%, 1/15/2041 150,000 192,771 (SOFR + 4.84%), 5.60%, 5.25%, 1/15/2045 350,000 432,616 3/24/2051(d) 100,000 152,138 PPG Industries, Inc., Nomura Holdings, Inc., 2.80%, 8/15/2029(b) 500,000 533,452 3.10%, 1/16/2030 500,000 520,797 Praxair, Inc., Raymond James Financial, 3.00%, 9/1/2021(b) 450,000 463,545 Inc., 3.20%, 1/30/2026 250,000 277,649 4.95%, 7/15/2046 250,000 302,422 RPM International, Inc., S&P Global, Inc., 3.45%, 11/15/2022 350,000 361,247 4.40%, 2/15/2026 500,000 588,484 Sherwin-Williams Co. (The), 2.50%, 12/1/2029(b) 80,000 86,483 3.95%, 1/15/2026(b) 1,000,000 1,128,353 3.25%, 12/1/2049 65,000 71,460 2.95%, 8/15/2029(b) 200,000 215,008 State Street Corp., Westlake Chemical Corp., 3.70%, 11/20/2023 500,000 554,583 4.38%, 11/15/2047 200,000 197,649 3.30%, 12/16/2024 310,000 345,238 10,305,105 2.40%, 1/24/2030(b) 200,000 215,087 TD Ameritrade Holding Corp., Commercial Services & Supplies 0.1% 2.95%, 4/1/2022 500,000 520,188 Ford Foundation (The), Series 2020, 2.42%, 35,902,334 6/1/2050 25,000 25,622 Chemicals 0.4% Republic Services, Inc., Air Products and Chemicals, 5.25%, 11/15/2021 800,000 850,170 Inc., 3.20%, 3/15/2025 500,000 547,819 1.50%, 10/15/2025 25,000 25,787 Waste Management, Inc., 1.85%, 5/15/2027(b) 105,000 110,019 3.50%, 5/15/2024 500,000 544,620 2.05%, 5/15/2030(b) 145,000 152,192 3.90%, 3/1/2035 130,000 153,859 2.70%, 5/15/2040(b) 65,000 68,391 4.15%, 7/15/2049 250,000 313,471 2.80%, 5/15/2050 40,000 42,026 2,435,561 Dow Chemical Co. (The), 3.50%, 10/1/2024 500,000 539,705 Communications Equipment 0.1% 9.40%, 5/15/2039 260,000 433,345 Cisco Systems, Inc., 4.80%, 5/15/2049 350,000 415,351 3.50%, 6/15/2025(b) 400,000 457,148 DuPont de Nemours, Inc., 5.90%, 2/15/2039(b) 500,000 745,078 5.42%, 11/15/2048 500,000 658,592 Motorola Solutions, Inc., Eastman Chemical Co., 4.00%, 9/1/2024 500,000 551,555 3.60%, 8/15/2022 100,000 104,395 1,753,781 4.65%, 10/15/2044 350,000 402,311 Construction Materials 0.0%† Ecolab, Inc., Martin Marietta Materials, Inc., 4.35%, 12/8/2021 122,000 128,869 Series CB, 2.50%, 3.25%, 1/14/2023 500,000 530,651 3/15/2030(b) 500,000 503,303 18 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Construction Materials Containers & Packaging 0.1% Vulcan Materials Co., Bemis Co., Inc., 4.50%, 6/15/2047 250,000 279,062 2.63%, 6/19/2030 50,000 51,264 782,365 International Paper Co., 3.80%, 1/15/2026 500,000 563,952 Consumer Finance 0.7% 6.00%, 11/15/2041 550,000 724,974 AerCap Ireland Capital DAC, Packaging Corp. of America, 3.95%, 2/1/2022 750,000 750,229 4.50%, 11/1/2023(b) 250,000 275,168 3.88%, 1/23/2028(b) 500,000 451,613 3.00%, 12/15/2029 50,000 54,143 Ally Financial, Inc., 4.05%, 12/15/2049(b) 100,000 119,348 4.13%, 2/13/2022 100,000 102,753 WRKCo, Inc., 4.63%, 5/19/2022 100,000 104,067 4.90%, 3/15/2029(b) 250,000 299,205 3.88%, 5/21/2024 600,000 620,384 4.63%, 3/30/2025 100,000 106,732 2,088,054 8.00%, 11/1/2031 150,000 193,549 Diversified Consumer Services 0.1% American Express Co., American University (The), 2.75%, 5/20/2022 1,000,000 1,038,238 Series 2019, 3.67%, 3.00%, 10/30/2024 500,000 540,742 4/1/2049 35,000 38,517 3.63%, 12/5/2024 500,000 553,971 Duke University, American Honda Finance Series 2020, 2.83%, Corp., 10/1/2055 110,000 115,718 1.95%, 5/20/2022(b) 100,000 102,287 George Washington University 2.60%, 11/16/2022 500,000 521,682 (The), 1.95%, 5/10/2023 175,000 180,126 Series 2018, 4.13%, 2.15%, 9/10/2024 500,000 522,344 9/15/2048 73,000 89,188 2.35%, 1/8/2027 100,000 105,572 Georgetown University (The), Capital One Financial Corp., Series 20A, 2.94%, 4.75%, 7/15/2021 300,000 312,820 4/1/2050 35,000 34,152 3.20%, 1/30/2023 1,000,000 1,053,169 Leland Stanford Junior 3.75%, 4/24/2024 700,000 758,479 University (The), 3.75%, 7/28/2026 250,000 273,171 2.41%, 6/1/2050 150,000 154,029 Caterpillar Financial Services Massachusetts Institute of Corp., Technology, 2.85%, 6/1/2022(b) 500,000 521,433 5.60%, 7/1/2111 100,000 175,775 3.30%, 6/9/2024 250,000 275,017 4.68%, 7/1/2114 75,000 109,473 2.15%, 11/8/2024(b) 500,000 530,642 Northwestern University, 3.25%, 12/1/2024(b) 500,000 553,839 Series 2020, 2.64%, Discover Financial Services, 12/1/2050 28,000 29,472 4.10%, 2/9/2027 250,000 273,248 President and Fellows of General Motors Financial Co., Harvard College, Inc., 3.15%, 7/15/2046 75,000 86,241 4.38%, 9/25/2021 500,000 513,515 3.30%, 7/15/2056 200,000 242,993 4.20%, 11/6/2021 500,000 512,761 Trustees of Boston University, 3.55%, 7/8/2022 400,000 410,105 Series CC, 4.06%, 5.25%, 3/1/2026 1,055,000 1,149,775 10/1/2048 16,000 20,172 4.35%, 1/17/2027 200,000 206,941 Trustees of Princeton John Deere Capital Corp., University (The), 3.13%, 9/10/2021 250,000 257,870 Series 2020, 2.52%, 2.65%, 1/6/2022(b) 640,000 661,178 7/1/2050 84,000 87,054 2.25%, 9/14/2026 250,000 270,401 Yale University, Synchrony Financial, Series 2020, 2.40%, 4.25%, 8/15/2024 350,000 367,546 4/15/2050 61,000 62,725 4.50%, 7/23/2025 375,000 398,439 Toyota Motor Credit Corp., 1,245,509 2.60%, 1/11/2022(b) 500,000 515,435 Diversified Financial Services 0.4% 3.30%, 1/12/2022 500,000 520,824 Berkshire Hathaway, Inc., 1.80%, 2/13/2025 500,000 518,265 3.40%, 1/31/2022 500,000 524,100 3.20%, 1/11/2027 200,000 222,578 4.50%, 2/11/2043 250,000 335,524 2.15%, 2/13/2030(b) 500,000 525,894 Block Financial LLC, 17,497,634 5.50%, 11/1/2022 250,000 266,418 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 19

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Diversified Financial Services Diversified Telecommunication Services Equitable Holdings, Inc., Deutsche Telekom 7.00%, 4/1/2028 133,000 163,490 International Finance BV, 4.35%, 4/20/2028(b) 650,000 730,744 8.75%, 6/15/2030(f) 369,000 577,248 GE Capital Funding LLC, Orange SA, 4.40%, 5/15/2030(c) 200,000 208,121 9.00%, 3/1/2031(f) 407,000 664,017 GE Capital International 5.38%, 1/13/2042 250,000 350,143 Funding Co. Unlimited Co., Telefonica Emisiones SA, 3.37%, 11/15/2025 248,000 260,219 4.57%, 4/27/2023 700,000 768,701 4.42%, 11/15/2035 1,283,000 1,304,495 5.21%, 3/8/2047 450,000 560,487 Jefferies Financial Group, Inc., 5.52%, 3/1/2049 500,000 657,568 5.50%, 10/18/2023 250,000 271,168 TELUS Corp., National Rural Utilities 2.80%, 2/16/2027 500,000 529,142 Cooperative Finance Corp., 4.30%, 6/15/2049 250,000 290,443 3.70%, 3/15/2029 500,000 574,770 Verizon Communications, Inc., 2.40%, 3/15/2030 185,000 197,379 5.15%, 9/15/2023 250,000 284,681 8.00%, 3/1/2032 159,000 250,193 3.38%, 2/15/2025 996,000 1,108,192 Shell International Finance 4.13%, 3/16/2027 250,000 294,881 BV, 4.33%, 9/21/2028 783,000 942,358 3.40%, 8/12/2023 1,000,000 1,078,903 3.88%, 2/8/2029 110,000 130,009 2.88%, 5/10/2026(b) 500,000 548,467 4.27%, 1/15/2036 500,000 618,345 2.38%, 11/7/2029 250,000 263,802 4.81%, 3/15/2039 1,385,000 1,809,193 4.13%, 5/11/2035 500,000 604,179 6.55%, 9/15/2043 550,000 874,564 6.38%, 12/15/2038 250,000 374,832 4.52%, 9/15/2048(b) 750,000 992,108 4.55%, 8/12/2043(b) 500,000 622,493 5.01%, 4/15/2049 374,000 521,615 3.75%, 9/12/2046 500,000 562,866 25,068,922 Voya Financial, Inc., 3.65%, 6/15/2026 250,000 277,048 Electric Utilities 1.6% Alabama Power Co., 9,419,211 5.70%, 2/15/2033(b) 224,000 304,045 Diversified Telecommunication Services 1.0% 4.15%, 8/15/2044 350,000 418,516 AT&T, Inc., Arizona Public Service Co., 3.80%, 3/15/2022 750,000 789,663 2.60%, 8/15/2029(b) 500,000 528,140 3.00%, 6/30/2022 500,000 522,156 3.50%, 12/1/2049 200,000 216,559 4.45%, 4/1/2024 500,000 561,761 Baltimore Gas and Electric 3.95%, 1/15/2025 500,000 559,579 Co., 3.40%, 5/15/2025 250,000 274,740 3.20%, 9/15/2049(b) 115,000 122,398 3.60%, 7/15/2025 500,000 555,438 2.90%, 6/15/2050 60,000 61,352 4.13%, 2/17/2026 250,000 284,901 CenterPoint Energy Houston 3.80%, 2/15/2027 500,000 563,136 Electric LLC, 4.35%, 3/1/2029 1,000,000 1,165,958 4.50%, 4/1/2044 500,000 635,523 4.30%, 2/15/2030 500,000 585,974 Series AD, 2.90%, 7/1/2050 60,000 62,487 4.50%, 5/15/2035 310,000 367,877 Cleco Corporate Holdings 5.25%, 3/1/2037 750,000 927,338 LLC, 4.85%, 3/1/2039 500,000 603,062 3.38%, 9/15/2029(c) 250,000 260,224 5.35%, 9/1/2040 395,000 496,597 Cleveland Electric Illuminating 5.55%, 8/15/2041 400,000 516,086 Co. (The), 5.38%, 10/15/2041 200,000 250,792 5.50%, 8/15/2024 400,000 471,625 5.15%, 3/15/2042 150,000 187,231 Commonwealth Edison Co., 4.30%, 12/15/2042 603,000 674,864 4.35%, 11/15/2045 200,000 253,579 4.65%, 6/1/2044 250,000 285,763 3.65%, 6/15/2046 250,000 293,438 4.80%, 6/15/2044 500,000 592,120 4.00%, 3/1/2048 500,000 608,267 4.35%, 6/15/2045 173,000 194,683 Series 127, 3.20%, 4.75%, 5/15/2046 500,000 599,420 11/15/2049 155,000 167,670 5.15%, 11/15/2046 251,000 310,901 Dominion Energy South 4.50%, 3/9/2048(b) 366,000 432,641 Carolina, Inc., 5.15%, 2/15/2050 300,000 384,684 6.05%, 1/15/2038 150,000 217,909 British Telecommunications 5.10%, 6/1/2065 100,000 147,341 plc, DTE Electric Co., 9.63%, 12/15/2030(f) 250,000 407,862 4.30%, 7/1/2044 500,000 622,646 3.70%, 3/15/2045 145,000 166,765 20 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Electric Utilities Electric Utilities Duke Energy Carolinas LLC, Hydro-Quebec, 2.95%, 12/1/2026 500,000 555,316 8.40%, 1/15/2022 220,000 246,243 2.45%, 2/1/2030 100,000 107,394 Series GF, 8.88%, 3/1/2026 156,000 222,962 4.25%, 12/15/2041 300,000 369,559 Iberdrola International BV, 3.70%, 12/1/2047 500,000 588,933 5.81%, 3/15/2025 118,000 140,435 3.20%, 8/15/2049 50,000 55,739 Indiana Michigan Power Co., Duke Energy Corp., Series K, 4.55%, 3/15/2046 350,000 443,561 3.05%, 8/15/2022 350,000 364,421 Interstate Power and Light 2.45%, 6/1/2030 300,000 316,162 Co., Duke Energy Florida LLC, 3.60%, 4/1/2029 623,000 700,533 3.20%, 1/15/2027 250,000 279,265 Louisville Gas and Electric 2.50%, 12/1/2029(b) 70,000 75,659 Co., 3.40%, 10/1/2046 500,000 556,546 4.25%, 4/1/2049 250,000 303,333 Duke Energy Ohio, Inc., MidAmerican Energy Co., 2.13%, 6/1/2030 155,000 161,323 5.80%, 10/15/2036 550,000 793,728 Duke Energy Progress LLC, 4.80%, 9/15/2043 500,000 663,021 4.15%, 12/1/2044 500,000 610,278 Nevada Power Co., 4.20%, 8/15/2045 500,000 618,119 Series DD, 2.40%, 5/1/2030 100,000 105,493 Edison International, 5.45%, 5/15/2041(b) 150,000 194,886 3.55%, 11/15/2024 175,000 184,434 Series EE, 3.13%, 4.13%, 3/15/2028(b) 500,000 528,836 8/1/2050(b) 100,000 108,418 Emera US Finance LP, NextEra Energy Capital 4.75%, 6/15/2046 200,000 237,139 Holdings, Inc., Entergy Corp., 2.75%, 11/1/2029 245,000 263,608 4.00%, 7/15/2022 400,000 424,551 Northern States Power Co., 2.80%, 6/15/2030 80,000 84,540 2.15%, 8/15/2022 250,000 256,898 3.75%, 6/15/2050(b) 35,000 38,841 4.00%, 8/15/2045 165,000 200,384 Entergy Texas, Inc., NSTAR Electric Co., 4.00%, 3/30/2029 750,000 875,314 2.38%, 10/15/2022 500,000 517,418 3.55%, 9/30/2049 200,000 220,262 3.95%, 4/1/2030(b) 500,000 603,800 Evergy Kansas Central, Inc., Oncor Electric Delivery Co. 4.10%, 4/1/2043 200,000 237,542 LLC, Evergy Metro, Inc., 4.55%, 12/1/2041 150,000 190,802 3.65%, 8/15/2025 500,000 563,456 5.30%, 6/1/2042 150,000 208,481 Evergy, Inc., 3.10%, 9/15/2049 250,000 275,616 2.90%, 9/15/2029 250,000 266,928 Pacific Gas and Electric Co., Eversource Energy, 2.50%, 2/1/2031 150,000 146,749 Series K, 2.75%, 3/15/2022 500,000 518,210 PacifiCorp, Series H, 3.15%, 1/15/2025 245,000 266,051 5.25%, 6/15/2035 177,000 243,884 Series O, 4.25%, 4/1/2029 400,000 475,390 PECO Energy Co., Exelon Corp., 1.70%, 9/15/2021 500,000 507,339 5.63%, 6/15/2035 400,000 525,531 3.70%, 9/15/2047 250,000 295,280 FirstEnergy Corp., Potomac Electric Power Co., Series A, 2.85%, 7/15/2022 500,000 518,528 4.15%, 3/15/2043 200,000 241,466 Series A, 1.60%, 1/15/2026 90,000 90,794 PPL Capital Funding, Inc., Series B, 3.90%, 7/15/2027 500,000 565,636 4.13%, 4/15/2030 500,000 568,985 2.65%, 3/1/2030 400,000 417,509 5.00%, 3/15/2044 250,000 295,207 Series B, 2.25%, Progress Energy, Inc., 9/1/2030(b) 125,000 125,687 7.75%, 3/1/2031 236,000 340,165 Series C, 4.85%, 7/15/2047 200,000 253,451 Public Service Co. of Florida Power & Light Co., Colorado, 2.85%, 4/1/2025 60,000 65,746 Series 35, 1.90%, 1/15/2031 200,000 204,039 3.13%, 12/1/2025 500,000 555,984 4.30%, 3/15/2044 250,000 317,110 5.65%, 2/1/2037 450,000 632,435 Series 34, 3.20%, 3/1/2050 200,000 223,579 4.13%, 2/1/2042 250,000 311,060 Series 36, 2.70%, 1/15/2051 200,000 204,757 3.95%, 3/1/2048 500,000 628,710 Public Service Electric and Georgia Power Co., Gas Co., Series A, 2.20%, 9/15/2024 1,000,000 1,049,535 3.95%, 5/1/2042 400,000 480,707 4.30%, 3/15/2042 500,000 580,681 3.20%, 8/1/2049 250,000 278,534 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 21

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Electric Utilities Energy Equipment & Services Southern California Edison Halliburton Co., Co., 3.80%, 11/15/2025(b) 133,000 143,656 Series B, 2.40%, 2/1/2022 500,000 507,736 6.70%, 9/15/2038 300,000 355,847 Series C, 3.50%, 5.00%, 11/15/2045 500,000 513,261 10/1/2023(b) 500,000 535,330 National Oilwell Varco, Inc., 6.00%, 1/15/2034 177,000 238,162 3.95%, 12/1/2042 350,000 292,501 4.00%, 4/1/2047 400,000 455,817 1,938,755 Series B, 4.88%, 3/1/2049 500,000 653,944 Southern Co. (The), Entertainment 0.2% 3.25%, 7/1/2026 295,000 326,919 NBCUniversal Media LLC, 4.40%, 7/1/2046 200,000 237,340 2.88%, 1/15/2023(b) 350,000 373,432 Southwestern Electric Power 5.95%, 4/1/2041 200,000 296,831 Co., TWDC Enterprises 18 Corp., Series L, 3.85%, 2/1/2048 750,000 803,459 3.15%, 9/17/2025 325,000 358,787 Tampa Electric Co., 3.00%, 2/13/2026 150,000 165,274 3.63%, 6/15/2050(b) 40,000 46,252 3.00%, 7/30/2046 150,000 152,746 Union Electric Co., Walt Disney Co. (The), 3.65%, 4/15/2045 250,000 284,676 3.35%, 3/24/2025 300,000 332,561 3.25%, 10/1/2049 250,000 272,138 1.75%, 1/13/2026 100,000 102,885 Virginia Electric and Power 2.00%, 9/1/2029 300,000 305,705 Co., 2.65%, 1/13/2031(b) 600,000 635,795 3.45%, 9/1/2022 500,000 525,060 6.55%, 3/15/2033 300,000 442,512 Series B, 4.20%, 5/15/2045 200,000 243,364 6.20%, 12/15/2034 245,000 354,021 3.30%, 12/1/2049 50,000 55,411 6.65%, 11/15/2037 150,000 224,739 Wisconsin Electric Power Co., 3.50%, 5/13/2040 100,000 109,218 2.95%, 9/15/2021 300,000 306,867 5.40%, 10/1/2043 500,000 678,927 5.63%, 5/15/2033(b) 59,000 86,057 4.70%, 3/23/2050 200,000 257,833 Xcel Energy, Inc., 3.60%, 1/13/2051 500,000 556,970 3.30%, 6/1/2025 500,000 549,523 5,348,236 6.50%, 7/1/2036 177,000 257,400 Equity Real Estate Investment Trusts (REITs) 0.8% 38,632,855 Alexandria Real Estate Electrical Equipment 0.1% Equities, Inc., ABB Finance USA, Inc., 4.85%, 4/15/2049 500,000 655,359 4.38%, 5/8/2042 100,000 126,405 American Campus Eaton Corp., Communities Operating 2.75%, 11/2/2022 750,000 788,864 Partnership LP, 3.10%, 9/15/2027 500,000 552,553 2.85%, 2/1/2030(b) 250,000 241,472 American Tower Corp., 1,467,822 3.50%, 1/31/2023 250,000 267,116 Electronic Equipment, Instruments & Components 0.1% 2.40%, 3/15/2025(b) 125,000 131,965 Amphenol Corp., 4.40%, 2/15/2026 40,000 46,205 2.80%, 2/15/2030 250,000 265,821 3.95%, 3/15/2029 1,000,000 1,138,202 Arrow Electronics, Inc., 2.90%, 1/15/2030 110,000 117,407 4.50%, 3/1/2023 250,000 265,462 AvalonBay Communities, Inc., Corning, Inc., 3.45%, 6/1/2025 695,000 775,175 4.38%, 11/15/2057 500,000 574,595 3.30%, 6/1/2029 20,000 22,542 Keysight Technologies, Inc., 2.45%, 1/15/2031 210,000 223,344 3.00%, 10/30/2029 75,000 81,143 Boston Properties LP, Tyco Electronics Group SA, 3.80%, 2/1/2024 250,000 271,151 3.50%, 2/3/2022 300,000 311,912 2.75%, 10/1/2026 750,000 803,599 2.90%, 3/15/2030 100,000 104,516 1,498,933 Brixmor Operating Partnership Energy Equipment & Services 0.1% LP, Baker Hughes a GE Co. LLC, 3.65%, 6/15/2024 500,000 518,050 3.34%, 12/15/2027 285,000 303,659 CC Holdings GS V LLC, 3.14%, 11/7/2029 85,000 88,883 3.85%, 4/15/2023 250,000 270,007 Baker Hughes Holdings LLC, Crown Castle International 5.13%, 9/15/2040(b) 200,000 240,948 Corp., 3.70%, 6/15/2026 60,000 67,136 22 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Equity Real Estate Investment Trusts (REITs) Equity Real Estate Investment Trusts (REITs)

Crown Castle International Prologis LP,

Corp., 3.00%, 4/15/2050 65,000 68,718 3.65%, 9/1/2027(b) 750,000 838,146 Realty Income Corp., 3.10%, 11/15/2029(b) 260,000 278,717 3.25%, 10/15/2022 350,000 366,593 CubeSmart LP, 3.25%, 1/15/2031 115,000 124,419 3.00%, 2/15/2030 250,000 265,307 Regency Centers LP, CyrusOne LP, 2.95%, 9/15/2029 50,000 50,752 2.90%, 11/15/2024 50,000 52,462 3.70%, 6/15/2030(b) 300,000 323,654 3.45%, 11/15/2029 50,000 52,047 Sabra Health Care LP, Duke Realty LP, 3.90%, 10/15/2029 250,000 227,250 2.88%, 11/15/2029 125,000 136,189 Simon Property Group LP, 1.75%, 7/1/2030 65,000 64,570 3.38%, 10/1/2024 500,000 537,884 Equinix, Inc., 2.45%, 9/13/2029(b) 250,000 247,125 2.63%, 11/18/2024 80,000 85,169 4.25%, 11/30/2046 500,000 541,246 3.20%, 11/18/2029 105,000 114,194 SITE Centers Corp., ERP Operating LP, 3.63%, 2/1/2025 500,000 506,707 3.00%, 4/15/2023 500,000 525,258 Spirit Realty LP, 2.50%, 2/15/2030 100,000 106,788 4.00%, 7/15/2029(b) 215,000 211,886 4.50%, 7/1/2044 350,000 456,479 3.40%, 1/15/2030(b) 250,000 236,567 Essex Portfolio LP, UDR, Inc., 4.00%, 3/1/2029 100,000 116,245 3.00%, 8/15/2031 250,000 266,654 3.00%, 1/15/2030 75,000 81,751 Ventas Realty LP, 2.65%, 3/15/2032 35,000 36,916 3.13%, 6/15/2023 500,000 514,562 Federal Realty Investment 4.00%, 3/1/2028 250,000 264,918 Trust, 3.00%, 1/15/2030 100,000 99,077 3.50%, 6/1/2030 200,000 210,960 Welltower, Inc., GLP Capital LP, 4.25%, 4/1/2026 500,000 560,324 5.30%, 1/15/2029 500,000 541,040 3.10%, 1/15/2030(b) 100,000 103,724 Healthcare Trust of America Weyerhaeuser Co., Holdings LP, 7.38%, 3/15/2032 500,000 691,648 3.10%, 2/15/2030 250,000 252,233 WP Carey, Inc., Healthpeak Properties, Inc., 3.85%, 7/15/2029 120,000 124,781 4.25%, 11/15/2023 12,000 13,062 20,335,270 3.50%, 7/15/2029 125,000 136,137 3.00%, 1/15/2030 180,000 188,149 Food & Staples Retailing 0.4% Highwoods Realty LP, Kroger Co. (The), 3.05%, 2/15/2030 250,000 248,863 4.00%, 2/1/2024 500,000 551,746 Host Hotels & Resorts LP, 7.50%, 4/1/2031 257,000 373,661 Series D, 3.75%, 5.40%, 7/15/2040 200,000 255,326 10/15/2023(b) 525,000 535,832 5.40%, 1/15/2049 50,000 69,950 Series E, 4.00%, 6/15/2025 375,000 389,083 3.95%, 1/15/2050 100,000 114,597 Series H, 3.38%, Sysco Corp., 12/15/2029 100,000 95,624 3.75%, 10/1/2025 145,000 158,759 Kilroy Realty LP, 3.30%, 7/15/2026 255,000 273,096 3.05%, 2/15/2030 100,000 99,229 2.40%, 2/15/2030(b) 300,000 296,551 Kimco Realty Corp., 5.95%, 4/1/2030 500,000 628,053 3.13%, 6/1/2023 500,000 509,798 4.85%, 10/1/2045 150,000 173,820 4.45%, 9/1/2047 250,000 256,070 Walgreens Boots Alliance, Mid-America Apartments LP, Inc., 2.75%, 3/15/2030 50,000 52,886 3.45%, 6/1/2026 55,000 59,576 National Retail Properties, 3.20%, 4/15/2030(b) 500,000 516,552 Inc., 4.50%, 11/18/2034 400,000 447,165 2.50%, 4/15/2030 500,000 477,516 4.80%, 11/18/2044 150,000 162,425 Omega Healthcare Investors, Walmart, Inc., Inc., 2.55%, 4/11/2023(b) 750,000 791,240 4.50%, 4/1/2027(b) 550,000 576,220 3.30%, 4/22/2024 725,000 796,787 3.63%, 10/1/2029 100,000 97,896 2.65%, 12/15/2024 500,000 542,604 Prologis LP, 3.05%, 7/8/2026 500,000 564,668 4.25%, 8/15/2023 500,000 554,220 3.70%, 6/26/2028 200,000 236,831 2.25%, 4/15/2030 160,000 168,479 7.55%, 2/15/2030 118,000 180,803 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 23

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Food & Staples Retailing Gas Utilities

Walmart, Inc., Washington Gas Light Co., 3.63%, 12/15/2047 500,000 615,457 3.65%, 9/15/2049 100,000 110,708 4.05%, 6/29/2048 500,000 657,924 1,833,221 2.95%, 9/24/2049 250,000 281,971 Health Care Equipment & Supplies 0.4% 8,749,562 Abbott Laboratories, Food Products 0.3% 2.55%, 3/15/2022 215,000 222,908 Archer-Daniels-Midland Co., 3.88%, 9/15/2025 90,000 103,553 4.02%, 4/16/2043 345,000 407,471 3.75%, 11/30/2026 498,000 579,410 Campbell Soup Co., 1.15%, 1/30/2028(b) 90,000 90,207 4.15%, 3/15/2028 500,000 575,596 1.40%, 6/30/2030(b) 95,000 94,530 Conagra Brands, Inc., 5.30%, 5/27/2040 500,000 724,321 7.00%, 10/1/2028 221,000 294,436 4.90%, 11/30/2046 250,000 358,916 5.30%, 11/1/2038 250,000 326,928 Baxter International, Inc., General Mills, Inc., 2.60%, 8/15/2026 460,000 505,045 3.15%, 12/15/2021 750,000 772,880 Becton Dickinson and Co., 4.20%, 4/17/2028 500,000 591,869 3.13%, 11/8/2021 350,000 359,614 4.15%, 2/15/2043 100,000 121,365 3.30%, 3/1/2023 100,000 104,645 Hershey Co. (The), 3.73%, 12/15/2024 570,000 628,792 2.45%, 11/15/2029(b) 250,000 271,219 3.70%, 6/6/2027 326,000 364,373 J M Smucker Co. (The), 4.67%, 6/6/2047 200,000 245,237 3.50%, 10/15/2021(b) 200,000 207,766 3.79%, 5/20/2050 200,000 222,136 4.25%, 3/15/2035 400,000 471,645 Boston Scientific Corp., Kellogg Co., 3.85%, 5/15/2025 255,000 286,783 3.25%, 4/1/2026 125,000 139,148 4.00%, 3/1/2029 500,000 572,115 4.50%, 4/1/2046 250,000 308,249 4.70%, 3/1/2049 150,000 191,367 Mead Johnson Nutrition Co., Danaher Corp., 4.60%, 6/1/2044 250,000 318,437 3.35%, 9/15/2025(b) 250,000 278,880 Mondelez International, Inc., DH Europe Finance II Sarl, 1.50%, 5/4/2025 60,000 61,202 2.60%, 11/15/2029 100,000 106,421 3.63%, 2/13/2026(b) 300,000 338,436 3.25%, 11/15/2039 100,000 110,470 2.75%, 4/13/2030 200,000 215,288 3.40%, 11/15/2049 140,000 157,730 Tyson Foods, Inc., Koninklijke Philips NV, 4.50%, 6/15/2022 200,000 213,252 5.00%, 3/15/2042 250,000 322,786 3.95%, 8/15/2024(b) 500,000 553,634 Medtronic, Inc., 3.55%, 6/2/2027 500,000 553,134 3.15%, 3/15/2022 400,000 419,396 4.55%, 6/2/2047 100,000 122,907 3.63%, 3/15/2024 275,000 303,203 5.10%, 9/28/2048 250,000 321,548 4.38%, 3/15/2035 350,000 457,298 Unilever Capital Corp., 4.63%, 3/15/2045 300,000 404,036 2.00%, 7/28/2026 500,000 531,812 Stryker Corp., 5.90%, 11/15/2032 206,000 297,817 3.38%, 11/1/2025 160,000 178,985 8,016,039 3.50%, 3/15/2026 70,000 78,722 4.63%, 3/15/2046 400,000 513,572 Gas Utilities 0.1% Zimmer Biomet Holdings, Inc., Atmos Energy Corp., 3.38%, 11/30/2021 200,000 206,039 3.00%, 6/15/2027(b) 500,000 551,555 4.45%, 8/15/2045 150,000 162,989 3.38%, 9/15/2049(b) 160,000 179,796 Dominion Energy Gas 9,354,479 Holdings LLC, Health Care Providers & Services 1.1% Series A, 2.50%, 11/15/2024 100,000 105,622 Advocate Health & Hospitals Series B, 3.00%, Corp., 11/15/2029 200,000 214,207 4.27%, 8/15/2048 57,000 73,100 Series C, 3.90%, Series 2020, 3.01%, 11/15/2049 100,000 104,997 6/15/2050 66,000 68,157 National Fuel Gas Co., Aetna, Inc., 3.75%, 3/1/2023 250,000 254,807 2.80%, 6/15/2023 500,000 527,116 ONE Gas, Inc., 3.50%, 11/15/2024 500,000 541,808 4.66%, 2/1/2044 250,000 311,529 6.63%, 6/15/2036 250,000 353,660 24 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Health Care Providers & Services Health Care Providers & Services

Allina Health System, Humana, Inc., Series 2019, 3.89%, 3.95%, 8/15/2049 150,000 176,749 4/15/2049 50,000 59,844 Johns Hopkins Health System AmerisourceBergen Corp., Corp. (The), 4.30%, 12/15/2047 200,000 224,414 3.84%, 5/15/2046 20,000 24,011 Anthem, Inc., Kaiser Foundation Hospitals, 3.70%, 8/15/2021 100,000 102,656 4.88%, 4/1/2042 250,000 340,375 2.38%, 1/15/2025 160,000 169,815 Series 2019, 3.27%, 4.10%, 3/1/2028 750,000 878,932 11/1/2049 122,000 136,286 2.25%, 5/15/2030 200,000 205,177 Laboratory Corp. of America 4.63%, 5/15/2042 250,000 311,154 Holdings, 5.10%, 1/15/2044 300,000 395,014 3.75%, 8/23/2022 350,000 369,260 4.65%, 8/15/2044 250,000 316,569 2.95%, 12/1/2029(b) 250,000 265,399 3.13%, 5/15/2050 215,000 222,414 McKesson Corp., Ascension Health, 3.95%, 2/16/2028(b) 250,000 285,951 Series B, 3.11%, 11/15/2039 34,000 37,216 Memorial Sloan-Kettering Banner Health, Cancer Center, Series 2020, 3.18%, Series 2020, 2.96%, 1/1/2050 39,000 41,935 1/1/2050 57,000 61,201 Cardinal Health, Inc., Mount Sinai Hospitals Group, 3.75%, 9/15/2025 340,000 379,304 Inc., 3.41%, 6/15/2027 500,000 558,858 Series 2017, 3.98%, 4.37%, 6/15/2047 200,000 221,501 7/1/2048 33,000 36,512 Cigna Corp., Northwell Healthcare, Inc., 3.90%, 2/15/2022(c) 150,000 157,635 4.26%, 11/1/2047 35,000 38,284 3.00%, 7/15/2023(c) 500,000 531,512 Partners Healthcare System, 3.50%, 6/15/2024(c) 500,000 546,144 Inc., 3.25%, 4/15/2025(c) 250,000 272,887 Series 2017, 3.77%, 3.05%, 10/15/2027(c) 400,000 434,729 7/1/2048 43,000 50,050 4.38%, 10/15/2028 300,000 355,047 Series 2020, 3.19%, 4.80%, 7/15/2046(c) 250,000 313,890 7/1/2049 100,000 106,098 4.90%, 12/15/2048 600,000 790,868 Providence St Joseph Health CommonSpirit Health, Obligated Group, 3.82%, 10/1/2049(b) 108,000 114,729 Series A, 3.93%, 10/1/2048 38,000 44,392 4.19%, 10/1/2049 37,000 37,681 Quest Diagnostics, Inc., CVS Health Corp., 3.50%, 3/30/2025 370,000 406,625 3.70%, 3/9/2023 750,000 805,451 4.20%, 6/30/2029 100,000 116,497 3.38%, 8/12/2024 500,000 544,630 2.95%, 6/30/2030 75,000 79,192 4.10%, 3/25/2025 500,000 565,471 Stanford Health Care, 3.63%, 4/1/2027 55,000 61,764 Series 2018, 3.80%, 4.30%, 3/25/2028 500,000 584,784 11/15/2048 30,000 36,565 3.75%, 4/1/2030 405,000 466,603 Sutter Health, 4.88%, 7/20/2035(b) 500,000 631,707 Series 2018, 3.70%, 4.78%, 3/25/2038 400,000 497,041 8/15/2028 40,000 44,751 4.13%, 4/1/2040 200,000 236,086 Series 2018, 4.09%, 5.13%, 7/20/2045 500,000 644,250 8/15/2048 50,000 58,767 5.05%, 3/25/2048 1,000,000 1,309,893 Trinity Health Corp., 4.25%, 4/1/2050 85,000 101,570 Series 2019, 3.43%, Duke University Health 12/1/2048 62,000 67,534 System, Inc., UnitedHealth Group, Inc., Series 2017, 3.92%, 1.25%, 1/15/2026 40,000 40,737 6/1/2047 345,000 430,630 3.38%, 4/15/2027 500,000 569,905 HCA, Inc., 2.95%, 10/15/2027 500,000 557,809 5.00%, 3/15/2024 1,000,000 1,111,501 3.88%, 12/15/2028(b) 500,000 598,522 4.13%, 6/15/2029 250,000 275,772 2.00%, 5/15/2030 60,000 62,816 5.13%, 6/15/2039 30,000 34,969 4.63%, 7/15/2035 105,000 137,373 5.50%, 6/15/2047 350,000 426,227 5.80%, 3/15/2036 708,000 1,001,004 5.25%, 6/15/2049(b) 200,000 239,613 2.75%, 5/15/2040 50,000 53,527 Humana, Inc., 3.95%, 10/15/2042 250,000 299,515 3.15%, 12/1/2022 1,000,000 1,047,973 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 25

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Health Care Providers & Services Household Products

UnitedHealth Group, Inc., Procter & Gamble Co. (The), 4.75%, 7/15/2045 250,000 336,727 2.15%, 8/11/2022 1,000,000 1,038,116 3.70%, 8/15/2049(b) 500,000 591,532 2.85%, 8/11/2027 250,000 281,444 2.90%, 5/15/2050 40,000 42,241 3.50%, 10/25/2047 250,000 306,935 3.13%, 5/15/2060 100,000 107,049 3.60%, 3/25/2050 300,000 376,971 Willis-Knighton Medical 3,817,791 Center, Series 2018, 4.81%, Independent Power and Renewable Electricity Producers 9/1/2048 41,000 51,548 0.0%† Oglethorpe Power Corp., 26,454,505 5.25%, 9/1/2050 200,000 233,179 Hotels, Restaurants & Leisure 0.3% Southern Power Co., Las Vegas Sands Corp., Series E, 2.50%, 3.20%, 8/8/2024 50,000 49,828 12/15/2021 500,000 512,566 3.50%, 8/18/2026 55,000 54,844 745,745 3.90%, 8/8/2029 40,000 39,460 Marriott International, Inc., Industrial Conglomerates 0.3% Series EE, 5.75%, 5/1/2025 300,000 325,907 3M Co., McDonald's Corp., 2.00%, 2/14/2025 200,000 210,624 3.30%, 7/1/2025 30,000 33,328 3.00%, 8/7/2025 400,000 442,680 3.70%, 1/30/2026 250,000 283,421 2.38%, 8/26/2029 200,000 216,151 3.50%, 7/1/2027 500,000 567,744 3.05%, 4/15/2030(b) 300,000 339,637 3.80%, 4/1/2028 500,000 584,185 5.70%, 3/15/2037 415,000 588,876 2.63%, 9/1/2029(b) 250,000 267,681 3.25%, 8/26/2049(b) 90,000 100,123 3.60%, 7/1/2030 350,000 402,654 General Electric Co., 4.70%, 12/9/2035 400,000 502,063 2.70%, 10/9/2022 250,000 259,761 4.88%, 7/15/2040 250,000 314,552 3.10%, 1/9/2023 144,000 150,811 4.88%, 12/9/2045 250,000 319,920 3.38%, 3/11/2024(b) 500,000 533,297 3.63%, 9/1/2049 200,000 219,447 3.45%, 5/15/2024 144,000 153,436 4.20%, 4/1/2050 200,000 242,486 6.75%, 3/15/2032 323,000 392,947 Sands China Ltd., 6.15%, 8/7/2037 201,000 234,261 4.60%, 8/8/2023 500,000 526,400 5.88%, 1/14/2038 144,000 162,531 5.40%, 8/8/2028 200,000 220,756 6.88%, 1/10/2039 200,000 245,696 Starbucks Corp., 4.25%, 5/1/2040 400,000 398,031 1.30%, 5/7/2022 40,000 40,569 4.13%, 10/9/2042 48,000 45,828 3.50%, 3/1/2028 750,000 844,094 4.35%, 5/1/2050 300,000 296,701 2.55%, 11/15/2030 200,000 209,790 Honeywell International, Inc., 4.45%, 8/15/2049 250,000 302,106 1.35%, 6/1/2025 40,000 40,966 3.50%, 11/15/2050 200,000 210,719 2.50%, 11/1/2026 500,000 550,786 2.70%, 8/15/2029 500,000 551,335 6,561,954 2.80%, 6/1/2050 90,000 96,585 Household Durables 0.0%† Roper Technologies, Inc., DR Horton, Inc., 2.35%, 9/15/2024 50,000 52,698 2.50%, 10/15/2024 215,000 224,558 2.95%, 9/15/2029 90,000 98,309 Whirlpool Corp., Trane Technologies 3.70%, 5/1/2025 500,000 547,949 Luxembourg Finance SA, 772,507 4.50%, 3/21/2049 250,000 299,065 6,461,135 Household Products 0.2% Clorox Co. (The), Insurance 0.8% 3.80%, 11/15/2021 500,000 521,201 Aflac, Inc., Colgate-Palmolive Co., 3.60%, 4/1/2030(b) 500,000 581,869 2.45%, 11/15/2021 150,000 154,369 Alleghany Corp., Kimberly-Clark Corp., 4.95%, 6/27/2022 400,000 426,147 2.40%, 6/1/2023(b) 500,000 525,437 Allstate Corp. (The), 2.65%, 3/1/2025 105,000 113,184 4.50%, 6/15/2043 250,000 316,672 6.63%, 8/1/2037 130,000 205,122 (ICE LIBOR USD 3 3.20%, 7/30/2046(b) 165,000 186,412 Month + 2.12%), 6.50%, 2.88%, 2/7/2050 100,000 108,600 5/15/2057(d) 195,000 236,412 26 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Insurance Insurance

American International Group, Progressive Corp. (The), Inc., 6.25%, 12/1/2032 162,000 230,734 3.90%, 4/1/2026 475,000 536,665 3.70%, 1/26/2045 250,000 292,402 4.25%, 3/15/2029 500,000 572,482 Prudential Financial, Inc., 3.88%, 1/15/2035 250,000 286,550 (ICE LIBOR USD 3 4.80%, 7/10/2045 150,000 182,174 Month + 3.92%), 5.63%, 4.38%, 6/30/2050(b) 200,000 231,288 6/15/2043(d) 250,000 266,000 4.38%, 1/15/2055 250,000 287,081 4.60%, 5/15/2044 250,000 300,982 Aon Corp., 3.91%, 12/7/2047 186,000 211,485 2.80%, 5/15/2030 400,000 427,966 3.94%, 12/7/2049 605,000 688,635 Aon plc, Travelers Cos., Inc. (The), 3.88%, 12/15/2025 195,000 221,398 5.35%, 11/1/2040 250,000 350,201 4.60%, 6/14/2044 250,000 306,124 4.10%, 3/4/2049 200,000 251,410 Arch Capital Finance LLC, Travelers Property Casualty 5.03%, 12/15/2046 250,000 312,475 Corp., Berkshire Hathaway Finance 6.38%, 3/15/2033(b) 192,000 283,103 Corp., Unum Group, 4.30%, 5/15/2043 250,000 327,772 4.00%, 6/15/2029(b) 250,000 258,264 4.25%, 1/15/2049 300,000 384,503 Willis North America, Inc., Brighthouse Financial, Inc., 4.50%, 9/15/2028 400,000 466,306 3.70%, 6/22/2027(b) 500,000 509,730 2.95%, 9/15/2029 65,000 68,806 Chubb Corp. (The), XLIT Ltd., 6.00%, 5/11/2037 165,000 238,941 4.45%, 3/31/2025 500,000 563,238 Chubb INA Holdings, Inc., 18,803,705 2.70%, 3/13/2023 500,000 527,449 3.35%, 5/3/2026 90,000 102,570 Interactive Media & Services 0.1% 4.35%, 11/3/2045 250,000 325,934 Alphabet, Inc., CNA Financial Corp., 3.38%, 2/25/2024 750,000 824,612 5.75%, 8/15/2021 500,000 526,960 Baidu, Inc., Hartford Financial Services 3.88%, 9/29/2023 400,000 425,685 Group, Inc. (The), 4.38%, 3/29/2028 200,000 225,013 6.10%, 10/1/2041 309,000 434,110 1,475,310 Lincoln National Corp., 3.05%, 1/15/2030 500,000 526,427 Internet & Direct Marketing Retail 0.3% Loews Corp., Alibaba Group Holding Ltd., 3.20%, 5/15/2030(b) 85,000 91,857 3.13%, 11/28/2021 275,000 282,938 4.13%, 5/15/2043(b) 400,000 434,231 4.50%, 11/28/2034 500,000 611,978 Manulife Financial Corp., 4.20%, 12/6/2047(b) 500,000 616,664 (USD ICE Swap Rate 5 Amazon.com, Inc., Year + 1.65%), 4.06%, 3.30%, 12/5/2021(b) 500,000 519,310 2/24/2032(d) 500,000 529,870 2.80%, 8/22/2024 250,000 271,630 Markel Corp., 3.15%, 8/22/2027(b) 250,000 286,120 3.35%, 9/17/2029 475,000 507,162 4.80%, 12/5/2034 500,000 684,857 Marsh & McLennan Cos., Inc., 3.88%, 8/22/2037 350,000 433,372 4.80%, 7/15/2021(b) 600,000 620,187 4.05%, 8/22/2047 500,000 650,444 2.25%, 11/15/2030 145,000 150,474 4.25%, 8/22/2057 250,000 333,688 4.20%, 3/1/2048 500,000 611,248 Booking Holdings, Inc., MetLife, Inc., 4.63%, 4/13/2030 200,000 236,064 3.60%, 11/13/2025 500,000 569,575 eBay, Inc., 5.70%, 6/15/2035(b) 159,000 228,694 3.80%, 3/9/2022 285,000 299,364 6.40%, 12/15/2036 500,000 590,165 3.60%, 6/5/2027(b) 500,000 567,494 4.88%, 11/13/2043 250,000 325,980 Expedia Group, Inc., 4.60%, 5/13/2046(b) 165,000 209,963 3.80%, 2/15/2028 200,000 191,565 Nationwide Financial Services, 3.25%, 2/15/2030 165,000 153,837 Inc., 6,139,325 6.75%, 5/15/2037(g) 105,000 116,771 IT Services 0.5% Principal Financial Group, Inc., Broadridge Financial 3.40%, 5/15/2025 500,000 548,447 Solutions, Inc., Progressive Corp. (The), 3.40%, 6/27/2026 215,000 237,574 3.75%, 8/23/2021 200,000 207,816 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 27

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) IT Services Life Sciences Tools & Services Fidelity National Information Thermo Fisher Scientific, Inc., Services, Inc., 4.15%, 2/1/2024 500,000 554,718 3.50%, 4/15/2023 150,000 160,592 2.60%, 10/1/2029(b) 325,000 350,946 3.00%, 8/15/2026 750,000 831,003 5.30%, 2/1/2044 100,000 144,628 Fiserv, Inc., 1,606,916 2.75%, 7/1/2024 350,000 373,210 2.25%, 6/1/2027 400,000 418,278 Machinery 0.2% 3.50%, 7/1/2029 300,000 337,236 Caterpillar, Inc., 2.65%, 6/1/2030 215,000 227,808 2.60%, 6/26/2022 350,000 361,841 4.40%, 7/1/2049 350,000 425,979 2.60%, 9/19/2029 70,000 75,985 Global Payments, Inc., 6.05%, 8/15/2036 177,000 253,640 2.65%, 2/15/2025 250,000 264,826 3.25%, 9/19/2049 330,000 365,825 4.45%, 6/1/2028 300,000 347,676 Deere & Co., 3.20%, 8/15/2029 150,000 160,686 8.10%, 5/15/2030 500,000 750,105 International Business 3.90%, 6/9/2042 250,000 312,366 Machines Corp., Dover Corp., 2.85%, 5/13/2022 1,000,000 1,046,266 2.95%, 11/4/2029 45,000 48,145 1.70%, 5/15/2027 255,000 260,431 5.38%, 3/1/2041 100,000 128,461 3.50%, 5/15/2029 400,000 461,374 Flowserve Corp., 1.95%, 5/15/2030 400,000 409,138 3.50%, 9/15/2022 100,000 103,346 5.88%, 11/29/2032 433,000 611,879 Fortive Corp., 4.00%, 6/20/2042 500,000 601,344 4.30%, 6/15/2046(b) 250,000 281,581 4.25%, 5/15/2049(b) 500,000 636,605 IDEX Corp., 2.95%, 5/15/2050 100,000 102,608 4.20%, 12/15/2021(b) 300,000 309,105 Mastercard, Inc., Illinois Tool Works, Inc., 2.00%, 3/3/2025 300,000 318,271 4.88%, 9/15/2041 200,000 272,123 3.30%, 3/26/2027 60,000 67,956 Otis Worldwide Corp., 2.95%, 6/1/2029 200,000 224,854 3.11%, 2/15/2040(c) 300,000 305,709 3.35%, 3/26/2030 370,000 427,718 Parker-Hannifin Corp., 3.80%, 11/21/2046 250,000 301,084 4.20%, 11/21/2034 500,000 598,931 PayPal Holdings, Inc., Stanley Black & Decker, Inc., 1.35%, 6/1/2023 70,000 71,366 2.90%, 11/1/2022 500,000 527,298 2.40%, 10/1/2024 85,000 90,216 4.25%, 11/15/2028(b) 250,000 298,351 1.65%, 6/1/2025 95,000 98,206 2.30%, 3/15/2030 500,000 518,368 2.85%, 10/1/2029 170,000 184,920 Westinghouse Air Brake 2.30%, 6/1/2030 100,000 104,443 Technologies Corp., 3.25%, 6/1/2050(b) 120,000 129,947 4.95%, 9/15/2028(f) 250,000 278,635 Visa, Inc., 5,789,815 2.80%, 12/14/2022(b) 250,000 264,024 3.15%, 12/14/2025(b) 135,000 150,383 Media 0.8% 4.30%, 12/14/2045 750,000 990,317 Charter Communications Western Union Co. (The), Operating LLC, 6.20%, 11/17/2036(b) 150,000 169,964 4.46%, 7/23/2022 1,000,000 1,066,593 4.91%, 7/23/2025 410,000 469,894 11,508,182 5.05%, 3/30/2029 250,000 295,102 Leisure Products 0.0%† 6.38%, 10/23/2035 500,000 660,737 Hasbro, Inc., 6.48%, 10/23/2045 250,000 330,562 2.60%, 11/19/2022 45,000 46,572 5.38%, 5/1/2047 250,000 295,229 3.00%, 11/19/2024(b) 100,000 104,715 5.75%, 4/1/2048 500,000 622,424 3.55%, 11/19/2026 100,000 105,673 4.80%, 3/1/2050 400,000 442,729 3.90%, 11/19/2029(b) 100,000 104,135 Comcast Cable 5.10%, 5/15/2044 100,000 102,200 Communications Holdings, Inc., 463,295 9.46%, 11/15/2022 118,000 143,240 Life Sciences Tools & Services 0.1% Comcast Corp., Agilent Technologies, Inc., 2.85%, 1/15/2023(b) 500,000 534,443 3.88%, 7/15/2023 250,000 270,105 3.60%, 3/1/2024 500,000 554,718 2.75%, 9/15/2029 165,000 179,338 3.10%, 4/1/2025 55,000 60,605 PerkinElmer, Inc., 3.15%, 2/15/2028(b) 500,000 558,353 3.30%, 9/15/2029 100,000 107,181 4.15%, 10/15/2028 700,000 839,144 28 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Media Metals & Mining

Comcast Corp., Rio Tinto Alcan, Inc., 3.40%, 4/1/2030 365,000 416,832 5.75%, 6/1/2035 206,000 296,328 1.95%, 1/15/2031 200,000 202,270 Rio Tinto Finance USA plc, 4.25%, 1/15/2033 250,000 306,707 4.13%, 8/21/2042 250,000 313,291 7.05%, 3/15/2033 295,000 449,857 Southern Copper Corp., 4.40%, 8/15/2035 500,000 619,142 3.88%, 4/23/2025 750,000 812,661 6.50%, 11/15/2035 100,000 152,103 6.75%, 4/16/2040 250,000 338,584 3.90%, 3/1/2038 250,000 296,855 5.88%, 4/23/2045(b) 230,000 293,214 3.40%, 7/15/2046 250,000 277,733 Teck Resources Ltd., 3.97%, 11/1/2047 743,000 880,956 6.25%, 7/15/2041 250,000 273,345 4.70%, 10/15/2048 1,000,000 1,344,922 Vale Overseas Ltd., 4.00%, 11/1/2049 863,000 1,042,192 6.88%, 11/10/2039 250,000 326,252 2.80%, 1/15/2051 160,000 164,078 5,330,104 Discovery Communications LLC, Multiline Retail 0.2% 3.45%, 3/15/2025 270,000 294,686 Dollar General Corp., 4.90%, 3/11/2026 115,000 132,325 3.25%, 4/15/2023 250,000 266,935 3.95%, 3/20/2028 500,000 558,724 3.50%, 4/3/2030(b) 500,000 561,621 3.63%, 5/15/2030 200,000 218,560 Nordstrom, Inc., 5.00%, 9/20/2037 250,000 295,895 4.00%, 10/15/2021(b) 500,000 501,044 4.88%, 4/1/2043 200,000 228,146 5.00%, 1/15/2044 250,000 176,977 Fox Corp., Target Corp., 5.58%, 1/25/2049 500,000 695,734 2.25%, 4/15/2025 280,000 299,463 Grupo Televisa SAB, 2.50%, 4/15/2026(b) 750,000 823,469 6.63%, 1/15/2040 250,000 323,599 2.35%, 2/15/2030 105,000 112,285 5.00%, 5/13/2045(b) 250,000 278,171 2.65%, 9/15/2030 450,000 494,482 Omnicom Group, Inc., 4.00%, 7/1/2042 350,000 435,714 3.63%, 5/1/2022 50,000 52,708 3,671,990 Time Warner Cable LLC, 6.75%, 6/15/2039 900,000 1,195,924 Multi-Utilities 0.4% 5.88%, 11/15/2040 250,000 308,494 Ameren Corp., ViacomCBS, Inc., 2.50%, 9/15/2024 310,000 328,505 3.88%, 4/1/2024 500,000 538,013 Ameren Illinois Co., 4.75%, 5/15/2025 300,000 343,013 2.70%, 9/1/2022(b) 450,000 467,524 5.50%, 5/15/2033 118,000 141,612 Berkshire Hathaway Energy 4.85%, 7/1/2042 100,000 106,221 Co., 4.38%, 3/15/2043 459,000 479,978 5.15%, 11/15/2043 500,000 683,263 5.85%, 9/1/2043 200,000 235,346 Black Hills Corp., 4.60%, 1/15/2045 250,000 264,685 3.05%, 10/15/2029 210,000 222,186 WPP Finance 2010, 3.88%, 10/15/2049 100,000 106,830 3.75%, 9/19/2024 550,000 593,294 CMS Energy Corp., 4.70%, 3/31/2043 300,000 360,765 20,312,548 Consolidated Edison Co. of Metals & Mining 0.2% New York, Inc., Barrick Gold Corp., 3.95%, 3/1/2043 500,000 577,879 5.25%, 4/1/2042 150,000 197,667 4.50%, 12/1/2045 500,000 617,241 Barrick North America Finance 3.70%, 11/15/2059 300,000 334,700 LLC, Consumers Energy Co., 5.75%, 5/1/2043 250,000 353,177 3.10%, 8/15/2050 45,000 50,069 BHP Billiton Finance USA Ltd., 2.50%, 5/1/2060 265,000 254,927 6.42%, 3/1/2026 80,000 101,474 Delmarva Power & Light Co., 5.00%, 9/30/2043 500,000 691,463 3.50%, 11/15/2023(b) 250,000 272,142 Newmont Corp., Dominion Energy, Inc., 5.88%, 4/1/2035 236,000 328,513 Series E, 6.30%, 3/15/2033 10,000 13,121 4.88%, 3/15/2042 150,000 193,313 Series B, 5.95%, 6/15/2035 251,000 330,611 Nucor Corp., Series C, 4.90%, 8/1/2041 700,000 875,149 4.00%, 8/1/2023 500,000 542,696 DTE Energy Co., Reliance Steel & Aluminum 2.95%, 3/1/2030 250,000 260,330 Co., NiSource, Inc., 4.50%, 4/15/2023 250,000 268,126 5.95%, 6/15/2041 300,000 412,121 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 29

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Multi-Utilities Oil, Gas & Consumable Fuels

NiSource, Inc., Diamondback Energy, Inc., 4.80%, 2/15/2044 250,000 305,678 4.75%, 5/31/2025(b) 300,000 321,008 Puget Energy, Inc., Ecopetrol SA, 3.65%, 5/15/2025 250,000 267,101 6.88%, 4/29/2030 400,000 458,440 Puget Sound Energy, Inc., 5.88%, 5/28/2045 400,000 420,400 5.64%, 4/15/2041 400,000 548,990 Enable Midstream Partners San Diego Gas & Electric Co., LP, 4.15%, 5/15/2048 500,000 603,543 5.00%, 5/15/2044(f) 350,000 279,812 Sempra Energy, Enbridge Energy Partners LP, 4.05%, 12/1/2023 150,000 163,342 4.20%, 9/15/2021(b) 700,000 723,516 6.00%, 10/15/2039 220,000 303,537 5.88%, 10/15/2025 250,000 298,316 Southern Co. Gas Capital Enbridge, Inc., Corp., 3.70%, 7/15/2027 500,000 551,696 4.40%, 6/1/2043 250,000 282,291 3.13%, 11/15/2029 150,000 157,222 WEC Energy Group, Inc., 4.00%, 11/15/2049(b) 250,000 269,763 3.55%, 6/15/2025(b) 500,000 556,895 Energy Transfer Operating LP, 9,198,740 5.20%, 2/1/2022 500,000 523,217 3.60%, 2/1/2023 500,000 517,264 Oil, Gas & Consumable Fuels 2.0% 4.90%, 2/1/2024 250,000 270,092 BP Capital Markets America, 4.75%, 1/15/2026 250,000 271,415 Inc., 3.75%, 5/15/2030 60,000 59,595 3.41%, 2/11/2026 500,000 552,988 6.05%, 6/1/2041 75,000 77,425 3.00%, 2/24/2050 500,000 491,332 5.30%, 4/15/2047 500,000 482,985 BP Capital Markets plc, 6.25%, 4/15/2049 500,000 530,056 3.56%, 11/1/2021 250,000 259,911 5.00%, 5/15/2050 295,000 280,181 3.06%, 3/17/2022 420,000 437,119 Energy Transfer Partners LP, 3.54%, 11/4/2024(b) 250,000 275,380 5.88%, 3/1/2022 500,000 527,587 3.72%, 11/28/2028 500,000 566,631 Enterprise Products Operating Canadian Natural Resources LLC, Ltd., 3.50%, 2/1/2022 500,000 521,224 3.90%, 2/1/2025 500,000 536,530 4.05%, 2/15/2022 250,000 263,955 6.25%, 3/15/2038(b) 340,000 404,373 3.90%, 2/15/2024 750,000 821,795 Cheniere Corpus Christi 2.80%, 1/31/2030(b) 120,000 124,972 Holdings LLC, 6.13%, 10/15/2039 285,000 362,334 5.13%, 6/30/2027 250,000 274,718 6.45%, 9/1/2040 250,000 331,988 3.70%, 11/15/2029(c) 65,000 66,318 4.45%, 2/15/2043 500,000 553,928 Chevron Corp., 4.85%, 3/15/2044 200,000 231,693 1.14%, 5/11/2023(b) 55,000 55,947 4.25%, 2/15/2048 250,000 275,724 1.55%, 5/11/2025 200,000 205,670 3.70%, 1/31/2051 350,000 366,578 2.95%, 5/16/2026(b) 500,000 553,781 Equinor ASA, 2.00%, 5/11/2027 120,000 125,653 3.70%, 3/1/2024 500,000 554,377 2.24%, 5/11/2030 160,000 167,561 3.25%, 11/10/2024 500,000 554,891 2.98%, 5/11/2040 40,000 42,826 3.95%, 5/15/2043 300,000 344,554 3.08%, 5/11/2050 25,000 26,543 3.25%, 11/18/2049 100,000 106,283 CNOOC Finance 2013 Ltd., 3.70%, 4/6/2050 500,000 571,552 3.00%, 5/9/2023 750,000 782,415 Exxon Mobil Corp., 3.30%, 9/30/2049(b) 200,000 210,651 1.57%, 4/15/2023 300,000 307,895 CNOOC Finance 2015 USA 3.18%, 3/15/2024(b) 500,000 540,167 LLC, 2.02%, 8/16/2024 100,000 104,385 3.50%, 5/5/2025 500,000 544,728 2.71%, 3/6/2025 500,000 536,621 Concho Resources, Inc., 2.99%, 3/19/2025 300,000 325,735 3.75%, 10/1/2027 500,000 532,655 3.04%, 3/1/2026 235,000 258,256 ConocoPhillips, 2.28%, 8/16/2026(b) 100,000 106,689 5.90%, 10/15/2032 177,000 238,662 3.29%, 3/19/2027 200,000 224,444 6.50%, 2/1/2039 400,000 582,409 2.44%, 8/16/2029(b) 100,000 106,056 ConocoPhillips Co., 3.48%, 3/19/2030 250,000 284,515 6.95%, 4/15/2029 250,000 348,414 2.61%, 10/15/2030 250,000 267,635 4.30%, 11/15/2044 155,000 189,099 4.23%, 3/19/2040 200,000 240,212 Devon Energy Corp., 4.11%, 3/1/2046 250,000 300,789 4.75%, 5/15/2042 500,000 438,429 3.10%, 8/16/2049 250,000 260,073 30 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Oil, Gas & Consumable Fuels Oil, Gas & Consumable Fuels

Exxon Mobil Corp., Plains All American Pipeline 4.33%, 3/19/2050 326,000 406,604 LP, 3.45%, 4/15/2051 374,000 414,179 4.65%, 10/15/2025 500,000 534,020 Hess Corp., 5.15%, 6/1/2042 350,000 338,846 4.30%, 4/1/2027(b) 500,000 517,784 Sabine Pass Liquefaction 7.30%, 8/15/2031 164,000 191,197 LLC, 5.60%, 2/15/2041 250,000 262,615 5.00%, 3/15/2027 1,000,000 1,118,893 Husky Energy, Inc., Suncor Energy, Inc., 3.95%, 4/15/2022 600,000 612,973 3.60%, 12/1/2024 235,000 253,473 Kinder Morgan Energy 5.95%, 5/15/2035 271,000 321,325 Partners LP, 6.50%, 6/15/2038 500,000 630,860 4.25%, 9/1/2024 250,000 275,123 Sunoco Logistics Partners 5.80%, 3/15/2035 206,000 238,024 Operations LP, 6.38%, 3/1/2041 250,000 307,217 3.45%, 1/15/2023 250,000 258,473 5.00%, 8/15/2042 350,000 393,082 5.35%, 5/15/2045 500,000 489,724 Kinder Morgan, Inc., Total Capital Canada Ltd., 4.30%, 6/1/2025 160,000 179,511 2.75%, 7/15/2023(b) 750,000 801,212 5.30%, 12/1/2034 350,000 407,168 Total Capital International SA, 5.55%, 6/1/2045 250,000 305,174 2.88%, 2/17/2022 500,000 518,983 5.05%, 2/15/2046 250,000 287,661 2.83%, 1/10/2030(b) 500,000 543,367 Magellan Midstream Partners TransCanada PipeLines Ltd., LP, 4.88%, 1/15/2026(b) 285,000 334,659 4.25%, 9/15/2046 350,000 365,782 4.25%, 5/15/2028 500,000 572,412 Marathon Oil Corp., 4.63%, 3/1/2034 250,000 287,354 2.80%, 11/1/2022 250,000 251,855 5.85%, 3/15/2036 750,000 981,904 3.85%, 6/1/2025 500,000 504,021 Transcanada Trust, 6.80%, 3/15/2032 118,000 124,674 (ICE LIBOR USD 3 Marathon Petroleum Corp., Month + 4.15%), 5.50%, 3.63%, 9/15/2024 250,000 266,563 9/15/2079(d) 100,000 99,750 6.50%, 3/1/2041 250,000 309,445 Valero Energy Corp., MPLX LP, 4.00%, 4/1/2029 250,000 278,093 4.50%, 7/15/2023 150,000 161,237 7.50%, 4/15/2032 118,000 162,917 4.88%, 6/1/2025 250,000 279,070 6.63%, 6/15/2037 200,000 265,964 4.25%, 12/1/2027 750,000 813,125 Williams Cos., Inc. (The), 4.00%, 3/15/2028 500,000 526,895 4.00%, 9/15/2025 500,000 553,951 4.50%, 4/15/2038 250,000 250,047 6.30%, 4/15/2040 150,000 180,653 4.70%, 4/15/2048 250,000 251,974 5.80%, 11/15/2043 250,000 286,498 Nexen, Inc., 4.90%, 1/15/2045 350,000 370,177 5.88%, 3/10/2035 133,000 184,265 49,589,367 6.40%, 5/15/2037 200,000 282,559 Noble Energy, Inc., Paper & Forest Products 0.0%† 3.85%, 1/15/2028(b) 250,000 241,538 Georgia-Pacific LLC, 5.25%, 11/15/2043 150,000 139,710 8.88%, 5/15/2031 250,000 400,442 4.95%, 8/15/2047 250,000 223,109 Suzano Austria GmbH, ONEOK Partners LP, 5.00%, 1/15/2030 200,000 202,600 4.90%, 3/15/2025 500,000 542,809 603,042 6.13%, 2/1/2041 100,000 108,272 † ONEOK, Inc., Personal Products 0.0% 4.00%, 7/13/2027 500,000 506,886 Estee Lauder Cos., Inc. (The), 4.35%, 3/15/2029 500,000 526,008 2.00%, 12/1/2024(b) 85,000 89,510 5.20%, 7/15/2048 250,000 250,016 2.38%, 12/1/2029 35,000 37,478 Ovintiv, Inc., 3.13%, 12/1/2049 150,000 164,825 6.50%, 2/1/2038 500,000 430,686 291,813 Phillips 66,

4.65%, 11/15/2034 200,000 236,609 Pharmaceuticals 1.0% AstraZeneca plc, 5.88%, 5/1/2042 382,000 516,691 3.38%, 11/16/2025 1,000,000 1,124,197 Phillips 66 Partners LP, 6.45%, 9/15/2037 200,000 304,130 3.61%, 2/15/2025 500,000 533,648 4.00%, 9/18/2042 250,000 305,405 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 31

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Pharmaceuticals Pharmaceuticals Bristol-Myers Squibb Co., Takeda Pharmaceutical Co. 2.00%, 8/1/2022 700,000 719,889 Ltd., 3.25%, 8/15/2022(c) 300,000 316,692 2.05%, 3/31/2030 200,000 199,891 3.25%, 2/20/2023(c) 250,000 266,041 3.03%, 7/9/2040 200,000 201,472 2.90%, 7/26/2024(c) 500,000 540,871 Upjohn, Inc., 3.88%, 8/15/2025(c) 500,000 568,795 2.70%, 6/22/2030(c) 150,000 153,944 3.90%, 2/20/2028(c) 250,000 294,084 Wyeth LLC, 3.25%, 8/1/2042 250,000 280,367 6.50%, 2/1/2034 206,000 320,906 4.63%, 5/15/2044(c) 500,000 665,008 Zoetis, Inc., 4.55%, 2/20/2048(c) 250,000 339,356 3.25%, 2/1/2023 600,000 633,254 4.25%, 10/26/2049(c) 500,000 659,597 4.50%, 11/13/2025 230,000 268,452 Eli Lilly & Co., 3.90%, 8/20/2028(b) 650,000 765,530 2.75%, 6/1/2025 95,000 104,495 25,070,260 3.95%, 3/15/2049 450,000 571,110 Eli Lilly and Co., Professional Services 0.1% 2.25%, 5/15/2050(b) 300,000 287,689 IHS Markit Ltd., GlaxoSmithKline Capital plc, 4.25%, 5/1/2029 300,000 344,877 2.85%, 5/8/2022 250,000 260,791 Thomson Reuters Corp., GlaxoSmithKline Capital, Inc., 4.30%, 11/23/2023 500,000 550,291 3.88%, 5/15/2028 300,000 353,196 3.35%, 5/15/2026 280,000 304,286 5.38%, 4/15/2034 201,000 274,692 Verisk Analytics, Inc., 4.20%, 3/18/2043 300,000 375,642 4.00%, 6/15/2025 250,000 282,662 Johnson & Johnson, 3.63%, 5/15/2050 85,000 96,228 2.45%, 12/5/2021 500,000 514,623 1,578,344 2.45%, 3/1/2026 250,000 273,203 † 4.95%, 5/15/2033(b) 663,000 911,329 Real Estate Management & Development 0.0% 3.63%, 3/3/2037 600,000 715,966 CBRE Services, Inc., 4.88%, 3/1/2026 500,000 567,547 3.70%, 3/1/2046 250,000 312,574 3.75%, 3/3/2047 100,000 125,793 Road & Rail 0.5% Merck & Co., Inc., Burlington Northern Santa Fe 2.75%, 2/10/2025 220,000 238,897 LLC, 3.90%, 3/7/2039 300,000 362,562 3.85%, 9/1/2023 150,000 164,171 3.60%, 9/15/2042 250,000 297,575 3.75%, 4/1/2024 500,000 552,604 4.15%, 5/18/2043 350,000 449,528 3.65%, 9/1/2025 250,000 284,410 4.00%, 3/7/2049 350,000 449,152 3.25%, 6/15/2027(b) 500,000 565,688 Mylan NV, 7.95%, 8/15/2030 206,000 309,746 3.95%, 6/15/2026 800,000 894,441 4.55%, 9/1/2044 250,000 326,672 5.25%, 6/15/2046 200,000 247,992 4.70%, 9/1/2045 250,000 331,274 Novartis Capital Corp., 3.90%, 8/1/2046 200,000 238,761 2.40%, 5/17/2022 500,000 518,820 4.05%, 6/15/2048 250,000 310,238 2.40%, 9/21/2022 500,000 521,248 3.55%, 2/15/2050 250,000 289,923 3.10%, 5/17/2027 500,000 560,048 Canadian National Railway 4.40%, 5/6/2044 200,000 266,584 Co., 4.00%, 11/20/2045 200,000 253,571 6.90%, 7/15/2028(b) 242,000 333,532 Pfizer, Inc., 6.20%, 6/1/2036 236,000 349,712 2.20%, 12/15/2021(b) 1,000,000 1,024,768 2.45%, 5/1/2050 85,000 82,329 3.40%, 5/15/2024 500,000 553,884 Canadian Pacific Railway Co., 0.80%, 5/28/2025(b) 125,000 124,948 2.90%, 2/1/2025 250,000 270,909 3.00%, 12/15/2026 500,000 564,744 5.95%, 5/15/2037 250,000 364,309 2.63%, 4/1/2030 500,000 550,810 6.13%, 9/15/2115 250,000 384,307 1.70%, 5/28/2030 140,000 142,314 CSX Corp., 7.20%, 3/15/2039 525,000 887,702 5.50%, 4/15/2041 150,000 206,264 2.55%, 5/28/2040 45,000 46,557 4.10%, 3/15/2044 250,000 305,744 4.00%, 3/15/2049 600,000 768,112 4.30%, 3/1/2048 250,000 311,956 2.70%, 5/28/2050 65,000 67,311 4.50%, 3/15/2049 250,000 320,764 Pharmacia LLC, 3.95%, 5/1/2050 350,000 421,649 6.60%, 12/1/2028(f) 177,000 243,343 Kansas City Southern, Shire Acquisitions Investments 2.88%, 11/15/2029 160,000 168,879 Ireland DAC, 4.20%, 11/15/2069 65,000 71,430 3.20%, 9/23/2026 925,000 1,026,365 32 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Road & Rail Semiconductors & Semiconductor Equipment Norfolk Southern Corp., Micron Technology, Inc., 3.25%, 12/1/2021 250,000 257,447 4.64%, 2/6/2024 60,000 66,134 2.55%, 11/1/2029 100,000 106,309 5.33%, 2/6/2029 150,000 179,462 4.45%, 6/15/2045 500,000 623,016 NVIDIA Corp., 3.40%, 11/1/2049 170,000 185,169 2.85%, 4/1/2030 660,000 734,243 3.05%, 5/15/2050 105,000 108,110 3.50%, 4/1/2040 150,000 174,957 Ryder System, Inc., 3.50%, 4/1/2050 480,000 548,426 2.50%, 9/1/2024 75,000 77,357 NXP BV, 2.90%, 12/1/2026 270,000 279,229 2.70%, 5/1/2025(c) 25,000 26,207 Union Pacific Corp., 3.88%, 6/18/2026(c) 35,000 39,166 2.75%, 4/15/2023 750,000 789,094 4.30%, 6/18/2029(c) 100,000 113,465 3.25%, 8/15/2025 500,000 552,833 3.40%, 5/1/2030(c) 35,000 37,658 2.15%, 2/5/2027 55,000 58,256 QUALCOMM, Inc., 3.95%, 9/10/2028 500,000 593,650 2.60%, 1/30/2023 70,000 73,476 2.40%, 2/5/2030 60,000 63,921 2.90%, 5/20/2024 1,000,000 1,076,094 3.60%, 9/15/2037 500,000 555,963 3.25%, 5/20/2027(b) 250,000 283,599 4.05%, 11/15/2045(b) 220,000 262,875 2.15%, 5/20/2030 80,000 83,092 4.05%, 3/1/2046 340,000 404,377 4.65%, 5/20/2035 500,000 664,598 4.50%, 9/10/2048 250,000 322,056 3.25%, 5/20/2050 100,000 109,383 3.25%, 2/5/2050(b) 100,000 109,560 Texas Instruments, Inc., 3.95%, 8/15/2059 60,000 70,305 1.38%, 3/12/2025 200,000 205,315 12,384,798 2.25%, 9/4/2029 300,000 319,334 Xilinx, Inc., Semiconductors & Semiconductor Equipment 0.6% 2.38%, 6/1/2030 300,000 308,838 Applied Materials, Inc., 3.30%, 4/1/2027(b) 200,000 228,253 14,836,387 1.75%, 6/1/2030 60,000 61,322 Software 0.7% 5.10%, 10/1/2035 250,000 348,411 Adobe, Inc., 2.75%, 6/1/2050 85,000 86,810 1.70%, 2/1/2023 30,000 31,051 Broadcom Corp., 1.90%, 2/1/2025 30,000 31,679 3.63%, 1/15/2024 1,000,000 1,075,000 3.25%, 2/1/2025 135,000 149,996 3.88%, 1/15/2027 500,000 540,308 2.15%, 2/1/2027 245,000 263,006 Broadcom, Inc., 2.30%, 2/1/2030 600,000 647,995 2.25%, 11/15/2023(c) 255,000 263,469 CA, Inc., 3.15%, 11/15/2025(c) 110,000 117,075 4.50%, 8/15/2023(b) 410,000 433,383 4.25%, 4/15/2026(c) 500,000 556,453 Microsoft Corp., 4.75%, 4/15/2029(c) 500,000 567,568 2.65%, 11/3/2022(b) 500,000 525,762 4.15%, 11/15/2030(c) 285,000 309,704 2.00%, 8/8/2023 250,000 261,665 4.30%, 11/15/2032(c) 200,000 219,436 3.63%, 12/15/2023(b) 400,000 441,523 Intel Corp., 2.88%, 2/6/2024 365,000 393,189 3.40%, 3/25/2025 300,000 336,569 2.40%, 8/8/2026 465,000 507,526 3.70%, 7/29/2025 500,000 568,087 3.50%, 2/12/2035 325,000 396,414 3.75%, 3/25/2027 200,000 232,847 3.45%, 8/8/2036(b) 500,000 604,231 2.45%, 11/15/2029 200,000 216,191 4.10%, 2/6/2037 314,000 404,882 3.90%, 3/25/2030 400,000 483,203 3.70%, 8/8/2046 500,000 622,642 4.10%, 5/11/2047 500,000 627,148 2.53%, 6/1/2050 2,336,000 2,436,465 3.73%, 12/8/2047 643,000 762,922 Oracle Corp., 4.75%, 3/25/2050 400,000 563,904 2.80%, 7/8/2021(b) 1,000,000 1,025,334 KLA Corp., 1.90%, 9/15/2021 1,500,000 1,525,635 4.65%, 11/1/2024 215,000 246,434 2.50%, 10/15/2022 500,000 522,936 4.10%, 3/15/2029 100,000 118,014 2.50%, 4/1/2025 100,000 107,102 3.30%, 3/1/2050 420,000 433,812 2.65%, 7/15/2026 190,000 205,519 Lam Research Corp., 2.95%, 4/1/2030 600,000 668,182 3.80%, 3/15/2025 255,000 286,917 3.25%, 5/15/2030(b) 250,000 283,084 1.90%, 6/15/2030 90,000 91,994 3.60%, 4/1/2040 200,000 227,018 2.88%, 6/15/2050 85,000 87,566 5.38%, 7/15/2040 350,000 480,121 Maxim Integrated Products, 4.50%, 7/8/2044 650,000 811,861 Inc., 4.13%, 5/15/2045 200,000 238,741 3.38%, 3/15/2023 350,000 363,523 4.00%, 7/15/2046 500,000 590,811 4.00%, 11/15/2047 500,000 583,334 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 33

Corporate Bonds Corporate Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($) Software Technology Hardware, Storage & Peripherals

Oracle Corp., Dell International LLC, 3.60%, 4/1/2050 400,000 445,152 5.45%, 6/15/2023(c) 350,000 382,834 3.85%, 4/1/2060 200,000 234,095 6.02%, 6/15/2026(c) 475,000 544,576 VMware, Inc., 8.35%, 7/15/2046(c) 500,000 666,894 4.70%, 5/15/2030 300,000 330,879 Hewlett Packard Enterprise 16,431,213 Co., 2.25%, 4/1/2023 500,000 514,981 Specialty Retail 0.4% 4.90%, 10/15/2025(f) 500,000 577,136 AutoZone, Inc., 6.35%, 10/15/2045(f) 250,000 306,568 3.25%, 4/15/2025 325,000 354,310 HP, Inc., Home Depot, Inc. (The), 6.00%, 9/15/2041 250,000 293,114 2.70%, 4/1/2023(b) 500,000 528,026 NetApp, Inc., 3.35%, 9/15/2025 85,000 95,705 3.38%, 6/15/2021 210,000 214,648 2.50%, 4/15/2027 200,000 219,119 Seagate HDD Cayman, 2.80%, 9/14/2027 750,000 832,621 5.75%, 12/1/2034 175,000 192,981 3.90%, 12/6/2028 300,000 358,834 2.95%, 6/15/2029 100,000 112,459 12,635,479 2.70%, 4/15/2030 115,000 126,281 Textiles, Apparel & Luxury Goods 0.0%† 5.88%, 12/16/2036 300,000 447,765 NIKE, Inc., 3.30%, 4/15/2040 200,000 224,517 2.85%, 3/27/2030(b) 400,000 444,826 5.95%, 4/1/2041 150,000 226,147 3.88%, 11/1/2045 250,000 301,459 4.20%, 4/1/2043 250,000 309,895 3.38%, 3/27/2050 200,000 231,187 4.40%, 3/15/2045 600,000 764,028 977,472 3.13%, 12/15/2049 100,000 109,775 3.35%, 4/15/2050 335,000 382,750 Thrifts & Mortgage Finance 0.0%† Lowe's Cos., Inc., BPCE SA, 3.13%, 9/15/2024 400,000 435,425 4.00%, 4/15/2024 475,000 526,436

4.00%, 4/15/2025 500,000 569,791 Tobacco 0.3% 3.10%, 5/3/2027 250,000 277,201 Altria Group, Inc., 6.50%, 3/15/2029 236,000 317,286 3.80%, 2/14/2024 500,000 546,690 3.65%, 4/5/2029 400,000 458,717 2.35%, 5/6/2025 40,000 42,033 4.05%, 5/3/2047 250,000 294,676 4.40%, 2/14/2026 500,000 575,726 4.55%, 4/5/2049 350,000 440,474 3.40%, 5/6/2030 70,000 75,316 O'Reilly Automotive, Inc., 4.25%, 8/9/2042(b) 250,000 264,576 3.55%, 3/15/2026 300,000 339,640 4.50%, 5/2/2043 250,000 269,328 Ross Stores, Inc., 5.38%, 1/31/2044 170,000 204,447 4.80%, 4/15/2030 500,000 598,455 5.95%, 2/14/2049(b) 500,000 655,796 TJX Cos., Inc. (The), 4.45%, 5/6/2050(b) 30,000 32,815 2.25%, 9/15/2026 500,000 534,370 BAT Capital Corp., 9,358,267 3.22%, 8/15/2024 500,000 535,493 Technology Hardware, Storage & Peripherals 0.5% 4.70%, 4/2/2027(b) 300,000 342,881 Apple, Inc., 3.56%, 8/15/2027 750,000 808,380 1.55%, 8/4/2021 1,000,000 1,014,683 4.39%, 8/15/2037 500,000 545,554 2.30%, 5/11/2022(b) 250,000 258,851 4.54%, 8/15/2047 500,000 542,891 1.70%, 9/11/2022 260,000 267,764 Philip Morris International, 0.75%, 5/11/2023(b) 75,000 75,790 Inc., 2.50%, 2/9/2025 595,000 640,090 2.63%, 3/6/2023 1,000,000 1,056,629 1.13%, 5/11/2025 140,000 142,953 6.38%, 5/16/2038 460,000 693,224 3.25%, 2/23/2026 1,130,000 1,265,676 3.88%, 8/21/2042 250,000 285,770 2.45%, 8/4/2026 625,000 679,061 Reynolds American, Inc., 3.35%, 2/9/2027 1,000,000 1,139,230 4.45%, 6/12/2025 500,000 563,371 2.20%, 9/11/2029 235,000 251,813 5.70%, 8/15/2035 120,000 147,436 1.65%, 5/11/2030(b) 300,000 306,643 8,188,356 3.85%, 5/4/2043 750,000 928,420

4.38%, 5/13/2045 355,000 468,050 Trading Companies & Distributors 0.1% Air Lease Corp., 4.65%, 2/23/2046 460,000 633,489 2.30%, 2/1/2025 75,000 71,727 4.25%, 2/9/2047 500,000 659,739 3.25%, 3/1/2025 1,000,000 1,002,526 2.65%, 5/11/2050 200,000 209,495 3.25%, 10/1/2029(b) 250,000 237,507 34 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds Foreign Government Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

Trading Companies & Distributors CANADA Aircastle Ltd., Province of Ontario

5.00%, 4/1/2023 100,000 97,432 (continued) 4.13%, 5/1/2024 300,000 281,834 3.05%, 1/29/2024(b) 500,000 543,828 GATX Corp., Province of Quebec, 3.25%, 9/15/2026 500,000 523,341 2.63%, 2/13/2023 500,000 527,978 WW Grainger, Inc., 2.50%, 4/9/2024 500,000 537,165 3.75%, 5/15/2046 250,000 273,347 7.50%, 9/15/2029 578,000 889,543 2,487,714 8,796,524 Water Utilities 0.0%† CHILE 0.1% American Water Capital Corp., Republic of Chile, 4.30%, 9/1/2045 500,000 624,934 3.13%, 3/27/2025(b) 750,000 811,500 Essential Utilities, Inc., 2.55%, 1/27/2032(b) 500,000 520,500 3.35%, 4/15/2050 200,000 208,494 3.63%, 10/30/2042(b) 400,000 452,000 833,428 1,784,000 Wireless Telecommunication Services 0.3% COLOMBIA 0.2% America Movil SAB de CV, Republic of Colombia, 3.13%, 7/16/2022 750,000 775,815 4.38%, 7/12/2021 500,000 513,005 6.38%, 3/1/2035 177,000 257,586 4.50%, 1/28/2026(b) 1,000,000 1,082,510 6.13%, 3/30/2040 350,000 496,744 7.38%, 9/18/2037 225,000 308,250 Rogers Communications, Inc., 6.13%, 1/18/2041 200,000 249,700 3.00%, 3/15/2023 600,000 639,275 5.63%, 2/26/2044 500,000 600,000 5.00%, 3/15/2044 250,000 319,217 5.00%, 6/15/2045 700,000 792,750 3.70%, 11/15/2049 100,000 110,095 T-Mobile USA, Inc., 3,546,215 3.50%, 4/15/2025(c) 500,000 544,195 GERMANY 0.0%† 3.75%, 4/15/2027(c) 500,000 554,085 FMS Wertmanagement AoeR, 3.88%, 4/15/2030(c) 750,000 834,720 2.75%, 1/30/2024 600,000 650,694 4.38%, 4/15/2040(c) 250,000 289,180 4.50%, 4/15/2050(c) 300,000 357,069 HUNGARY 0.0%† Vodafone Group plc, Hungary Government Bond, 4.13%, 5/30/2025 500,000 566,877 5.38%, 3/25/2024 500,000 567,200 4.38%, 5/30/2028 250,000 297,326 7.63%, 3/29/2041 250,000 418,076 7.88%, 2/15/2030 206,000 300,018 4.38%, 2/19/2043 500,000 581,911 985,276 5.25%, 5/30/2048 500,000 652,970 INDONESIA 0.1% 4.25%, 9/17/2050 40,000 47,631 Republic of Indonesia, 7,624,714 4.10%, 4/24/2028 1,000,000 1,107,018 5.35%, 2/11/2049 200,000 259,075

Total Corporate Bonds 3.50%, 2/14/2050(b) 200,000 205,800 (cost $607,676,987) 673,839,617 4.45%, 4/15/2070 200,000 229,938

1,801,831 Foreign Government Securities 1.9% ISRAEL 0.1% State of Israel Government CANADA 0.4% Bond, Canada Government Bond, 3.15%, 6/30/2023 500,000 533,575 2.63%, 1/25/2022(b) 1,000,000 1,036,740 3.25%, 1/17/2028 1,000,000 1,131,500 Export Development Canada, 3.38%, 1/15/2050 200,000 219,084 2.00%, 5/17/2022(b) 1,000,000 1,031,452 3.88%, 7/3/2050 200,000 237,272 1.75%, 7/18/2022 500,000 514,762 4.50%, 4/3/2120 200,000 258,000 Province of Alberta, 3.35%, 11/1/2023 500,000 544,413 2,379,431 3.30%, 3/15/2028 500,000 579,712 ITALY 0.0%† Province of British Columbia, Italian Republic Government 2.00%, 10/23/2022(b) 500,000 519,063 Bond, Province of Ontario, 6.88%, 9/27/2023 251,000 290,124 2.25%, 5/18/2022(b) 1,000,000 1,034,003 5.38%, 6/15/2033 291,000 362,298 2.20%, 10/3/2022(b) 1,000,000 1,037,865 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 35

Foreign Government Securities Foreign Government Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

ITALY SOUTH KOREA Italian Republic Government Export-Import Bank of Korea

Bond (continued) (continued) 4.00%, 10/17/2049 400,000 404,387 2.38%, 4/21/2027 1,000,000 1,056,275 1,056,809 Republic of Korea, 5.63%, 11/3/2025 300,000 369,542 JAPAN 0.2% 4.13%, 6/10/2044(b) 250,000 341,836 Japan Bank for International 2,304,064 Cooperation, 2.38%, 11/16/2022 1,000,000 1,043,930 SWEDEN 0.1% 2.50%, 5/23/2024 2,000,000 2,143,097 Svensk Exportkredit AB, 2.38%, 4/20/2026 500,000 544,548 2.38%, 3/9/2022 500,000 516,916 1.88%, 7/21/2026 500,000 530,219 1.63%, 11/14/2022 200,000 205,791 0.75%, 4/6/2023 1,000,000 1,007,415 4,261,794 1,730,122 MEXICO 0.2% United Mexican States, URUGUAY 0.1% 4.00%, 10/2/2023(b) 500,000 533,150 Oriental Republic of Uruguay, 3.75%, 1/11/2028(b) 1,000,000 1,040,350 4.38%, 10/27/2027 1,250,000 1,428,138 6.75%, 9/27/2034(b) 996,000 1,308,505 5.10%, 6/18/2050 700,000 903,007 6.05%, 1/11/2040 400,000 487,724 2,331,145 4.75%, 3/8/2044(b) 600,000 636,000 5.55%, 1/21/2045 500,000 589,230 Total Foreign Government Securities 4.60%, 1/23/2046 347,000 357,646 (cost $41,760,079) 45,137,176

4.35%, 1/15/2047(b) 500,000 500,090 5.75%, 10/12/2110 200,000 222,000 Mortgage-Backed Securities 26.7% 5,674,695 PANAMA 0.1% FHLMC Gold Pool Republic of Panama, Pool# J00935 6.70%, 1/26/2036 250,000 359,690 5.00%, 12/1/2020 894 939 4.30%, 4/29/2053 500,000 595,630 Pool# J00854 4.50%, 4/1/2056 400,000 489,404 5.00%, 1/1/2021 1,197 1,258 3.87%, 7/23/2060 200,000 227,000 Pool# J01279 5.50%, 2/1/2021 386 389 1,671,724 Pool# J01570 PERU 0.1% 5.50%, 4/1/2021 833 842 Republic of Peru, Pool# J01771 4.13%, 8/25/2027(b) 750,000 859,695 5.00%, 5/1/2021 1,918 2,016 2.78%, 1/23/2031 500,000 533,250 Pool# J06015 8.75%, 11/21/2033 500,000 833,755 5.00%, 5/1/2021 1,601 1,683 Pool# G18122 2,226,700 5.00%, 6/1/2021 1,510 1,586 PHILIPPINES 0.1% Pool# J01980 Republic of Philippines, 6.00%, 6/1/2021 2,308 2,321 4.20%, 1/21/2024 500,000 543,313 Pool# J03074 9.50%, 2/2/2030 500,000 812,941 5.00%, 7/1/2021 490 515 7.75%, 1/14/2031 200,000 298,706 Pool# J03028 6.38%, 10/23/2034 500,000 719,416 5.50%, 7/1/2021 234 235 3.70%, 2/2/2042 600,000 685,636 Pool# C90719 5.00%, 10/1/2023 111,795 121,907 3,060,012 Pool# J09912 POLAND 0.0%† 4.00%, 6/1/2024 257,368 272,039 Republic of Poland, Pool# C00351 5.00%, 3/23/2022 300,000 321,750 8.00%, 7/1/2024 203 220 4.00%, 1/22/2024 500,000 554,390 Pool# G13900 5.00%, 12/1/2024 1,075 1,130 876,140 Pool# D60780 SOUTH KOREA 0.1% 8.00%, 6/1/2025 590 609 Export-Import Bank of Korea, Pool# G30267 5.00%, 4/11/2022 500,000 536,411 5.00%, 8/1/2025 45,615 49,755 36 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FHLMC Gold Pool FHLMC Gold Pool Pool# E02746 Pool# C41561 3.50%, 11/1/2025 168,935 177,560 8.00%, 8/1/2030 1,894 1,983 Pool# J13883 Pool# C01051 3.50%, 12/1/2025 334,660 352,029 8.00%, 9/1/2030 1,869 2,253 Pool# J14732 Pool# C43550 4.00%, 3/1/2026 169,937 180,127 7.00%, 10/1/2030 1,418 1,461 Pool# E02896 Pool# C44017 3.50%, 5/1/2026 194,882 204,885 7.50%, 10/1/2030 443 451 Pool# J18127 Pool# C43967 3.00%, 3/1/2027 190,918 201,020 8.00%, 10/1/2030 4,062 4,079 Pool# J18702 Pool# C44957 3.00%, 3/1/2027 189,601 199,667 8.00%, 11/1/2030 862 883 Pool# J19106 Pool# J33361 3.00%, 5/1/2027 77,475 81,764 3.00%, 12/1/2030 388,185 408,875 Pool# J20471 Pool# G18578 3.00%, 9/1/2027 352,065 370,820 3.00%, 12/1/2030 372,570 392,585 Pool# D82854 Pool# J33315 7.00%, 10/1/2027 492 533 3.00%, 12/1/2030 159,368 167,939 Pool# G14609 Pool# C01103 3.00%, 11/1/2027 471,232 496,346 7.50%, 12/1/2030 890 1,072 Pool# C00566 Pool# C46932 7.50%, 12/1/2027 777 898 7.50%, 1/1/2031 644 669 Pool# G15100 Pool# G18587 2.50%, 7/1/2028 201,785 213,946 3.00%, 2/1/2031 279,073 294,054 Pool# C18271 Pool# G18592 7.00%, 11/1/2028 2,024 2,269 3.00%, 3/1/2031 311,645 328,386 Pool# C00678 Pool# C48206 7.00%, 11/1/2028 995 1,153 7.50%, 3/1/2031 1,705 1,712 Pool# C00836 Pool# C91366 7.00%, 7/1/2029 528 608 4.50%, 4/1/2031 84,794 92,467 Pool# C31285 Pool# G18601 7.00%, 9/1/2029 1,320 1,506 3.00%, 5/1/2031 182,579 192,399 Pool# C31282 Pool# G18605 7.00%, 9/1/2029 62 63 3.00%, 6/1/2031 106,630 112,372 Pool# C32914 Pool# J34627 8.00%, 11/1/2029 934 958 3.00%, 6/1/2031 17,751 18,678 Pool# G18536 Pool# C91377 2.50%, 1/1/2030 3,061,356 3,213,097 4.50%, 6/1/2031 44,049 48,084 Pool# C37436 Pool# C53324 8.00%, 1/1/2030 1,429 1,703 7.00%, 6/1/2031 1,568 1,676 Pool# C36429 Pool# C01209 7.00%, 2/1/2030 612 632 8.00%, 6/1/2031 658 764 Pool# C36306 Pool# J35107 7.00%, 2/1/2030 606 632 2.50%, 8/1/2031 147,510 156,389 Pool# C00921 Pool# G01309 7.50%, 2/1/2030 958 1,115 7.00%, 8/1/2031 1,148 1,328 Pool# G01108 Pool# G01311 7.00%, 4/1/2030 368 417 7.00%, 9/1/2031 8,223 9,508 Pool# C37703 Pool# C01222 7.50%, 4/1/2030 671 710 7.00%, 9/1/2031 986 1,153 Pool# G18552 Pool# G01315 3.00%, 5/1/2030 1,113,167 1,172,991 7.00%, 9/1/2031 280 326 Pool# U49055 Pool# J35522 3.00%, 6/1/2030 116,987 123,608 2.50%, 10/1/2031 617,141 647,862 Pool# J32243 Pool# C60012 3.00%, 7/1/2030 714,068 757,154 7.00%, 11/1/2031 718 743 Pool# J32257 Pool# C61298 3.00%, 7/1/2030 177,282 188,487 8.00%, 11/1/2031 2,511 2,589 Pool# J32255 Pool# J35957 3.00%, 7/1/2030 145,417 154,182 2.50%, 12/1/2031 860,412 903,243 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 37

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FHLMC Gold Pool FHLMC Gold Pool Pool# C61105 Pool# A22067 7.00%, 12/1/2031 5,367 5,813 6.50%, 5/1/2034 29,836 34,213 Pool# C01305 Pool# A24301 7.50%, 12/1/2031 730 838 6.50%, 5/1/2034 28,145 31,320 Pool# C63171 Pool# G18737 7.00%, 1/1/2032 5,897 6,879 3.50%, 6/1/2034 361,223 379,752 Pool# V61548 Pool# A24988 2.50%, 2/1/2032 771,863 818,411 6.50%, 7/1/2034 11,259 12,529 Pool# D99004 Pool# G01741 3.50%, 3/1/2032 136,970 146,609 6.50%, 10/1/2034 10,092 11,604 Pool# G30577 Pool# G08023 3.50%, 4/1/2032 299,376 320,449 6.50%, 11/1/2034 21,648 25,169 Pool# G01391 Pool# A33137 7.00%, 4/1/2032 14,037 16,398 6.50%, 1/1/2035 3,810 4,240 Pool# C01345 Pool# G01947 7.00%, 4/1/2032 4,487 5,268 7.00%, 5/1/2035 9,444 11,077 Pool# C01370 Pool# G08073 8.00%, 4/1/2032 1,058 1,237 5.50%, 8/1/2035 108,550 124,695 Pool# C66916 Pool# A37135 7.00%, 5/1/2032 11,411 12,426 5.50%, 9/1/2035 102,632 116,934 Pool# C01381 Pool# A47368 8.00%, 5/1/2032 12,855 15,427 5.00%, 10/1/2035 124,607 142,853 Pool# C68290 Pool# A38531 7.00%, 6/1/2032 2,333 2,560 5.50%, 10/1/2035 242,231 277,584 Pool# C68300 Pool# A38255 7.00%, 6/1/2032 1,016 1,024 5.50%, 10/1/2035 140,671 160,405 Pool# D99266 Pool# G08088 3.50%, 7/1/2032 205,288 219,741 6.50%, 10/1/2035 98,105 114,628 Pool# G01449 Pool# A39759 7.00%, 7/1/2032 8,876 10,339 5.50%, 11/1/2035 9,841 11,275 Pool# C69908 Pool# A40376 7.00%, 8/1/2032 24,391 28,175 5.50%, 12/1/2035 5,855 6,585 Pool# C91558 Pool# A42305 3.50%, 9/1/2032 48,772 52,206 5.50%, 1/1/2036 17,211 19,230 Pool# G16407 Pool# A41548 2.50%, 1/1/2033 431,820 459,200 7.00%, 1/1/2036 11,971 12,515 Pool# G16408 Pool# G08111 2.50%, 1/1/2033 313,930 333,251 5.50%, 2/1/2036 141,334 162,217 Pool# G01536 Pool# A43886 7.00%, 3/1/2033 11,094 13,146 5.50%, 3/1/2036 383,547 442,198 Pool# C01528 Pool# A43885 5.00%, 4/1/2033 67,024 76,299 5.50%, 3/1/2036 225,828 252,403 Pool# G30646 Pool# A43884 3.00%, 5/1/2033 282,811 301,545 5.50%, 3/1/2036 199,750 223,261 Pool# G30642 Pool# A48378 3.00%, 5/1/2033 131,406 140,111 5.50%, 3/1/2036 103,182 113,787 Pool# K90535 Pool# A43861 3.00%, 5/1/2033 52,234 55,694 5.50%, 3/1/2036 49,154 54,092 Pool# G18693 Pool# G08116 4.00%, 5/1/2033 158,472 168,167 5.50%, 3/1/2036 29,957 34,434 Pool# G18696 Pool# A48735 3.50%, 7/1/2033 48,688 51,183 5.50%, 5/1/2036 7,211 7,929 Pool# A16419 Pool# A53039 6.50%, 11/1/2033 15,328 17,058 6.50%, 10/1/2036 46,173 51,384 Pool# C01806 Pool# A53219 7.00%, 1/1/2034 12,172 12,963 6.50%, 10/1/2036 1,104 1,228 Pool# A21356 Pool# G05254 6.50%, 4/1/2034 48,428 56,797 5.00%, 1/1/2037 101,925 116,964 Pool# C01851 Pool# G04331 6.50%, 4/1/2034 26,828 31,993 5.00%, 2/1/2037 97,046 111,390 38 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FHLMC Gold Pool FHLMC Gold Pool Pool# G05941 Pool# V80002 6.00%, 2/1/2037 483,147 563,286 2.50%, 4/1/2043 529,157 560,591 Pool# G03620 Pool# Q16915 6.50%, 10/1/2037 2,618 3,039 3.00%, 4/1/2043 468,918 507,199 Pool# G03721 Pool# Q17675 6.00%, 12/1/2037 43,369 50,648 3.50%, 4/1/2043 544,006 589,096 Pool# G03969 Pool# Q18523 6.00%, 2/1/2038 49,943 58,199 3.50%, 5/1/2043 800,312 862,242 Pool# C91982 Pool# Q18751 3.50%, 3/1/2038 262,845 278,847 3.50%, 6/1/2043 1,007,436 1,087,833 Pool# G04913 Pool# G07410 5.00%, 3/1/2038 175,437 201,522 3.50%, 7/1/2043 216,403 237,650 Pool# G05299 Pool# Q20332 4.50%, 6/1/2038 174,749 191,263 3.50%, 7/1/2043 91,444 99,019 Pool# G04581 Pool# G07459 6.50%, 8/1/2038 85,822 97,684 3.50%, 8/1/2043 809,183 875,842 Pool# C92013 Pool# G60038 3.50%, 9/1/2038 872,281 923,201 3.50%, 1/1/2044 1,656,306 1,792,849 Pool# A81674 Pool# Q26869 6.00%, 9/1/2038 291,303 338,397 4.00%, 6/1/2044 880,022 966,200 Pool# A85442 Pool# G07946 5.00%, 3/1/2039 74,218 80,942 4.00%, 7/1/2044 24,879 27,291 Pool# G05459 Pool# Q28607 5.50%, 5/1/2039 1,354,287 1,548,394 3.50%, 9/1/2044 321,069 348,268 Pool# G05535 Pool# G61231 4.50%, 7/1/2039 549,649 611,175 3.50%, 9/1/2044 99,283 107,424 Pool# A89500 Pool# G08609 4.50%, 10/1/2039 67,067 74,507 3.50%, 10/1/2044 370,545 397,056 Pool# A91165 Pool# Q30833 5.00%, 2/1/2040 2,271,757 2,608,778 4.00%, 1/1/2045 35,748 38,621 Pool# G60342 Pool# G60400 4.50%, 5/1/2042 548,624 609,664 4.50%, 1/1/2045 235,138 259,876 Pool# G60195 Pool# G07925 4.00%, 6/1/2042 678,572 745,250 4.00%, 2/1/2045 60,417 67,718 Pool# Q08977 Pool# Q34165 4.00%, 6/1/2042 109,300 118,263 4.00%, 6/1/2045 454,743 493,614 Pool# Q09824 Pool# V81873 4.00%, 8/1/2042 86,486 95,034 4.00%, 8/1/2045 355,301 384,739 Pool# Q11087 Pool# G08669 4.00%, 9/1/2042 129,143 139,915 4.00%, 9/1/2045 550,157 595,596 Pool# G07158 Pool# V82126 3.50%, 10/1/2042 563,214 609,631 3.50%, 12/1/2045 227,984 249,278 Pool# G07163 Pool# Q38199 3.50%, 10/1/2042 307,884 334,904 3.50%, 1/1/2046 24,688 26,412 Pool# Q11532 Pool# Q38357 3.50%, 10/1/2042 227,509 246,363 4.00%, 1/1/2046 162,952 176,075 Pool# Q12051 Pool# G61365 3.50%, 10/1/2042 213,180 230,847 4.50%, 1/1/2046 91,554 101,241 Pool# Q12052 Pool# Q39434 3.50%, 10/1/2042 90,625 98,128 3.50%, 3/1/2046 220,549 235,929 Pool# C09020 Pool# Q39364 3.50%, 11/1/2042 608,887 659,194 3.50%, 3/1/2046 165,821 181,328 Pool# G07264 Pool# Q39440 3.50%, 12/1/2042 591,749 639,823 4.00%, 3/1/2046 103,970 111,461 Pool# Q14292 Pool# G08704 3.50%, 1/1/2043 121,350 132,002 4.50%, 4/1/2046 48,141 52,433 Pool# Q15884 Pool# Q40097 3.00%, 2/1/2043 791,551 848,499 4.50%, 4/1/2046 3,108 3,345 Pool# Q16470 Pool# G60582 3.00%, 3/1/2043 1,323,891 1,431,965 3.50%, 5/1/2046 465,427 506,131 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 39

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FHLMC Gold Pool FHLMC Gold Pool Pool# Q40718 Pool# G08734 3.50%, 5/1/2046 216,858 231,797 4.00%, 11/1/2046 655,455 705,763 Pool# G08707 Pool# G08737 4.00%, 5/1/2046 258,186 278,722 3.00%, 12/1/2046 2,981,737 3,151,681 Pool# G08708 Pool# G60989 4.50%, 5/1/2046 35,923 39,073 3.00%, 12/1/2046 617,036 655,563 Pool# Q40728 Pool# Q45878 4.50%, 5/1/2046 2,816 3,032 3.00%, 12/1/2046 186,809 197,457 Pool# Q41548 Pool# G08738 3.00%, 7/1/2046 167,293 177,227 3.50%, 12/1/2046 3,180,424 3,379,625 Pool# Q41903 Pool# Q45024 3.50%, 7/1/2046 271,189 289,497 3.50%, 12/1/2046 148,648 162,550 Pool# Q41491 Pool# G08741 3.50%, 7/1/2046 38,800 41,321 3.00%, 1/1/2047 1,235,538 1,305,957 Pool# Q41407 Pool# G08747 3.50%, 7/1/2046 28,632 30,453 3.00%, 2/1/2047 2,180,970 2,306,993 Pool# G61791 Pool# G08748 4.00%, 7/1/2046 171,013 186,066 3.50%, 2/1/2047 700,415 743,655 Pool# Q41947 Pool# G08749 4.50%, 7/1/2046 17,373 18,807 4.00%, 2/1/2047 1,205,948 1,291,866 Pool# G08715 Pool# G61890 3.00%, 8/1/2046 1,490,154 1,577,224 4.00%, 2/1/2047 73,501 79,218 Pool# Q42596 Pool# G08751 3.50%, 8/1/2046 250,072 267,393 3.50%, 3/1/2047 1,102,184 1,167,125 Pool# Q42203 Pool# Q47592 3.50%, 8/1/2046 60,614 64,789 3.50%, 4/1/2047 251,799 266,055 Pool# Q42393 Pool# Q47484 3.50%, 8/1/2046 51,147 54,340 3.50%, 4/1/2047 37,019 39,761 Pool# G61237 Pool# G60988 3.50%, 8/1/2046 39,554 42,797 3.00%, 5/1/2047 2,027,041 2,167,200 Pool# Q42680 Pool# Q48098 4.00%, 8/1/2046 14,065 15,129 3.50%, 5/1/2047 139,351 149,697 Pool# G08720 Pool# Q48237 4.50%, 8/1/2046 24,246 26,310 4.50%, 5/1/2047 223,782 242,406 Pool# G61323 Pool# G61390 3.00%, 9/1/2046 1,054,206 1,129,161 3.00%, 6/1/2047 1,230,363 1,301,853 Pool# G08721 Pool# Q48414 3.00%, 9/1/2046 822,271 871,244 4.50%, 6/1/2047 108,841 117,335 Pool# V82617 Pool# Q48365 3.50%, 9/1/2046 472,279 507,971 4.50%, 6/1/2047 35,529 38,169 Pool# G08722 Pool# G08770 3.50%, 9/1/2046 174,146 186,013 3.50%, 7/1/2047 2,573,276 2,722,133 Pool# G60733 Pool# V83270 4.50%, 9/1/2046 212,944 238,679 3.50%, 7/1/2047 553,332 585,834 Pool# G60722 Pool# G61339 3.00%, 10/1/2046 1,663,346 1,778,514 3.00%, 8/1/2047 374,861 396,590 Pool# Q44035 Pool# G08774 3.00%, 10/1/2046 1,123,829 1,189,766 3.50%, 8/1/2047 288,071 304,077 Pool# G61815 Pool# Q49917 4.00%, 10/1/2046 105,613 114,228 3.50%, 8/1/2047 192,373 203,737 Pool# G61257 Pool# Q53085 3.00%, 11/1/2046 2,103,363 2,220,176 3.00%, 9/1/2047 429,173 454,479 Pool# Q44452 Pool# G08779 3.00%, 11/1/2046 465,064 490,437 3.50%, 9/1/2047 732,973 773,387 Pool# G08732 Pool# G61295 3.00%, 11/1/2046 145,797 154,351 3.50%, 9/1/2047 688,161 751,899 Pool# Q44473 Pool# G61622 3.50%, 11/1/2046 65,701 69,692 3.00%, 10/1/2047 865,692 916,388 Pool# Q44223 Pool# G08785 3.50%, 11/1/2046 42,607 45,070 4.00%, 10/1/2047 77,021 81,959 40 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FHLMC Gold Pool FHLMC Gold Pool Pool# Q52075 Pool# V85044 4.00%, 11/1/2047 513,581 547,955 4.00%, 12/1/2048 404,283 434,586 Pool# V83598 Pool# V85082 3.50%, 12/1/2047 265,141 280,079 4.50%, 12/1/2048 116,876 125,602 Pool# G67707 Pool# G61846 3.50%, 1/1/2048 781,685 861,919 4.00%, 1/1/2049 12,073 12,792 Pool# V83909 Pool# V85139 4.00%, 1/1/2048 703,227 746,955 4.50%, 1/1/2049 137,822 148,009 Pool# G61311 FHLMC Non Gold Pool 3.50%, 2/1/2048 1,268,065 1,342,589 Pool# 1B8478 Pool# T65458 4.34%, 7/1/2041(a) 102,268 105,892 3.50%, 2/1/2048 347,284 359,534 Pool# 2B0108 Pool# G08801 3.87%, 1/1/2042(a) 13,231 13,485 4.00%, 2/1/2048 413,822 439,656 Pool# 2B1381 Pool# Q54460 2.37%, 6/1/2043(a) 4,459 4,515 4.00%, 2/1/2048 264,124 287,656 FHLMC UMBS Pool Pool# G61298 Pool# ZT1998 4.00%, 2/1/2048 130,552 142,546 4.00%, 7/1/2029 153,957 162,777 Pool# Q54727 Pool# ZS8701 3.50%, 3/1/2048 499,074 528,762 3.50%, 6/1/2033 162,568 170,979 Pool# Q55401 Pool# SB0218 5.00%, 4/1/2048 101,670 111,223 3.00%, 10/1/2033 241,186 253,609 Pool# V84237 Pool# QN0248 3.50%, 5/1/2048 1,006,096 1,061,694 3.00%, 7/1/2034 177,724 186,920 Pool# G08813 Pool# SB0095 3.50%, 5/1/2048 121,510 127,915 3.50%, 7/1/2034 290,078 306,269 Pool# G08820 Pool# SB0069 4.50%, 5/1/2048 956,988 1,029,081 3.00%, 9/1/2034 407,596 429,529 Pool# G08821 Pool# SB8021 5.00%, 5/1/2048 37,002 40,472 3.00%, 12/1/2034 1,009,727 1,062,103 Pool# G67713 Pool# QA2237 4.00%, 6/1/2048 258,245 280,875 3.00%, 7/1/2046 3,200,000 3,396,321 Pool# G67712 Pool# QA2226 4.00%, 6/1/2048 232,627 257,643 3.00%, 7/1/2046 1,897,464 2,013,875 Pool# G08817 Pool# ZS4693 4.00%, 6/1/2048 163,669 173,335 3.00%, 12/1/2046 2,115,000 2,234,953 Pool# G08818 Pool# ZM2339 4.50%, 6/1/2048 526,799 566,214 3.50%, 1/1/2047 408,000 432,258 Pool# Q56473 Pool# ZA5785 4.50%, 6/1/2048 106,807 115,871 4.50%, 10/1/2048 700,157 751,726 Pool# Q56472 Pool# ZT1321 4.50%, 6/1/2048 93,429 102,293 4.50%, 11/1/2048 895,598 962,160 Pool# G08824 Pool# ZA6536 4.00%, 7/1/2048 3,548,355 3,759,423 4.00%, 3/1/2049 376,826 399,384 Pool# G08827 Pool# ZA6380 4.50%, 7/1/2048 335,188 360,592 4.00%, 3/1/2049 291,172 308,558 Pool# Q57401 Pool# SD8015 4.50%, 7/1/2048 109,424 121,173 2.50%, 10/1/2049 419,361 437,174 Pool# Q57402 Pool# RA1859 4.50%, 7/1/2048 33,061 36,060 3.00%, 12/1/2049 1,456,294 1,534,823 Pool# G08833 Pool# SD8045 5.00%, 7/1/2048 13,977 15,286 3.50%, 2/1/2050 540,027 567,649 Pool# G08831 Pool# RA2579 4.00%, 8/1/2048 465,552 492,945 3.00%, 5/1/2050 490,587 519,170 Pool# G08836 Pool# SD8063 4.00%, 9/1/2048 1,903,112 2,014,947 3.50%, 5/1/2050 1,112,434 1,170,166 Pool# G67716 FNMA Pool 4.50%, 10/1/2048 170,708 189,435 Pool# AC9895 Pool# G08843 3.44%, 4/1/2040(a) 445,223 456,365 4.50%, 10/1/2048 120,255 129,333 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 41

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FNMA Pool FNMA UMBS Pool Pool# AC9890 Pool# 896599 3.47%, 4/1/2040(a) 632,860 661,119 5.50%, 8/1/2021 56 57 Pool# AJ1249 Pool# 903350 4.07%, 9/1/2041(a) 156,701 163,908 5.00%, 10/1/2021 333 350 Pool# AK0714 Pool# 894126 3.80%, 2/1/2042(a) 18,022 18,610 5.50%, 10/1/2021 27 27 Pool# AT4982 Pool# 902789 3.28%, 4/1/2043(a) 356 356 5.50%, 11/1/2021 5,166 5,265 Pool# AT4250 Pool# 906708 2.42%, 6/1/2043(a) 50,139 51,598 5.00%, 12/1/2021 4,583 4,815 Pool# BF0203 Pool# 901509 3.00%, 2/1/2047 886,930 940,715 5.00%, 12/1/2021 742 779 Pool# BF0206 Pool# 928106 4.00%, 2/1/2047 591,482 638,555 5.50%, 2/1/2022 9,421 9,647 Pool# BF0200 Pool# 914385 3.50%, 11/1/2051 371,798 402,310 5.50%, 3/1/2022 151 155 Pool# BF0171 Pool# 913323 4.00%, 1/1/2057 301,366 332,468 5.50%, 4/1/2022 488 496 Pool# BF0184 Pool# 899438 4.00%, 2/1/2057 346,588 382,357 5.50%, 6/1/2022 12,858 13,215 FNMA UMBS Pool Pool# AA2549 Pool# 826869 4.00%, 4/1/2024 60,054 63,468 5.50%, 8/1/2020 1,056 1,057 Pool# 934863 Pool# 835228 4.00%, 6/1/2024 115,706 122,317 5.50%, 8/1/2020 16 16 Pool# AC1374 Pool# 825811 4.00%, 8/1/2024 74,882 79,176 5.50%, 9/1/2020 31 31 Pool# AC1529 Pool# 838565 4.50%, 9/1/2024 221,741 236,359 5.50%, 10/1/2020 1,631 1,636 Pool# AD0244 Pool# 840102 4.50%, 10/1/2024 30,490 32,511 5.50%, 10/1/2020 542 543 Pool# AD4089 Pool# 811505 4.50%, 5/1/2025 216,175 230,480 5.50%, 10/1/2020 111 111 Pool# 890216 Pool# 843102 4.50%, 7/1/2025 55,505 59,200 5.50%, 10/1/2020 94 94 Pool# AB1609 Pool# 841947 4.00%, 10/1/2025 152,120 160,955 5.50%, 10/1/2020 80 81 Pool# AH1361 Pool# 839100 3.50%, 12/1/2025 144,486 151,977 5.50%, 11/1/2020 20 20 Pool# AH1518 Pool# 830670 3.50%, 12/1/2025 65,646 69,005 5.50%, 12/1/2020 37 37 Pool# AH5616 Pool# 867183 3.50%, 2/1/2026 379,011 398,571 5.50%, 2/1/2021 665 668 Pool# AL0298 Pool# 870296 4.00%, 5/1/2026 289,770 306,996 5.50%, 3/1/2021 40 40 Pool# AB4277 Pool# 878120 3.00%, 1/1/2027 502,813 529,258 5.50%, 4/1/2021 240 243 Pool# AL1391 Pool# 879115 3.50%, 1/1/2027 7,612 8,009 5.50%, 5/1/2021 948 953 Pool# AP4746 Pool# 811559 3.00%, 8/1/2027 131,608 139,121 5.50%, 5/1/2021 621 624 Pool# AP7855 Pool# 885440 3.00%, 9/1/2027 699,449 739,487 5.50%, 5/1/2021 277 278 Pool# AP4640 Pool# 845489 3.00%, 9/1/2027 75,170 79,469 5.50%, 6/1/2021 58 59 Pool# AQ5096 Pool# 880950 3.00%, 11/1/2027 179,132 189,403 5.50%, 7/1/2021 1,533 1,554 Pool# AB6887 Pool# 870092 3.00%, 11/1/2027 145,371 153,636 5.50%, 8/1/2021 216 218 Pool# AQ4532 3.00%, 11/1/2027 103,996 109,958 42 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FNMA UMBS Pool FNMA UMBS Pool Pool# AQ3758 Pool# AL8060 3.00%, 11/1/2027 77,271 81,700 3.00%, 2/1/2031 401,478 428,660 Pool# AQ7406 Pool# MA0641 3.00%, 11/1/2027 70,503 74,332 4.00%, 2/1/2031 270,324 291,040 Pool# AB6886 Pool# 560868 3.00%, 11/1/2027 69,991 74,099 7.50%, 2/1/2031 659 669 Pool# AQ2884 Pool# AS6799 3.00%, 12/1/2027 65,117 68,851 3.00%, 3/1/2031 359,312 378,458 Pool# AS0487 Pool# BC0774 2.50%, 9/1/2028 359,023 381,147 3.00%, 3/1/2031 176,900 188,874 Pool# 930998 Pool# AS6919 4.50%, 4/1/2029 33,080 35,557 3.50%, 3/1/2031 24,546 25,904 Pool# BM1507 Pool# BC4410 2.50%, 12/1/2029 211,107 221,317 3.50%, 3/1/2031 23,857 25,199 Pool# AL8077 Pool# BC0320 3.50%, 12/1/2029 24,429 25,816 3.50%, 3/1/2031 14,926 15,910 Pool# BM4299 Pool# BC4430 3.00%, 3/1/2030 952,387 1,001,117 3.00%, 4/1/2031 63,896 68,135 Pool# AS4874 Pool# AL8566 3.00%, 4/1/2030 466,029 493,002 3.00%, 6/1/2031 181,979 193,287 Pool# AS5412 Pool# AL8565 2.50%, 7/1/2030 189,825 199,213 3.00%, 6/1/2031 181,782 193,742 Pool# AS5420 Pool# AL8561 3.00%, 7/1/2030 390,200 413,561 3.50%, 6/1/2031 191,797 205,412 Pool# AL7152 Pool# AS8028 3.50%, 7/1/2030 454,960 485,937 2.50%, 9/1/2031 797,481 837,014 Pool# AS5702 Pool# AL9378 2.50%, 8/1/2030 760,851 798,457 3.00%, 9/1/2031 89,886 95,973 Pool# AZ4898 Pool# MA2775 2.50%, 8/1/2030 593,717 622,250 2.50%, 10/1/2031 1,581,039 1,659,300 Pool# AY8448 Pool# BM1888 3.00%, 8/1/2030 1,423,260 1,499,083 2.50%, 10/1/2031 1,448,829 1,520,219 Pool# AZ2953 Pool# AS8038 3.00%, 9/1/2030 1,306,553 1,376,282 2.50%, 10/1/2031 702,057 736,838 Pool# AZ5718 Pool# BC4777 3.00%, 9/1/2030 1,092,277 1,149,836 2.50%, 10/1/2031 533,327 559,255 Pool# AS6060 Pool# AL9323 3.00%, 10/1/2030 950,678 1,000,892 2.50%, 10/1/2031 33,177 34,825 Pool# AZ9234 Pool# AS8612 3.50%, 10/1/2030 61,618 64,979 3.00%, 10/1/2031 258,692 272,531 Pool# BA2993 Pool# 607212 3.00%, 11/1/2030 223,473 235,369 7.50%, 10/1/2031 3,518 3,625 Pool# AS6174 Pool# MA0895 3.50%, 11/1/2030 34,679 36,582 3.50%, 11/1/2031 296,422 317,185 Pool# AS6272 Pool# 607632 2.50%, 12/1/2030 280,970 294,863 6.50%, 11/1/2031 78 87 Pool# AS6295 Pool# MA2830 3.00%, 12/1/2030 421,966 444,494 2.50%, 12/1/2031 595,740 625,252 Pool# BA3545 Pool# BM3814 3.00%, 12/1/2030 184,344 194,141 2.50%, 12/1/2031 410,222 431,231 Pool# AH1515 Pool# AS8594 4.00%, 12/1/2030 361,805 389,585 2.50%, 1/1/2032 418,038 442,265 Pool# AD0716 Pool# AS8597 6.50%, 12/1/2030 1,028,551 1,152,224 2.50%, 1/1/2032 369,115 388,353 Pool# BA6532 Pool# AS8609 2.50%, 1/1/2031 232,569 244,067 3.00%, 1/1/2032 285,160 300,744 Pool# BM5016 Pool# AL9786 3.00%, 1/1/2031 574,989 611,095 3.00%, 1/1/2032 251,099 269,776 Pool# AB2121 Pool# AL9585 4.00%, 1/1/2031 53,229 57,303 3.50%, 1/1/2032 96,928 104,667 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 43

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FNMA UMBS Pool FNMA UMBS Pool Pool# BM1036 Pool# BM3389 2.50%, 2/1/2032 1,912,585 2,025,074 3.00%, 11/1/2032 322,138 346,097 Pool# BM4624 Pool# AB6962 3.00%, 2/1/2032 293,856 314,982 3.50%, 11/1/2032 313,832 335,822 Pool# AL9872 Pool# AQ3343 3.00%, 2/1/2032 214,385 229,577 3.50%, 11/1/2032 163,997 175,486 Pool# AL9740 Pool# BM3977 3.00%, 2/1/2032 184,644 196,824 3.00%, 12/1/2032 594,151 631,042 Pool# AL9871 Pool# CA0951 3.00%, 2/1/2032 128,888 137,842 3.00%, 12/1/2032 346,128 366,771 Pool# AS8767 Pool# FM1661 3.00%, 2/1/2032 24,377 25,982 2.50%, 1/1/2033 1,172,363 1,228,973 Pool# BM1007 Pool# BM4338 2.50%, 3/1/2032 612,864 643,161 2.50%, 1/1/2033 610,753 641,035 Pool# AL9899 Pool# BM3919 3.00%, 3/1/2032 37,995 40,502 3.00%, 2/1/2033 313,246 336,535 Pool# BM3269 Pool# BM3750 2.50%, 4/1/2032 960,362 1,007,938 3.50%, 3/1/2033 265,805 286,579 Pool# MA1029 Pool# BM4129 3.50%, 4/1/2032 244,671 261,792 3.50%, 4/1/2033 388,552 418,828 Pool# 545556 Pool# 555346 7.00%, 4/1/2032 3,732 4,358 5.50%, 4/1/2033 49,612 56,579 Pool# AO2565 Pool# 713560 3.50%, 5/1/2032 74,836 80,079 5.50%, 4/1/2033 8,968 9,962 Pool# AS9695 Pool# 694846 3.50%, 5/1/2032 46,340 49,648 6.50%, 4/1/2033 10,521 11,974 Pool# 545605 Pool# 701261 7.00%, 5/1/2032 5,065 5,966 7.00%, 4/1/2033 313 333 Pool# BM4088 Pool# AB9402 3.00%, 6/1/2032 376,135 396,415 3.00%, 5/1/2033 308,747 329,111 Pool# AO5103 Pool# AB9403 3.50%, 6/1/2032 205,414 219,806 3.00%, 5/1/2033 137,009 146,046 Pool# 890786 Pool# AB9300 3.50%, 6/1/2032 37,954 40,971 3.00%, 5/1/2033 105,091 112,086 Pool# MA1107 Pool# BM4132 3.50%, 7/1/2032 33,158 35,481 3.50%, 5/1/2033 268,523 289,715 Pool# FM1664 Pool# MA3372 4.00%, 7/1/2032 278,121 294,528 4.00%, 5/1/2033 365,640 387,708 Pool# 651361 Pool# 555421 7.00%, 7/1/2032 1,155 1,191 5.00%, 5/1/2033 1,153,299 1,315,084 Pool# BM1669 Pool# MA3393 3.00%, 8/1/2032 213,648 229,514 4.00%, 6/1/2033 167,281 176,881 Pool# AP1990 Pool# MA3427 3.50%, 8/1/2032 105,519 112,912 4.00%, 7/1/2033 147,068 155,539 Pool# AP1997 Pool# 720087 3.50%, 8/1/2032 63,175 67,600 5.50%, 7/1/2033 250,394 287,014 Pool# BH5355 Pool# 728721 3.50%, 8/1/2032 13,387 14,356 5.50%, 7/1/2033 36,609 41,940 Pool# AO7202 Pool# 555684 3.50%, 9/1/2032 233,960 250,343 5.50%, 7/1/2033 9,441 10,812 Pool# MA1166 Pool# MA1527 3.50%, 9/1/2032 191,078 204,463 3.00%, 8/1/2033 1,209,815 1,289,619 Pool# BM5167 Pool# 743235 3.50%, 9/1/2032 36,803 38,809 5.50%, 10/1/2033 16,273 18,552 Pool# CA0586 Pool# 750229 2.50%, 10/1/2032 92,891 98,758 6.50%, 10/1/2033 23,997 27,250 Pool# AP3673 Pool# FM2154 3.50%, 10/1/2032 203,013 217,231 4.00%, 12/1/2033 583,000 616,599 Pool# BH9391 Pool# 755872 3.50%, 10/1/2032 17,239 18,583 5.50%, 12/1/2033 197,878 225,393 44 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FNMA UMBS Pool FNMA UMBS Pool Pool# 725221 Pool# 932888 5.50%, 1/1/2034 4,838 5,547 3.50%, 1/1/2041 216,567 240,560 Pool# 725223 Pool# AB2068 5.50%, 3/1/2034 547 627 3.50%, 1/1/2041 191,736 208,451 Pool# 725228 Pool# 932891 6.00%, 3/1/2034 453,583 528,482 3.50%, 1/1/2041 39,759 43,885 Pool# 725425 Pool# AL3650 5.50%, 4/1/2034 279,378 320,325 5.00%, 2/1/2041 18,571 21,305 Pool# 725423 Pool# AL6521 5.50%, 5/1/2034 27,024 30,994 5.00%, 4/1/2041 1,258,696 1,443,935 Pool# 725594 Pool# AL0390 5.50%, 7/1/2034 113,975 130,638 5.00%, 5/1/2041 515,887 592,922 Pool# MA3739 Pool# AL5863 3.50%, 8/1/2034 393,702 413,640 4.50%, 6/1/2041 2,614,092 2,856,208 Pool# 788027 Pool# AI9851 6.50%, 9/1/2034 23,417 26,049 4.50%, 9/1/2041 46,715 52,007 Pool# FM1905 Pool# AL0761 3.00%, 11/1/2034 166,220 176,371 5.00%, 9/1/2041 154,608 177,697 Pool# 807310 Pool# BM3907 7.00%, 11/1/2034 2,109 2,503 5.50%, 9/1/2041 319,247 365,919 Pool# FM2412 Pool# AJ5431 3.50%, 1/1/2035 96,424 102,542 4.50%, 10/1/2041 105,571 117,535 Pool# 735141 Pool# AJ4861 5.50%, 1/1/2035 358,523 411,252 4.00%, 12/1/2041 168,171 184,079 Pool# 889852 Pool# AX5316 5.50%, 5/1/2035 10,101 11,581 4.50%, 1/1/2042 81,350 90,533 Pool# 256023 Pool# AL2499 6.00%, 12/1/2035 365,674 426,011 4.50%, 1/1/2042 36,311 40,413 Pool# 745418 Pool# AW8167 5.50%, 4/1/2036 55,730 64,031 3.50%, 2/1/2042 1,192,010 1,289,194 Pool# 745516 Pool# AB5185 5.50%, 5/1/2036 31,528 36,222 3.50%, 5/1/2042 444,516 480,348 Pool# 889745 Pool# AO3575 5.50%, 6/1/2036 5,553 6,365 4.50%, 5/1/2042 59,378 64,875 Pool# 995065 Pool# AO4647 5.50%, 9/1/2036 200,251 227,662 3.50%, 6/1/2042 910,210 985,132 Pool# 888635 Pool# AO8036 5.50%, 9/1/2036 127,022 145,684 4.50%, 7/1/2042 640,103 712,417 Pool# 995024 Pool# AP2092 5.50%, 8/1/2037 73,972 84,935 4.50%, 8/1/2042 32,005 34,543 Pool# 995050 Pool# AP6579 6.00%, 9/1/2037 662,855 772,105 3.50%, 9/1/2042 829,438 897,877 Pool# 955194 Pool# AL2782 7.00%, 11/1/2037 59,486 71,869 4.50%, 9/1/2042 142,820 158,917 Pool# 928940 Pool# AB6524 7.00%, 12/1/2037 60,891 67,646 3.50%, 10/1/2042 1,278,593 1,384,108 Pool# MA3389 Pool# AB7074 4.00%, 6/1/2038 267,789 285,757 3.00%, 11/1/2042 820,907 879,689 Pool# MA3464 Pool# AP8785 3.50%, 9/1/2038 477,169 503,070 3.00%, 11/1/2042 282,230 302,443 Pool# 990810 Pool# AL2677 7.00%, 10/1/2038 98,450 114,366 3.50%, 11/1/2042 774,546 842,245 Pool# AD8536 Pool# AB6786 5.00%, 8/1/2040 250,353 287,198 3.50%, 11/1/2042 571,729 618,707 Pool# AB1735 Pool# MA1273 3.50%, 11/1/2040 7,054 7,450 3.50%, 12/1/2042 417,998 452,493 Pool# AE9747 Pool# AR4210 4.50%, 12/1/2040 811,729 903,453 3.50%, 1/1/2043 206,170 223,188 Pool# AB2067 Pool# AT4040 3.50%, 1/1/2041 333,242 364,440 3.00%, 3/1/2043 204,795 219,473 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 45

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FNMA UMBS Pool FNMA UMBS Pool Pool# AR8213 Pool# AL6889 3.50%, 4/1/2043 207,234 225,352 4.50%, 2/1/2045 168,780 189,183 Pool# AB9238 Pool# BM3931 3.00%, 5/1/2043 1,055,448 1,141,280 3.00%, 3/1/2045 775,115 830,007 Pool# AB9237 Pool# AY1312 3.00%, 5/1/2043 766,935 832,596 3.50%, 3/1/2045 2,352,241 2,571,178 Pool# AB9236 Pool# AX9567 3.00%, 5/1/2043 247,264 268,926 3.50%, 3/1/2045 125,334 137,000 Pool# AB9362 Pool# BM4975 3.50%, 5/1/2043 1,140,204 1,246,882 4.00%, 3/1/2045 251,838 275,380 Pool# AT4145 Pool# AS4578 3.00%, 6/1/2043 286,849 310,179 4.00%, 3/1/2045 170,980 190,705 Pool# AB9814 Pool# BM3664 3.00%, 7/1/2043 975,835 1,055,193 3.00%, 5/1/2045 859,052 919,891 Pool# AT6871 Pool# AS4921 3.00%, 7/1/2043 172,632 184,794 3.50%, 5/1/2045 1,207,320 1,312,345 Pool# AS0203 Pool# AS5012 3.00%, 8/1/2043 714,320 772,414 4.00%, 5/1/2045 1,813,320 2,031,869 Pool# AS0255 Pool# BM5562 4.50%, 8/1/2043 329,596 366,843 4.00%, 6/1/2045 349,615 383,568 Pool# AS0516 Pool# AS5312 3.00%, 9/1/2043 625,377 671,252 3.50%, 7/1/2045 243,701 264,902 Pool# AL4471 Pool# AZ7111 4.00%, 9/1/2043 432,433 481,787 4.00%, 7/1/2045 36,593 39,430 Pool# AL6951 Pool# AZ9866 3.50%, 10/1/2043 686,374 742,593 4.00%, 8/1/2045 29,807 31,967 Pool# BM4222 Pool# AL7207 3.00%, 1/1/2044 863,854 925,061 4.50%, 8/1/2045 204,662 229,410 Pool# AS2276 Pool# AL9634 4.50%, 4/1/2044 569,388 633,260 3.50%, 10/1/2045 166,104 179,682 Pool# AW1006 Pool# BA2164 4.00%, 5/1/2044 176,088 197,316 3.00%, 11/1/2045 214,251 227,268 Pool# AL7767 Pool# AS6311 4.50%, 6/1/2044 52,512 58,404 3.50%, 12/1/2045 2,792,299 2,989,727 Pool# AS3161 Pool# AS6282 4.00%, 8/1/2044 1,160,468 1,264,752 3.50%, 12/1/2045 1,924,483 2,091,915 Pool# BM4650 Pool# BC0326 3.00%, 10/1/2044 1,575,103 1,686,919 3.50%, 12/1/2045 1,577,253 1,688,855 Pool# CA0688 Pool# BC0092 3.50%, 10/1/2044 514,917 556,961 3.50%, 12/1/2045 139,412 149,302 Pool# BC5090 Pool# BC0475 4.00%, 10/1/2044 150,689 163,639 3.50%, 12/1/2045 87,003 93,196 Pool# AS3946 Pool# AS6362 4.00%, 12/1/2044 1,393,986 1,541,681 4.50%, 12/1/2045 44,557 49,295 Pool# AL8303 Pool# AS6474 3.00%, 1/1/2045 282,308 302,444 3.50%, 1/1/2046 369,874 408,020 Pool# BM4384 Pool# AS6539 4.00%, 1/1/2045 525,130 576,032 3.50%, 1/1/2046 340,178 375,303 Pool# BM3611 Pool# AL9849 4.00%, 1/1/2045 476,045 520,374 3.50%, 1/1/2046 242,939 262,775 Pool# BM3804 Pool# AS6527 3.50%, 2/1/2045 174,930 189,172 4.00%, 1/1/2046 375,309 404,468 Pool# AL9555 Pool# BC0178 4.00%, 2/1/2045 2,909,180 3,189,243 4.50%, 1/1/2046 9,905 10,755 Pool# AX9524 Pool# BC1158 4.00%, 2/1/2045 1,334,374 1,495,202 3.50%, 2/1/2046 2,184,198 2,341,013 Pool# AS4418 Pool# BC2667 4.00%, 2/1/2045 950,795 1,065,378 4.00%, 2/1/2046 58,129 62,801 Pool# AS4375 Pool# BC0605 4.00%, 2/1/2045 644,238 721,885 4.00%, 2/1/2046 36,183 38,709 46 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FNMA UMBS Pool FNMA UMBS Pool Pool# AL9781 Pool# AS7770 4.50%, 2/1/2046 433,199 481,607 4.50%, 8/1/2046 72,122 78,104 Pool# BC0300 Pool# BD5232 3.50%, 3/1/2046 1,705,481 1,817,473 4.50%, 8/1/2046 12,988 14,056 Pool# BM4621 Pool# AL8947 3.50%, 3/1/2046 641,803 694,016 3.50%, 9/1/2046 304,844 333,257 Pool# AS6833 Pool# BD4944 3.50%, 3/1/2046 37,902 40,325 3.50%, 9/1/2046 64,419 68,128 Pool# AS6795 Pool# AL9263 4.00%, 3/1/2046 286,836 306,530 3.00%, 10/1/2046 284,321 303,916 Pool# BA6972 Pool# AL9234 4.00%, 3/1/2046 65,614 70,961 3.50%, 10/1/2046 108,012 119,165 Pool# BC0311 Pool# BM3932 4.50%, 3/1/2046 6,067 6,566 3.50%, 10/1/2046 105,812 112,777 Pool# BC0823 Pool# AS8125 3.50%, 4/1/2046 307,424 327,112 3.50%, 10/1/2046 88,243 94,881 Pool# BA7692 Pool# FM1871 3.50%, 4/1/2046 19,920 21,777 4.00%, 10/1/2046 214,912 235,779 Pool# AS7026 Pool# BC4766 4.00%, 4/1/2046 205,825 220,317 4.50%, 10/1/2046 63,942 69,246 Pool# AS7171 Pool# AS8154 3.50%, 5/1/2046 116,403 124,025 4.50%, 10/1/2046 42,805 46,480 Pool# AS7251 Pool# FM1368 4.00%, 5/1/2046 31,927 34,333 3.00%, 11/1/2046 2,618,980 2,766,098 Pool# AS7387 Pool# MA2806 3.50%, 6/1/2046 313,868 332,812 3.00%, 11/1/2046 766,886 810,191 Pool# AL8833 Pool# BC9003 4.00%, 6/1/2046 1,049,455 1,175,813 3.00%, 11/1/2046 285,996 302,739 Pool# AS7593 Pool# AS8369 3.50%, 7/1/2046 1,195,320 1,285,238 3.50%, 11/1/2046 896,811 964,276 Pool# AS7594 Pool# BE5067 3.50%, 7/1/2046 1,120,619 1,204,919 3.50%, 11/1/2046 773,957 828,695 Pool# AS7545 Pool# BE0065 3.50%, 7/1/2046 446,270 474,564 3.50%, 11/1/2046 21,468 22,806 Pool# AL8824 Pool# BE5038 3.50%, 7/1/2046 240,026 264,811 4.00%, 11/1/2046 17,939 20,285 Pool# AS7490 Pool# MA2833 3.50%, 7/1/2046 169,129 183,862 3.00%, 12/1/2046 6,132,749 6,490,257 Pool# BC1452 Pool# AS8483 4.00%, 7/1/2046 2,140,249 2,308,340 3.00%, 12/1/2046 1,466,091 1,551,472 Pool# BD5180 Pool# BC9067 4.50%, 7/1/2046 11,916 12,974 3.00%, 12/1/2046 505,701 535,229 Pool# MA2705 Pool# AS8488 3.00%, 8/1/2046 1,204,606 1,273,715 3.00%, 12/1/2046 380,495 411,306 Pool# BC1489 Pool# AS8509 3.00%, 8/1/2046 180,814 195,676 3.00%, 12/1/2046 114,790 124,803 Pool# BD4890 Pool# BM1121 3.50%, 8/1/2046 1,600,781 1,701,109 3.50%, 12/1/2046 895,627 978,557 Pool# BC9501 Pool# AS8572 3.50%, 8/1/2046 45,207 48,245 3.50%, 12/1/2046 812,202 862,078 Pool# AS7760 Pool# AS8492 4.00%, 8/1/2046 236,432 257,263 3.50%, 12/1/2046 759,027 837,407 Pool# AS7648 Pool# AS8417 4.00%, 8/1/2046 197,831 211,456 3.50%, 12/1/2046 757,239 803,799 Pool# AS7795 Pool# BE4224 4.00%, 8/1/2046 135,612 145,066 3.50%, 12/1/2046 33,905 36,018 Pool# BD3911 Pool# AS8650 4.00%, 8/1/2046 36,230 39,001 3.00%, 1/1/2047 2,375,244 2,513,037 Pool# BD3923 Pool# AL9697 4.00%, 8/1/2046 14,733 15,755 3.00%, 1/1/2047 1,007,021 1,088,455 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 47

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FNMA UMBS Pool FNMA UMBS Pool Pool# AS8647 Pool# BH0304 3.00%, 1/1/2047 736,202 786,941 4.50%, 4/1/2047 25,557 27,581 Pool# BE5775 Pool# AS9562 3.00%, 1/1/2047 690,332 730,430 3.00%, 5/1/2047 136,190 144,027 Pool# AS8692 Pool# BM3237 3.50%, 1/1/2047 528,739 560,493 3.50%, 5/1/2047 647,539 707,492 Pool# AL9774 Pool# AS9577 3.50%, 1/1/2047 476,461 528,656 3.50%, 5/1/2047 277,448 303,102 Pool# BD2440 Pool# BM1268 3.50%, 1/1/2047 448,377 475,697 4.00%, 5/1/2047 535,978 585,401 Pool# BM3204 Pool# BE3670 3.50%, 1/1/2047 408,549 450,459 3.50%, 6/1/2047 524,330 554,961 Pool# BD2450 Pool# AS9794 3.50%, 1/1/2047 358,240 380,571 3.50%, 6/1/2047 254,724 279,392 Pool# BE6548 Pool# AS9747 3.50%, 1/1/2047 130,074 137,997 4.00%, 6/1/2047 1,501,761 1,660,289 Pool# BE7115 Pool# BM3549 4.50%, 1/1/2047 18,878 20,438 4.00%, 6/1/2047 635,376 686,456 Pool# BE6503 Pool# BE3702 4.50%, 1/1/2047 17,543 19,089 4.00%, 6/1/2047 310,320 331,137 Pool# BE5856 Pool# BM1295 4.50%, 1/1/2047 14,603 15,807 4.50%, 6/1/2047 243,081 266,941 Pool# BM3908 Pool# BE9624 5.50%, 1/1/2047 66,789 76,679 4.50%, 6/1/2047 42,704 46,249 Pool# MA2895 Pool# BM3801 3.00%, 2/1/2047 7,286,255 7,708,071 3.00%, 7/1/2047 1,275,523 1,349,561 Pool# BM3688 Pool# AS9938 3.50%, 2/1/2047 1,035,460 1,105,614 3.50%, 7/1/2047 229,018 252,515 Pool# BD5046 Pool# BM1551 3.50%, 2/1/2047 218,605 232,141 3.50%, 7/1/2047 224,950 245,781 Pool# BM5274 Pool# AS9909 4.00%, 2/1/2047 197,382 212,252 3.50%, 7/1/2047 119,481 130,546 Pool# BE8495 Pool# BM1492 4.50%, 2/1/2047 12,827 13,875 4.00%, 7/1/2047 1,193,891 1,303,982 Pool# BE7869 Pool# AS9973 4.50%, 2/1/2047 5,129 5,548 4.00%, 7/1/2047 126,105 133,809 Pool# AL9859 Pool# 890673 3.00%, 3/1/2047 2,370,289 2,507,644 3.00%, 8/1/2047 627,536 664,299 Pool# AL9848 Pool# MA3087 3.00%, 3/1/2047 753,734 797,603 3.50%, 8/1/2047 809,638 854,956 Pool# AS8966 Pool# CA0240 4.00%, 3/1/2047 135,096 143,967 3.50%, 8/1/2047 348,994 368,266 Pool# BM5383 Pool# BH7375 4.00%, 3/1/2047 100,791 110,825 3.50%, 8/1/2047 230,155 242,996 Pool# AS8979 Pool# BM1658 4.50%, 3/1/2047 108,414 119,844 3.50%, 8/1/2047 213,110 231,550 Pool# BE9247 Pool# CA0123 4.50%, 3/1/2047 11,901 12,858 4.00%, 8/1/2047 783,969 866,729 Pool# BM3707 Pool# BH2597 2.50%, 4/1/2047 308,454 326,702 4.00%, 8/1/2047 774,808 824,741 Pool# AS9451 Pool# BH5359 3.50%, 4/1/2047 370,358 390,710 4.00%, 8/1/2047 322,392 346,837 Pool# AS9463 Pool# CA0133 3.50%, 4/1/2047 299,601 327,345 4.00%, 8/1/2047 181,378 193,033 Pool# BD7122 Pool# BM5787 4.00%, 4/1/2047 1,612,248 1,717,895 4.00%, 8/1/2047 35,259 37,944 Pool# AS9467 Pool# CA0407 4.00%, 4/1/2047 566,339 618,561 3.50%, 9/1/2047 740,013 781,921 Pool# AS9470 Pool# BH4004 4.50%, 4/1/2047 369,575 408,541 4.00%, 9/1/2047 706,439 751,950 48 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FNMA UMBS Pool FNMA UMBS Pool Pool# CA0392 Pool# BK1586 4.00%, 9/1/2047 389,495 413,789 4.50%, 2/1/2048 368,652 407,390 Pool# BM3556 Pool# BJ8269 4.00%, 9/1/2047 197,976 223,616 4.50%, 2/1/2048 357,581 400,342 Pool# CA0265 Pool# CA4341 4.00%, 9/1/2047 113,989 121,284 3.00%, 3/1/2048 298,844 315,271 Pool# CA0487 Pool# MA3305 3.50%, 10/1/2047 1,859,298 1,967,635 3.50%, 3/1/2048 129,539 136,713 Pool# BM1959 Pool# BK1972 3.50%, 10/1/2047 581,793 641,483 4.50%, 3/1/2048 114,017 128,272 Pool# CA0493 Pool# BJ0640 4.00%, 10/1/2047 866,023 921,026 5.00%, 3/1/2048 41,687 45,621 Pool# CA0549 Pool# CA1510 4.00%, 10/1/2047 672,888 713,852 3.50%, 4/1/2048 338,251 357,128 Pool# BM3015 Pool# CA1531 4.00%, 10/1/2047 249,320 279,271 3.50%, 4/1/2048 192,721 213,776 Pool# CA0496 Pool# CA1551 4.50%, 10/1/2047 300,087 336,097 4.00%, 4/1/2048 2,434,847 2,583,929 Pool# CA0623 Pool# CA1560 4.50%, 10/1/2047 111,721 120,486 4.50%, 4/1/2048 325,084 353,940 Pool# CA0693 Pool# BJ2681 3.50%, 11/1/2047 1,182,822 1,252,170 5.00%, 4/1/2048 139,220 152,097 Pool# CA0680 Pool# MA3348 3.50%, 11/1/2047 301,135 332,032 5.00%, 4/1/2048 24,896 27,223 Pool# BM3358 Pool# BM4024 3.50%, 11/1/2047 265,065 292,181 3.50%, 5/1/2048 129,576 143,732 Pool# CA0696 Pool# MA3358 4.00%, 11/1/2047 1,529,194 1,621,806 4.50%, 5/1/2048 638,446 690,446 Pool# CA0808 Pool# MA3374 4.00%, 11/1/2047 253,158 269,948 5.00%, 5/1/2048 51,409 56,210 Pool# BM3191 Pool# CA1898 4.00%, 11/1/2047 244,016 260,298 4.50%, 6/1/2048 336,434 372,399 Pool# BM3379 Pool# CA1951 3.00%, 12/1/2047 888,489 950,946 4.00%, 7/1/2048 600,488 636,811 Pool# BJ2492 Pool# BK6577 3.50%, 12/1/2047 646,542 683,989 4.50%, 7/1/2048 45,236 48,608 Pool# MA3211 Pool# CA1988 4.00%, 12/1/2047 1,815,117 1,935,063 4.50%, 7/1/2048 16,190 17,383 Pool# BJ1699 Pool# BK4766 4.00%, 12/1/2047 347,210 390,184 4.50%, 8/1/2048 583,402 644,710 Pool# MA3238 Pool# CA2376 3.50%, 1/1/2048 1,121,374 1,182,798 4.00%, 9/1/2048 738,790 782,953 Pool# CA0991 Pool# MA3472 3.50%, 1/1/2048 556,841 613,973 5.00%, 9/1/2048 53,669 58,644 Pool# CA1015 Pool# MA3495 4.00%, 1/1/2048 672,358 716,831 4.00%, 10/1/2048 858,958 909,368 Pool# CA1025 Pool# BM4664 4.50%, 1/1/2048 1,105,169 1,190,062 4.50%, 10/1/2048 206,403 227,770 Pool# CA1189 Pool# FM1001 3.50%, 2/1/2048 3,800,423 4,026,279 3.50%, 11/1/2048 149,770 158,406 Pool# BH9280 Pool# MA3521 3.50%, 2/1/2048 1,294,180 1,413,686 4.00%, 11/1/2048 891,194 943,505 Pool# CA1242 Pool# MA3536 3.50%, 2/1/2048 251,789 279,297 4.00%, 12/1/2048 663,070 701,888 Pool# MA3277 Pool# BN0340 4.00%, 2/1/2048 42,193 44,815 4.50%, 12/1/2048 970,592 1,041,773 Pool# BJ8271 Pool# CA2779 4.50%, 2/1/2048 813,548 885,021 4.50%, 12/1/2048 767,703 842,345 Pool# BJ8270 Pool# BM5212 4.50%, 2/1/2048 480,102 530,551 4.50%, 12/1/2048 313,224 336,478 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 49

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

FNMA UMBS Pool FNMA/FHLMC UMBS, 15

Pool# BN3944 Year, Single Family TBA 4.00%, 1/1/2049 302,472 324,167 4.50%, 7/25/2035 215,000 226,174 Pool# BN6135 5.00%, 7/25/2035 35,000 36,820 4.00%, 2/1/2049 373,563 395,905 FNMA/FHLMC UMBS, 30 Pool# FM2337 Year, Single Family TBA 4.50%, 2/1/2049 1,206,776 1,295,811 2.50%, 7/25/2050 35,206,000 36,702,257 Pool# CA3387 3.00%, 7/25/2050 25,957,000 27,337,993 4.00%, 4/1/2049 757,696 837,283 3.50%, 7/25/2050 12,263,050 12,897,759 Pool# CA3394 4.00%, 7/25/2050 5,598,648 5,932,927 5.00%, 4/1/2049 99,402 110,666 4.50%, 7/25/2050 700,000 752,117 Pool# CA3489 GNMA I Pool 4.00%, 5/1/2049 561,527 620,508 Pool# 376510 Pool# MA3665 7.00%, 5/15/2024 489 520 4.50%, 5/1/2049 879,503 943,875 Pool# 457801 Pool# FM1051 7.00%, 8/15/2028 2,146 2,362 4.50%, 5/1/2049 584,235 627,552 Pool# 486936 Pool# CA3669 6.50%, 2/15/2029 1,100 1,268 4.00%, 6/1/2049 836,094 912,809 Pool# 502969 Pool# CA3639 6.00%, 3/15/2029 3,104 3,459 4.00%, 6/1/2049 346,461 374,777 Pool# 487053 Pool# CA3825 7.00%, 3/15/2029 999 1,098 4.00%, 7/1/2049 597,001 664,397 Pool# 781014 Pool# CA3844 6.00%, 4/15/2029 2,412 2,829 4.50%, 7/1/2049 483,014 518,974 Pool# 509099 Pool# CA4030 7.00%, 6/15/2029 3,029 3,120 4.00%, 8/1/2049 1,830,927 1,940,984 Pool# 470643 Pool# CA4035 7.00%, 7/15/2029 7,965 8,201 4.50%, 8/1/2049 508,813 546,694 Pool# 434505 Pool# BO2258 7.50%, 8/15/2029 52 53 3.00%, 10/1/2049 1,980,851 2,087,665 Pool# 416538 Pool# BO5494 7.00%, 10/15/2029 89 89 3.00%, 11/1/2049 265,196 281,409 Pool# 524269 Pool# MA3835 8.00%, 11/15/2029 3,615 3,630 3.50%, 11/1/2049 546,945 574,988 Pool# 781124 Pool# MA3836 7.00%, 12/15/2029 7,536 8,892 4.00%, 11/1/2049 733,919 777,333 Pool# 507396 Pool# BO6220 7.50%, 9/15/2030 38,996 40,834 3.00%, 12/1/2049 2,429,028 2,560,009 Pool# 531352 Pool# BO6225 7.50%, 9/15/2030 2,454 2,541 3.00%, 12/1/2049 2,096,783 2,209,849 Pool# 536334 Pool# BO5380 7.50%, 10/15/2030 173 178 3.00%, 12/1/2049 346,370 367,547 Pool# 540659 Pool# MA3873 7.00%, 1/15/2031 796 808 4.00%, 12/1/2049 547,676 580,147 Pool# 486019 Pool# MA3902 7.50%, 1/15/2031 887 927 2.50%, 1/1/2050 734,711 766,383 Pool# 535388 Pool# FM2432 7.50%, 1/15/2031 546 557 3.00%, 2/1/2050 2,147,108 2,262,887 Pool# 537406 Pool# CA5152 7.50%, 2/15/2031 313 314 3.00%, 2/1/2050 615,000 650,785 Pool# 528589 Pool# MA3939 6.50%, 3/15/2031 19,345 21,294 3.50%, 2/1/2050 2,326,597 2,445,975 Pool# 508473 Pool# FM0077 7.50%, 4/15/2031 3,781 4,093 3.00%, 3/1/2050 256,000 270,826 Pool# 544470 FNMA/FHLMC UMBS, 15 8.00%, 4/15/2031 2,281 2,290 Year, Single Family TBA Pool# 781287 2.50%, 7/25/2035 11,399,000 11,934,219 7.00%, 5/15/2031 3,707 4,425 3.00%, 7/25/2035 4,277,663 4,496,226 Pool# 781319 3.50%, 7/25/2035 1,593,000 1,673,708 7.00%, 7/15/2031 1,067 1,294 4.00%, 7/25/2035 143,000 151,259 50 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

GNMA I Pool GNMA I Pool Pool# 485879 Pool# 781690 7.00%, 8/15/2031 7,129 8,144 6.00%, 12/15/2033 13,346 15,906 Pool# 572554 Pool# 781699 6.50%, 9/15/2031 42,692 48,360 7.00%, 12/15/2033 5,014 5,889 Pool# 781328 Pool# 621856 7.00%, 9/15/2031 3,550 4,291 6.00%, 1/15/2034 9,196 10,228 Pool# 550991 Pool# 564799 6.50%, 10/15/2031 707 798 6.00%, 3/15/2034 32,869 37,325 Pool# 571267 Pool# 630038 7.00%, 10/15/2031 1,027 1,188 6.50%, 8/15/2034 64,179 74,022 Pool# 555171 Pool# 781804 6.50%, 12/15/2031 1,252 1,379 6.00%, 9/15/2034 37,820 45,053 Pool# 781380 Pool# 781847 7.50%, 12/15/2031 1,080 1,308 6.00%, 12/15/2034 28,626 34,128 Pool# 781481 Pool# 486921 7.50%, 1/15/2032 4,965 6,092 5.50%, 2/15/2035 11,636 13,575 Pool# 580972 Pool# 781902 6.50%, 2/15/2032 181 205 6.00%, 2/15/2035 34,986 41,688 Pool# 781401 Pool# 781933 7.50%, 2/15/2032 3,222 3,913 6.00%, 6/15/2035 4,064 4,837 Pool# 781916 Pool# 649513 6.50%, 3/15/2032 49,980 58,145 5.50%, 10/15/2035 292,489 333,266 Pool# 552474 Pool# 649510 7.00%, 3/15/2032 4,676 5,473 5.50%, 10/15/2035 143,892 167,251 Pool# 781478 Pool# 652207 7.50%, 3/15/2032 2,005 2,459 5.50%, 3/15/2036 43,486 47,811 Pool# 781429 Pool# 655519 8.00%, 3/15/2032 3,546 4,367 5.00%, 5/15/2036 20,269 22,174 Pool# 781431 Pool# 652539 7.00%, 4/15/2032 13,272 16,087 5.00%, 5/15/2036 12,204 13,617 Pool# 552616 Pool# 606308 7.00%, 6/15/2032 38,370 44,612 5.50%, 5/15/2036 18,632 21,350 Pool# 570022 Pool# 606314 7.00%, 7/15/2032 14,331 17,023 5.50%, 5/15/2036 7,171 7,877 Pool# 595077 Pool# 657912 6.00%, 10/15/2032 7,130 8,321 6.50%, 8/15/2036 4,675 5,146 Pool# 552903 Pool# 697957 6.50%, 11/15/2032 95,634 109,401 4.50%, 3/15/2039 1,051,467 1,172,584 Pool# 552952 Pool# 704630 6.00%, 12/15/2032 5,255 5,967 5.50%, 7/15/2039 48,358 55,710 Pool# 602102 Pool# 710724 6.00%, 2/15/2033 14,862 16,547 4.50%, 8/15/2039 352,645 393,215 Pool# 588192 Pool# 722292 6.00%, 2/15/2033 4,115 4,609 5.00%, 9/15/2039 621,488 704,434 Pool# 553144 Pool# 782803 5.50%, 4/15/2033 21,213 24,755 6.00%, 11/15/2039 305,069 355,314 Pool# 604243 Pool# 736666 6.00%, 4/15/2033 9,788 11,664 4.50%, 4/15/2040 850,837 948,546 Pool# 611526 Pool# 733312 6.00%, 5/15/2033 8,344 9,276 4.00%, 9/15/2040 67,711 75,356 Pool# 553320 Pool# 742235 6.00%, 6/15/2033 22,911 27,315 4.00%, 12/15/2040 192,977 209,642 Pool# 573916 Pool# 759075 6.00%, 11/15/2033 33,693 37,496 4.00%, 1/15/2041 158,784 177,694 Pool# 604788 Pool# 742244 6.50%, 11/15/2033 75,566 87,865 4.00%, 1/15/2041 154,895 172,450 Pool# 781688 Pool# 755958 6.00%, 12/15/2033 33,545 39,938 4.00%, 1/15/2041 153,472 170,916 Pool# 604875 Pool# 755959 6.00%, 12/15/2033 27,239 32,450 4.00%, 1/15/2041 151,010 168,997 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 51

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

GNMA I Pool GNMA II Pool Pool# 753826 Pool# 4771 4.00%, 1/15/2041 69,470 77,337 4.50%, 8/20/2040 1,047,058 1,149,812 Pool# 690662 Pool# 4802 4.00%, 1/15/2041 54,088 59,220 5.00%, 9/20/2040 776,991 876,594 Pool# 719486 Pool# 4834 4.00%, 1/15/2041 18,486 19,657 4.50%, 10/20/2040 262,771 288,580 Pool# 759207 Pool# 737727 4.00%, 2/15/2041 269,455 301,490 4.00%, 12/20/2040 1,393,294 1,554,825 Pool# 757555 Pool# 737730 4.00%, 2/15/2041 31,362 34,463 4.00%, 12/20/2040 433,710 483,874 Pool# 757557 Pool# 4923 4.00%, 2/15/2041 31,154 33,478 4.50%, 1/20/2041 401,232 448,550 Pool# 738107 Pool# 4978 4.00%, 3/15/2041 402,734 442,566 4.50%, 3/20/2041 59,484 65,325 Pool# 784637 Pool# 5017 4.00%, 8/15/2041 125,728 136,765 4.50%, 4/20/2041 635,153 697,534 Pool# 778869 Pool# 5056 4.00%, 2/15/2042 230,939 253,803 5.00%, 5/20/2041 196,926 221,912 Pool# 783745 Pool# 5082 3.50%, 3/15/2043 1,108,860 1,185,010 4.50%, 6/20/2041 238,170 261,564 Pool# AD8789 Pool# 5175 3.50%, 3/15/2043 644,331 695,731 4.50%, 9/20/2041 265,902 292,072 Pool# AD2254 Pool# 675523 3.50%, 3/15/2043 117,564 125,433 3.50%, 3/20/2042 275,781 297,009 Pool# AA6403 Pool# 5332 3.00%, 5/15/2043 915,923 978,311 4.00%, 3/20/2042 273,588 301,610 Pool# AD2411 Pool# MA0392 3.50%, 5/15/2043 541,778 577,992 3.50%, 9/20/2042 2,498,957 2,716,952 Pool# 783781 Pool# MA0462 3.50%, 6/15/2043 427,423 456,774 3.50%, 10/20/2042 1,970,218 2,142,091 Pool# 784015 Pool# MA0534 3.00%, 7/15/2043 178,310 189,407 3.50%, 11/20/2042 4,461,899 4,851,135 Pool# 784459 Pool# MA0625 3.00%, 12/15/2046 467,430 494,475 3.50%, 12/20/2042 912,794 992,423 Pool# 784293 Pool# MA0698 3.00%, 12/15/2046 69,868 74,035 3.00%, 1/20/2043 1,011,239 1,081,877 Pool# 784355 Pool# MA0852 4.00%, 12/15/2046 236,957 256,373 3.50%, 3/20/2043 1,004,248 1,091,858 Pool# 784500 Pool# MA0934 3.00%, 2/15/2047 694,883 735,210 3.50%, 4/20/2043 928,687 1,009,707 Pool# 784713 Pool# AF1001 3.00%, 2/15/2047 163,345 172,823 3.50%, 6/20/2043 684,244 740,361 Pool# 784458 Pool# MA1376 3.50%, 12/15/2047 1,454,336 1,610,580 4.00%, 10/20/2043 460,605 504,983 Pool# 784747 Pool# AJ9335 4.00%, 5/15/2048 343,213 363,734 3.50%, 10/20/2044 96,976 104,444 Pool# 784715 Pool# MA2754 4.00%, 5/15/2048 256,639 271,758 3.50%, 4/20/2045 830,179 888,688 GNMA II Pool Pool# MA2824 Pool# 3851 2.50%, 5/20/2045 737,983 785,373 5.50%, 5/20/2036 410,022 471,934 Pool# MA2825 Pool# 4245 3.00%, 5/20/2045 1,803,741 1,924,600 6.00%, 9/20/2038 161,092 185,056 Pool# AM4381 Pool# 4559 3.50%, 5/20/2045 840,323 899,339 5.00%, 10/20/2039 403,149 454,943 Pool# MA2891 Pool# 4715 3.00%, 6/20/2045 3,071,969 3,276,768 5.00%, 6/20/2040 102,377 115,529 Pool# MA2960 Pool# 4747 3.00%, 7/20/2045 1,012,707 1,081,479 5.00%, 7/20/2040 1,207,650 1,362,752 Pool# AO1103 3.50%, 9/20/2045 1,388,026 1,494,931 52 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

GNMA II Pool GNMA II Pool Pool# AO1099 Pool# MA4194 3.50%, 9/20/2045 613,087 660,495 2.50%, 1/20/2047 1,064,250 1,128,593 Pool# MA3106 Pool# MA4196 4.00%, 9/20/2045 238,271 258,074 3.50%, 1/20/2047 324,082 344,666 Pool# MA3172 Pool# MA4261 3.00%, 10/20/2045 480,420 512,257 3.00%, 2/20/2047 1,252,986 1,330,836 Pool# MA3173 Pool# MA4262 3.50%, 10/20/2045 340,027 364,875 3.50%, 2/20/2047 5,133,674 5,481,859 Pool# MA3174 Pool# MA4264 4.00%, 10/20/2045 28,668 31,105 4.50%, 2/20/2047 35,189 38,614 Pool# MA3243 Pool# MA4321 3.00%, 11/20/2045 895,585 954,512 3.50%, 3/20/2047 2,699,196 2,871,503 Pool# MA3244 Pool# MA4382 3.50%, 11/20/2045 875,232 937,085 3.50%, 4/20/2047 469,770 501,323 Pool# MA3309 Pool# AZ1974 3.00%, 12/20/2045 1,555,720 1,657,261 3.50%, 4/20/2047 452,345 487,191 Pool# MA3310 Pool# MA4383 3.50%, 12/20/2045 644,276 689,869 4.00%, 4/20/2047 2,317,255 2,496,187 Pool# MA3377 Pool# MA4384 4.00%, 1/20/2046 127,179 137,539 4.50%, 4/20/2047 51,431 56,188 Pool# 784119 Pool# MA4509 3.00%, 2/20/2046 1,671,958 1,780,994 3.00%, 6/20/2047 495,233 525,840 Pool# MA3521 Pool# MA4511 3.50%, 3/20/2046 2,386,387 2,555,394 4.00%, 6/20/2047 1,082,855 1,163,255 Pool# MA3522 Pool# MA4512 4.00%, 3/20/2046 871,171 942,702 4.50%, 6/20/2047 118,466 129,432 Pool# MA3596 Pool# MA4585 3.00%, 4/20/2046 704,210 749,555 3.00%, 7/20/2047 94,548 100,373 Pool# MA3597 Pool# MA4587 3.50%, 4/20/2046 678,207 727,350 4.00%, 7/20/2047 3,403,200 3,660,639 Pool# MA3662 Pool# MA4652 3.00%, 5/20/2046 1,397,936 1,485,139 3.50%, 8/20/2047 1,110,044 1,181,783 Pool# MA3735 Pool# BC1888 3.00%, 6/20/2046 1,599,672 1,701,333 3.50%, 8/20/2047 795,863 857,174 Pool# MA3736 Pool# 784471 3.50%, 6/20/2046 4,034,586 4,316,936 3.50%, 8/20/2047 653,263 699,507 Pool# MA3804 Pool# MA4653 4.00%, 7/20/2046 139,049 150,287 4.00%, 8/20/2047 165,241 177,752 Pool# MA3873 Pool# 784408 3.00%, 8/20/2046 3,431,023 3,651,356 3.50%, 10/20/2047 300,400 321,638 Pool# MA3876 Pool# MA4780 4.50%, 8/20/2046 130,962 143,524 4.50%, 10/20/2047 42,525 46,092 Pool# MA3936 Pool# MA4836 3.00%, 9/20/2046 2,708,622 2,880,209 3.00%, 11/20/2047 1,016,524 1,078,643 Pool# MA3939 Pool# MA4837 4.50%, 9/20/2046 20,007 21,780 3.50%, 11/20/2047 996,334 1,059,924 Pool# MA4006 Pool# MA4838 4.50%, 10/20/2046 399,747 438,063 4.00%, 11/20/2047 4,517,245 4,852,719 Pool# MA4068 Pool# MA4899 3.00%, 11/20/2046 505,470 537,265 3.00%, 12/20/2047 800,000 848,954 Pool# MA4069 Pool# MA4900 3.50%, 11/20/2046 51,127 54,682 3.50%, 12/20/2047 723,641 768,989 Pool# MA4070 Pool# 784421 4.00%, 11/20/2046 85,773 92,360 3.50%, 12/20/2047 424,886 454,915 Pool# MA4071 Pool# MA4961 4.50%, 11/20/2046 28,537 31,259 3.00%, 1/20/2048 1,501,252 1,592,896 Pool# MA4126 Pool# MA4962 3.00%, 12/20/2046 5,072,607 5,390,068 3.50%, 1/20/2048 1,412,412 1,501,344 Pool# MA4127 Pool# MA5018 3.50%, 12/20/2046 1,140,524 1,214,849 3.00%, 2/20/2048 383,757 407,183 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 53

Mortgage-Backed Securities Mortgage-Backed Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

GNMA II Pool GNMA II Pool Pool# MA5019 Pool# MA6474 3.50%, 2/20/2048 76,498 81,353 3.00%, 2/20/2050 1,482,196 1,572,676 Pool# MA5078 Pool# MA6657 4.00%, 3/20/2048 2,961,971 3,167,761 3.50%, 5/20/2050 1,196,693 1,267,530 Pool# 784480 GNMA TBA 3.50%, 4/20/2048 552,718 591,754 4.00%, 7/15/2049 764,000 808,602 Pool# 784479 4.50%, 7/15/2049 575,000 629,625 3.50%, 4/20/2048 347,112 371,706 2.50%, 7/15/2050 1,798,000 1,892,676 Pool# 784481 3.00%, 7/15/2050 14,504,000 15,366,872 3.50%, 4/20/2048 185,887 198,545 3.50%, 7/15/2050 2,466,750 2,602,902

Pool# MA5137 4.00%, 4/20/2048 971,648 1,034,927 Total Mortgage-Backed Securities Pool# BD4034 (cost $622,109,625) 647,740,269

4.00%, 4/20/2048 315,038 340,475 Pool# MA5138 Municipal Bonds 0.7% 4.50%, 4/20/2048 462,915 499,817 Pool# MA5192 4.00%, 5/20/2048 802,019 857,731 California 0.3% Pool# MA5265 Alameda County Joint Powers 4.50%, 6/20/2048 905,018 976,045 Authority, RB, Series A, Pool# MA5331 7.05%, 12/1/2044 100,000 167,943 4.50%, 7/20/2048 404,516 435,560 Bay Area Toll Authority, RB Pool# MA5398 Series F-1, 2.57%, 4.00%, 8/20/2048 2,019,161 2,152,247 4/1/2031 60,000 64,549 Pool# MA5399 Series F-2, 6.26%, 4.50%, 8/20/2048 1,051,338 1,125,294 4/1/2049 250,000 436,097 Pool# MA5466 California State University, 4.00%, 9/20/2048 447,021 477,619 RB, Series B, 2.98%, Pool# BJ2692 11/1/2051 90,000 96,400 4.00%, 11/20/2048 225,406 239,105 City of San Francisco Pool# MA5597 California Public Utilities 5.00%, 11/20/2048 40,938 44,613 Commission Water Pool# MA5652 Revenue, RB, Series B, 4.50%, 12/20/2048 521,493 560,197 6.00%, 11/1/2040 100,000 140,726 Pool# 784656 Los Angeles Community 4.50%, 12/20/2048 477,803 511,084 College District, GO, Series Pool# BK2856 E, 6.75%, 8/1/2049 300,000 529,971 4.50%, 12/20/2048 70,782 76,127 Los Angeles County Public Pool# MA5653 Works Financing Authority, 5.00%, 12/20/2048 118,139 128,322 RB, Series B, 7.62%, Pool# MA5712 8/1/2040 75,000 125,662 5.00%, 1/20/2049 463,417 503,660 Los Angeles Department of Pool# MA5818 Water & Power, RB, Series 4.50%, 3/20/2049 375,946 402,520 D, 6.57%, 7/1/2045 200,000 344,256 Pool# MA5878 Los Angeles Unified School 5.00%, 4/20/2049 46,249 50,229 District, GO, Series RY, Pool# MA5987 6.76%, 7/1/2034 420,000 621,377 4.50%, 6/20/2049 2,278,991 2,435,649 San Diego County Water Pool# MA6041 Authority, RB, Series B, 4.50%, 7/20/2049 656,926 701,989 6.14%, 5/1/2049 100,000 155,075 Pool# MA6092 Santa Clara Valley 4.50%, 8/20/2049 281,600 300,710 Transportation Authority, Pool# MA6285 RB, Series A, 5.88%, 4.00%, 11/20/2049 2,014,899 2,135,253 4/1/2032 200,000 253,068 Pool# MA6339 3.50%, 12/20/2049 899,966 950,545 State of California, GO 7.55%, 4/1/2039 1,410,000 2,510,773 Pool# MA6409 3.00%, 1/20/2050 1,476,037 1,566,142 7.63%, 3/1/2040 425,000 750,206 Pool# MA6410 University of California, RB 3.50%, 1/20/2050 1,681,293 1,777,235 Series F, 5.95%, 5/15/2045 300,000 441,474 54 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

Municipal Bonds Municipal Bonds Principal Principal Amount ($) Value ($) Amount ($) Value ($)

California New York University of California, RB New York State Dormitory

(continued) Authority, RB, 5.63%, Series H, 6.55%, 5/15/2048 150,000 239,694 3/15/2039 250,000 324,310 Series F, 6.58%, 5/15/2049 200,000 314,482 Port Authority of New York & Series N, 3.26%, 5/15/2060 230,000 239,096 New Jersey, RB, 6.04%, Series AQ, 4.77%, 12/1/2029 620,000 839,858

5/15/2115 150,000 202,722

3,051,097 7,633,571 Ohio 0.0%† Connecticut 0.0%† American Municipal Power State of Connecticut, GO, Inc., RB, Series E, 6.27%, Series A, 5.85%, 3/15/2032 500,000 677,170 2/15/2050 165,000 231,099 Georgia 0.0%† JobsOhio Beverage System, Municipal Electric Authority RB, Series B, 4.53%, of Georgia, Refunding, RB, 1/1/2035 100,000 124,782 Series A, 6.66%, 4/1/2057 490,000 718,124 Ohio State University (The), RB, Series C, 4.91%, Illinois 0.1% 6/1/2040 150,000 213,750

Chicago Transit Authority, RB,

Series A, 6.90%, 12/1/2040 300,000 413,139 569,631

State of Illinois, GO † 4.95%, 6/1/2023 113,455 114,610 South Carolina 0.0% South Carolina State Public 5.10%, 6/1/2033 945,000 958,655

Service Authority, RB,

1,486,404 Series C, 6.45%, 1/1/2050 100,000 156,317 Massachusetts 0.0%† Texas 0.1% Commonwealth of Dallas Area Rapid Transit, RB, Massachusetts, GO, Series Series B, 6.00%, 12/1/2044 200,000 325,014 E, 4.20%, 12/1/2021 450,000 461,462 Grand Parkway Transportation Corp., RB, Series B, 3.24%, New Jersey 0.1% 10/1/2052 45,000 46,890 New Jersey Economic State of Texas, GO, Series A, Development Authority, RB, 4.63%, 4/1/2033 350,000 440,888 NATL-RE Insured, Series A, Texas Transportation 7.43%, 2/15/2029 125,000 151,050 Commission, RB, Series B, New Jersey State Turnpike 5.18%, 4/1/2030 150,000 192,187 Authority, RB, Series F, University of Texas System, 7.41%, 1/1/2040 440,000 745,655 RB New Jersey Transportation Series A, 5.26%, 7/1/2039 260,000 368,217 Trust Fund Authority, Series C, 4.79%, 8/15/2046 200,000 270,214

RB, 4.13%, 6/15/2042 30,000 27,942 Rutgers-State University of 1,643,410 New Jersey, RB, Series H, Washington 0.0%† 5.67%, 5/1/2040 250,000 334,735

State of Washington Motor

1,259,382 Vehicle Fuel Tax, GO, Series F, 5.14%, 8/1/2040 200,000 291,708

New York 0.1% Metropolitan Transportation Total Municipal Bonds Authority, RB, Series C, (cost $13,443,288) 17,948,276

7.34%, 11/15/2039 460,000 743,894 New York City Municipal Water Finance Authority, Supranational 1.4% RB, Series AA, 5.44%, 6/15/2043 300,000 451,845 African Development Bank New York City Transitional 0.75%, 4/3/2023 1,000,000 1,011,924 Finance Authority, RB, 3.00%, 9/20/2023(b) 500,000 542,176 Series B, 5.57%, 11/1/2038 500,000 691,190 Asian Development Bank 2.00%, 2/16/2022 1,000,000 1,028,260 1.88%, 2/18/2022 500,000 513,208 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 55

Supranational U.S. Government Agency Securities Principal Principal Amount ($) Value ($) Amount ($) Value ($)

1.88%, 7/19/2022 500,000 516,144 FNMA 2.75%, 3/17/2023 1,000,000 1,065,630 2.63%, 1/11/2022 1,055,000 1,094,072 2.63%, 1/30/2024 1,000,000 1,080,251 2.38%, 1/19/2023 490,000 517,648 1.50%, 10/18/2024 500,000 522,732 0.50%, 6/17/2025 1,000,000 1,000,382 1.88%, 1/24/2030 500,000 545,060 6.25%, 5/15/2029 2,500,000 3,623,303 Corp. Andina de Fomento, 7.25%, 5/15/2030 2,000,000 3,172,164 4.38%, 6/15/2022 350,000 370,297 Tennessee Valley Authority, European Bank for 4.88%, 1/15/2048 500,000 766,236 Reconstruction & Total U.S. Government Agency Securities Development, 1.50%, (cost $23,939,140) 26,349,816

2/13/2025 1,000,000 1,041,989 European Investment Bank 1.38%, 9/15/2021(b) 2,000,000 2,027,131 U.S. Treasury Obligations 37.1% 2.25%, 3/15/2022 500,000 516,924 2.63%, 5/20/2022 1,000,000 1,044,362 U.S. Treasury Bonds 2.50%, 3/15/2023(b) 500,000 530,073 7.63%, 11/15/2022 (b) 2,000,000 2,354,453 1.38%, 5/15/2023(b) 3,000,000 3,093,144 6.25%, 8/15/2023 6,000,000 7,134,609 2.38%, 5/24/2027(b) 2,000,000 2,231,460 6.88%, 8/15/2025 (b) 449,000 599,099 Inter-American Development 6.00%, 2/15/2026 (b) 4,042,000 5,311,441 Bank 6.50%, 11/15/2026 3,000,000 4,149,844 1.75%, 4/14/2022 500,000 512,962 5.50%, 8/15/2028 4,000,000 5,579,531 2.50%, 1/18/2023(b) 2,000,000 2,111,220 5.38%, 2/15/2031 3,000,000 4,458,047 2.63%, 1/16/2024 1,000,000 1,079,201 5.00%, 5/15/2037 305,000 500,212 1.75%, 3/14/2025 500,000 529,504 4.38%, 2/15/2038 250,000 388,584 2.00%, 7/23/2026 1,000,000 1,079,375 4.25%, 5/15/2039 1,500,000 2,317,559 2.25%, 6/18/2029 250,000 279,827 4.50%, 8/15/2039 1,080,000 1,720,111 International Bank for 4.38%, 11/15/2039 300,000 471,727 Reconstruction & 3.88%, 8/15/2040 1,000,000 1,490,234 Development 4.25%, 11/15/2040 1,400,000 2,187,336 2.75%, 7/23/2021 1,000,000 1,026,570 4.75%, 2/15/2041 2,000,000 3,318,359 2.13%, 12/13/2021 2,000,000 2,053,545 3.75%, 8/15/2041 4,900,000 7,219,461 2.00%, 1/26/2022 750,000 770,271 3.13%, 11/15/2041 7,100,000 9,614,398 1.63%, 2/10/2022 500,000 510,951 3.13%, 2/15/2042 1,000,000 1,357,305 2.13%, 7/1/2022 500,000 518,420 3.00%, 5/15/2042 1,000,000 1,331,367 7.63%, 1/19/2023 973,000 1,153,120 2.75%, 8/15/2042 7,200,000 9,230,625 3.00%, 9/27/2023 750,000 814,985 2.75%, 11/15/2042 1,500,000 1,921,172 2.50%, 11/22/2027(b) 1,000,000 1,129,348 3.13%, 2/15/2043 4,050,000 5,491,230 0.88%, 5/14/2030 1,000,000 998,063 2.88%, 5/15/2043 5,350,000 6,989,064 International Finance Corp., 3.63%, 2/15/2044 5,000,000 7,318,945 1.13%, 7/20/2021 1,000,000 1,008,210 3.38%, 5/15/2044 4,000,000 5,657,500 Nordic Investment Bank, 3.13%, 8/15/2044 5,700,000 7,772,262 2.25%, 5/21/2024 500,000 534,962 3.00%, 11/15/2044 5,500,000 7,363,555 Total Supranational 2.50%, 2/15/2045 15,800,000 19,489,547 (cost $32,442,151) 33,791,299 3.00%, 5/15/2045 5,500,000 7,384,609

2.88%, 8/15/2045 3,300,000 4,349,813 3.00%, 11/15/2045 (b) 7,600,000 10,243,969 U.S. Government Agency Securities 1.1% 2.50%, 2/15/2046 7,000,000 8,669,336 2.50%, 5/15/2046 3,000,000 3,720,820 FFCB, 2.85%, 9/20/2021 945,000 975,635 2.88%, 11/15/2046 6,000,000 7,979,063 FHLB 3.00%, 2/15/2047 5,000,000 6,811,328 3.63%, 6/11/2021 3,500,000 3,612,569 3.00%, 5/15/2047 3,500,000 4,770,664 3.00%, 12/9/2022 1,535,000 1,636,216 2.75%, 8/15/2047 4,500,000 5,879,707 2.75%, 12/13/2024 1,000,000 1,102,109 2.75%, 11/15/2047 4,200,000 5,495,109 5.50%, 7/15/2036 1,500,000 2,344,806 3.00%, 2/15/2048 2,000,000 2,737,891 FHLMC 3.38%, 11/15/2048 5,500,000 8,081,992 0.25%, 6/26/2023 2,700,000 2,695,797 2.25%, 8/15/2049 4,500,000 5,411,777 6.75%, 9/15/2029 557,000 839,771 2.38%, 11/15/2049 1,800,000 2,223,281 6.25%, 7/15/2032 1,245,000 1,957,188 2.00%, 2/15/2050 (b) 500,000 572,617 FNMA 1.25%, 5/15/2050 (b) 1,700,000 1,633,395 1.25%, 8/17/2021 1,000,000 1,011,920 56 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

U.S. Treasury Obligations U.S. Treasury Obligations Principal Principal Amount ($) Value ($) Amount ($) Value ($)

U.S. Treasury Notes U.S. Treasury Notes 2.13%, 8/15/2021 1,500,000 1,532,578 0.25%, 5/31/2025 7,500,000 7,490,918 1.13%, 9/30/2021 5,000,000 5,059,375 2.88%, 7/31/2025 6,500,000 7,340,684 1.50%, 9/30/2021 5,000,000 5,082,422 2.00%, 8/15/2025 21,000,000 22,796,484 2.13%, 9/30/2021 5,000,000 5,121,094 2.75%, 8/31/2025 4,000,000 4,498,594 2.88%, 10/15/2021 16,000,000 16,555,625 2.25%, 11/15/2025 8,500,000 9,364,277 1.25%, 10/31/2021 5,000,000 5,071,680 1.63%, 2/15/2026 8,500,000 9,093,008 1.50%, 10/31/2021 12,000,000 12,211,875 1.50%, 8/15/2026 9,700,000 10,335,426 2.88%, 11/15/2021 4,000,000 4,147,656 1.38%, 8/31/2026 4,500,000 4,761,738 1.88%, 11/30/2021 4,000,000 4,096,250 1.63%, 9/30/2026 10,000,000 10,738,281 1.63%, 12/31/2021 5,000,000 5,108,398 1.63%, 10/31/2026 8,000,000 8,592,812 2.00%, 12/31/2021 6,000,000 6,163,594 2.25%, 2/15/2027 1,200,000 1,340,484 2.50%, 1/15/2022 8,000,000 8,284,688 2.38%, 5/15/2027 5,700,000 6,433,430 1.50%, 1/31/2022 3,000,000 3,062,461 0.50%, 5/31/2027 1,000,000 1,001,016 1.75%, 2/28/2022 (b) 3,000,000 3,078,164 2.25%, 8/15/2027 8,300,000 9,322,262 1.88%, 2/28/2022 8,000,000 8,225,625 2.25%, 11/15/2027 12,890,000 14,517,363 1.75%, 3/31/2022 20,500,000 21,063,750 2.75%, 2/15/2028 11,000,000 12,831,328 1.88%, 4/30/2022 2,500,000 2,577,637 2.88%, 5/15/2028 10,000,000 11,801,562 1.75%, 5/15/2022 4,000,000 4,118,125 2.88%, 8/15/2028 11,500,000 13,619,414 1.75%, 5/31/2022 17,000,000 17,511,992 3.13%, 11/15/2028 7,000,000 8,463,164 2.13%, 6/30/2022 3,500,000 3,636,719 2.63%, 2/15/2029 8,772,000 10,279,002 1.50%, 8/15/2022 (b) 30,000,000 30,848,437 2.38%, 5/15/2029 5,700,000 6,578,156 1.75%, 9/30/2022 20,500,000 21,226,309 1.63%, 8/15/2029 (b) 3,000,000 3,273,398 1.88%, 10/31/2022 6,000,000 6,237,891 1.75%, 11/15/2029 (b) 5,250,000 5,796,328 2.00%, 10/31/2022 5,000,000 5,212,500 0.63%, 5/15/2030 (b) 4,800,000 4,786,687 1.63%, 11/15/2022 1,300,000 1,344,687 Total U.S. Treasury Obligations 2.00%, 11/30/2022 8,500,000 8,874,199 (cost $809,887,256) 900,292,423

2.13%, 12/31/2022 (b) 10,000,000 10,487,109 1.75%, 1/31/2023 7,600,000 7,907,266 2.00%, 2/15/2023 6,000,000 6,286,172 Repurchase Agreements 1.9% 1.50%, 2/28/2023 7,000,000 7,246,641 2.63%, 2/28/2023 5,000,000 5,325,586 Bank of America NA 1.50%, 3/31/2023 (b) 3,900,000 4,041,832 0.09%, dated 6/30/2020, 2.75%, 4/30/2023 5,000,000 5,362,500 due 7/1/2020, repurchase 1.75%, 5/15/2023 1,000,000 1,045,000 price $4,574,943, 1.63%, 5/31/2023 2,000,000 2,084,219 collateralized by U.S. 2.75%, 8/31/2023 7,000,000 7,566,016 Government Agency 1.38%, 9/30/2023 (b) 3,500,000 3,635,215 Securities, 3.00%, 1.63%, 10/31/2023 (b) 6,000,000 6,286,172 maturing 7/20/2049; total 2.75%, 11/15/2023 5,000,000 5,428,516 market value $4,666,430. 2.13%, 11/30/2023 12,500,000 13,320,312 (h)(i) 4,574,931 4,574,931 2.25%, 12/31/2023 4,000,000 4,286,250 BofA Securities, Inc. 2.63%, 12/31/2023 8,000,000 8,676,250 0.09%, dated 6/30/2020, 2.25%, 1/31/2024 5,500,000 5,902,187 2.50%, 1/31/2024 9,000,000 9,736,172 due 7/1/2020, repurchase 2.75%, 2/15/2024 2,500,000 2,729,590 price $2,000,005, 2.00%, 4/30/2024 (b) 10,000,000 10,681,250 collateralized by U.S. 2.50%, 5/15/2024 7,000,000 7,616,055 Government Agency 2.00%, 5/31/2024 3,800,000 4,063,625 Securities, 0.15%, 1.75%, 6/30/2024 (b) 6,000,000 6,364,453 maturing 12/14/2020; total 2.13%, 7/31/2024 6,500,000 6,999,941 market value $2,040,189. 2.38%, 8/15/2024 24,353,000 26,495,303 (h)(i) 2,000,000 2,000,000 1.50%, 9/30/2024 14,000,000 14,745,938 2.13%, 9/30/2024 9,000,000 9,715,781 1.50%, 10/31/2024 5,000,000 5,270,508 2.25%, 11/15/2024 7,550,000 8,207,971 2.13%, 11/30/2024 3,800,000 4,113,352 2.25%, 12/31/2024 5,000,000 5,446,680 2.00%, 2/15/2025 18,700,000 20,191,617 2.63%, 3/31/2025 4,300,000 4,776,527 2.13%, 5/15/2025 8,300,000 9,037,922 NVIT Bond Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 57

Repurchase Agreements TBA Sale Commitments 0.0%† Principal Principal Amount ($) Value ($) Amount ($) Value ($) CF Secured, LLC Mortgage-Backed Securities 0.0%† 0.09%, dated 6/30/2020, GNMA TBA due 7/1/2020, repurchase 5.00%, 7/15/2049 (74,000) (80,371)

price $10,000,025, collateralized by U.S. Total TBA Sale Commitment Government Agency (cost $(80,475)) (80,371)

and Treasury Securities, ranging from 0.00% - Liabilities in excess of other 5.00%, maturing 9/8/2020 assets — (1.1)% (25,595,278) - 7/20/2069; total market NET ASSETS — 100.0% value $10,200,026. (h)(i) 10,000,000 10,000,000 $ 2,429,596,715 NatWest Markets Securities, † Amount rounds to less than 0.1%. Inc. ∞ Fair valued security. 0.08%, dated 6/30/2020, (a) Variable or floating rate security, the interest rate of which due 7/7/2020, repurchase adjusts periodically based on changes in current interest price $15,000,234, rates and prepayments on the underlying pool of assets. See collateralized by U.S. Note 7 for further information. The interest rate shown was Government Treasury the current rate as of June 30, 2020. Securities, ranging from (b) The security or a portion of this security is on loan at June 0.13% - 4.25%, maturing 30, 2020. The total value of securities on loan at June 30, 1/15/2021 - 2/15/2042; 2020 was $150,488,317, which was collateralized by cash total market value used to purchase repurchase agreements with a total value $15,300,041. (h)(i) 15,000,000 15,000,000 of $45,574,931 and by $109,085,769 of collateral in the Nomura Securities form of U.S. Government Treasury Securities, interest rates International, Inc. ranging from 0.00% – 8.75%, and maturity dates ranging 0.07%, dated 6/30/2020, from 7/7/2020 – 2/15/2050, a total value of $154,660,700. due 7/1/2020, repurchase (c) Rule 144A, Section 4(2), or other security which is restricted price $6,000,012, as to sale to institutional investors. These securities were collateralized by U.S. deemed liquid pursuant to procedures approved by the Board Government Treasury of Trustees. The liquidity determination is unaudited. The Securities, ranging from aggregate value of these securities at June 30, 2020 was 0.00% - 2.50%, maturing $20,490,459 which represents 0.84% of net assets. 8/31/2021 - 5/15/2050; (d) Variable or floating rate security, linked to the referenced total market value benchmark. The interest rate shown was the current rate as $6,120,000. (h)(i) 6,000,000 6,000,000 of June 30, 2020. Pershing LLC (e) Zero Coupon Security. Debt security that pays no cash 0.14%, dated 6/30/2020, income but is sold at substantial discount from its value at due 7/1/2020, repurchase maturity. price $8,000,032, (f) Step Bond. Coupon rate is set for an initial period and then collateralized by U.S. increases to a higher coupon rate at a specific date. The rate Government Agency shown is the rate at June 30, 2020. and Treasury Securities, (g) Investment in affiliate. ranging from 0.00% (h) Security was purchased with cash collateral held from - 10.00%, maturing securities on loan. The total value of securities purchased 7/23/2020 - 12/20/2069; with cash collateral as of June 30, 2020 was $45,574,931. total market value (i) Please refer to Note 2 for additional information on the joint $8,160,003. (h)(i) 8,000,000 8,000,000 repurchase agreement.

Total Repurchase Agreements (cost $45,574,931) 45,574,931

Total Investments Before TBA Sale Commitments (cost $2,258,405,224) — 101.1% $ 2,455,272,364 58 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Bond Index Fund

ACES Alternative Credit Enhancement Services FFCB Federal Farm Credit Bank FHLB Federal Home Loan Bank FHLMC Federal Home Loan Mortgage Corp. FNMA Federal National Mortgage Association GNMA Government National Mortgage Association GO General Obligation ICE Intercontinental Exchange LIBOR London Interbank Offered Rate NATL National Public Finance Guarantee Corp. RB Revenue Bond RE Reinsured REIT Real Estate Investment Trust REMICS Real Estate Mortgage Investment Conduits SOFR Secured Overnight Financing Rate TBA To Be Announced; Security is subject to delayed delivery UMBS Uniform Mortgage-Backed Securities

Currency: USD United States Dollar

The accompanying notes are an integral part of these financial statements. NVIT International Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 59

Common Stocks 98.5% Common Stocks

Shares Value ($) Shares Value ($) AUSTRALIA 7.6% AUSTRALIA Airlines 0.0%† Hotels, Restaurants & Leisure 0.1% Qantas Airways Ltd. 102,103 267,482 Aristocrat Leisure Ltd. 81,700 1,444,874 Crown Resorts Ltd. 56,674 378,746 Banks 1.6% Australia & New Zealand Tabcorp Holdings Ltd.(a) 270,158 632,645 2,456,265 Banking Group Ltd. 395,696 5,120,775 Commonwealth Bank of Insurance 0.2% Insurance Australia Group Australia 245,589 11,827,431 Ltd. 328,839 1,314,494 National Australia Bank Ltd. 447,273 5,654,880 Medibank Pvt Ltd. 361,858 748,649 Westpac Banking Corp. 499,878 6,226,744 QBE Insurance Group Ltd. 187,026 1,149,758 28,829,830 Suncorp Group Ltd. 178,185 1,140,806 Beverages 0.1% 4,353,707 Coca-Cola Amatil Ltd. 72,409 434,051 Treasury Wine Estates Ltd. Interactive Media & Services 0.1% REA Group Ltd.(a) 6,874 514,483 (a) 101,563 735,221 SEEK Ltd.(a) 46,927 712,244 1,169,272 1,226,727 Biotechnology 0.7% CSL Ltd. 63,556 12,600,167 IT Services 0.1% Afterpay Ltd.* 29,817 1,285,062 Capital Markets 0.3% Computershare Ltd. 65,222 599,313 ASX Ltd. 27,522 1,626,301 1,884,375 Macquarie Group Ltd. 46,601 3,835,908 Metals & Mining 2.1% Magellan Financial Group BHP Group Ltd. 410,129 10,178,080 Ltd. 17,569 715,114 BHP Group plc 294,813 6,052,412 6,177,323 BlueScope Steel Ltd. 73,479 595,954 Chemicals 0.0%† Evolution Mining Ltd. 226,051 903,707 Orica Ltd. 57,459 660,612 Fortescue Metals Group Ltd. 236,416 2,268,461 Commercial Services & Supplies 0.1% Glencore plc* 1,395,134 2,953,011 Brambles Ltd. 212,645 1,599,698 Newcrest Mining Ltd. 109,302 2,436,916 Northern Star Resources Ltd. 103,317 983,426 † Construction & Engineering 0.0% Rio Tinto Ltd. 51,245 3,474,834 CIMIC Group Ltd. 15,066 252,406 Rio Tinto plc 156,595 8,811,590 Diversified Financial Services 0.0%† South32 Ltd. 663,557 939,589 AMP Ltd.* 496,740 636,849 39,597,980 Multiline Retail 0.3% Diversified Telecommunication Services 0.1% Wesfarmers Ltd. 157,314 4,886,125 Telstra Corp. Ltd. 591,778 1,281,062

† Multi-Utilities 0.1% Electric Utilities 0.0% AGL Energy Ltd. 92,812 1,094,630 AusNet Services 229,923 265,219 Oil, Gas & Consumable Fuels 0.3% Equity Real Estate Investment Trusts (REITs) 0.4% Ampol Ltd. 35,128 713,601 Dexus 155,960 993,873 Oil Search Ltd.(a) 275,478 606,643 Goodman Group 233,941 2,407,668 Origin Energy Ltd. 247,443 1,002,364 GPT Group (The) 280,256 810,211 Santos Ltd. 250,214 920,015 Mirvac Group 559,264 841,836 Washington H Soul Pattinson Scentre Group 754,129 1,135,561 & Co. Ltd.(a) 16,497 223,703 Stockland 323,316 742,641 Woodside Petroleum Ltd. 133,959 2,013,229 Vicinity Centres 451,549 447,781 5,479,555 7,379,571 Real Estate Management & Development 0.0%† Food & Staples Retailing 0.4% Lendlease Group 92,526 794,064 Coles Group Ltd. 186,710 2,217,916 Woolworths Group Ltd. 175,999 4,538,658 Road & Rail 0.1% 6,756,574 Aurizon Holdings Ltd. 269,863 918,811 Gas Utilities 0.1% Software 0.0%† APA Group 159,916 1,231,412 WiseTech Global Ltd. 20,023 267,799 Health Care Equipment & Supplies 0.1% Transportation Infrastructure 0.2% Cochlear Ltd. 8,951 1,167,926 Sydney Airport 163,982 642,949 Health Care Providers & Services 0.1% Transurban Group 376,789 3,679,377 Ramsay Health Care Ltd. 23,217 1,070,156 4,322,326 Sonic Healthcare Ltd. 61,346 1,295,079 Wireless Telecommunication Services 0.0%† 2,365,235 TPG Telecom Ltd.* 56,512 347,091 60 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT International Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) AUSTRALIA CHINA 0.6% Wireless Telecommunication Services Banks 0.1% Tuas Ltd.* 28,256 13,162 BOC Hong Kong Holdings 360,253 Ltd. 526,000 1,670,084 140,283,255 Beverages 0.0%† AUSTRIA 0.2% Budweiser Brewing Co. Banks 0.1% APAC Ltd. Reg. S(b) 240,400 698,426 Erste Group Bank AG 38,206 897,809 Biotechnology 0.1% Raiffeisen Bank International BeiGene Ltd., ADR*(a) 5,093 959,521 AG* 21,628 384,708 1,282,517 Food Products 0.1% Electric Utilities 0.0%† Wilmar International Ltd. 276,894 815,537 Verbund AG(a) 10,390 464,692 Internet & Direct Marketing Retail 0.3% Machinery 0.0%† Prosus NV* 68,158 6,325,765 ANDRITZ AG 9,818 357,061 Machinery 0.0%† Metals & Mining 0.0%† Yangzijiang Shipbuilding voestalpine AG(a) 15,613 335,442 Holdings Ltd. 368,300 246,070 Oil, Gas & Consumable Fuels 0.1% 10,715,403 OMV AG* 18,678 623,613 DENMARK 2.3% 3,063,325 Air Freight & Logistics 0.2% DSV Panalpina A/S 29,283 3,572,401 BELGIUM 0.9% Banks 0.1% Banks 0.1% KBC Group NV 35,497 2,033,054 Danske Bank A/S* 96,294 1,280,803 Beverages 0.3% Beverages 0.1% Anheuser-Busch InBev SA/ Carlsberg A/S, Class B 15,207 2,008,844 NV 106,674 5,257,600 Biotechnology 0.2% Biotechnology 0.1% Genmab A/S* 8,873 2,968,207 Galapagos NV* 5,868 1,151,941 Chemicals 0.2% Chemicals 0.1% Chr Hansen Holding A/S 15,071 1,553,530 Solvay SA 9,500 759,616 Novozymes A/S, Class B 30,356 1,754,249 Umicore SA(a) 27,730 1,303,844 3,307,779 2,063,460 Electric Utilities 0.2% Diversified Financial Services 0.1% Orsted A/S Reg. S(b) 26,114 3,011,722 Groupe Bruxelles Lambert Electrical Equipment 0.1% SA(a) 11,402 955,352 Vestas Wind Systems A/S 27,768 2,825,536 Sofina SA 2,152 567,496 1,522,848 Health Care Equipment & Supplies 0.2% Diversified Telecommunication Services 0.0%† Ambu A/S, Class B 22,792 716,370 Proximus SADP 20,547 418,398 Coloplast A/S, Class B 16,889 2,618,281 Demant A/S* 15,431 406,645 † Electric Utilities 0.0% GN Store Nord A/S 17,876 951,829 Elia Group SA/NV 4,313 467,665 4,693,125 Food & Staples Retailing 0.0%† Insurance 0.0%† Colruyt SA 7,190 395,367 Tryg A/S 17,002 491,915 Insurance 0.1% Marine 0.1% Ageas SA/NV 23,369 826,512 AP Moller - Maersk A/S, Class A 442 479,384 Media 0.0%† AP Moller - Maersk A/S, Telenet Group Holding NV 6,722 276,417 Class B 880 1,024,420 Pharmaceuticals 0.1% 1,503,804 UCB SA 17,974 2,080,470 Pharmaceuticals 0.9% 16,493,732 H Lundbeck A/S 8,050 302,554 CHILE 0.0%† Novo Nordisk A/S, Class B 246,346 15,941,340 Metals & Mining 0.0%† 16,243,894 Antofagasta plc 55,475 643,357 NVIT International Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 61

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) DENMARK FRANCE Textiles, Apparel & Luxury Goods 0.0%† Building Products 0.1% Pandora A/S 12,932 702,036 Cie de Saint-Gobain* 70,026 2,516,912 42,610,066 Capital Markets 0.1% FINLAND 1.2% Amundi SA Reg. S*(b) 8,626 674,717 Banks 0.2% Natixis SA* 133,561 347,989 Nordea Bank Abp 446,445 3,076,889 1,022,706 Chemicals 0.6% Communications Equipment 0.2% Air Liquide SA 65,967 9,505,113 Nokia OYJ 779,765 3,414,864 Arkema SA 9,728 928,995 Diversified Telecommunication Services 0.1% 10,434,108 Elisa OYJ 20,221 1,229,134 Construction & Engineering 0.5%

† Bouygues SA* 31,088 1,060,472 Electric Utilities 0.1% Eiffage SA* 10,891 994,421 Fortum OYJ 59,926 1,136,876 Vinci SA 72,019 6,622,779 Insurance 0.1% 8,677,672 Sampo OYJ, Class A 65,759 2,259,227 Diversified Financial Services 0.0%† Eurazeo SE* 5,740 293,941 Machinery 0.2% Kone OYJ, Class B 46,948 3,226,115 Wendel SE 3,809 362,673 Metso OYJ(a) 14,356 469,798 656,614 Wartsila OYJ Abp(a) 56,217 464,045 Diversified Telecommunication Services 0.2% 4,159,958 Iliad SA(a) 2,027 395,073 Orange SA 277,874 3,319,532 Oil, Gas & Consumable Fuels 0.1% Neste OYJ 60,145 2,348,946 3,714,605 Electric Utilities 0.0%† Paper & Forest Products 0.2% Electricite de France SA 85,083 783,523 Stora Enso OYJ, Class R 80,861 964,287 UPM-Kymmene OYJ 75,878 2,189,689 Electrical Equipment 0.6% 3,153,976 Legrand SA 36,659 2,781,612 Schneider Electric SE 76,744 8,508,432 Pharmaceuticals 0.0%† Orion OYJ, Class B 14,258 689,325 11,290,044 Electronic Equipment, Instruments & Components 0.1% 21,469,195 Ingenico Group SA*(a) 8,469 1,348,612 FRANCE 10.5% Entertainment 0.2% Aerospace & Defense 0.6% Bollore SA 115,816 363,233 Airbus SE* 82,013 5,835,943 Ubisoft Entertainment SA* 13,025 1,072,735 Dassault Aviation SA* 375 345,276 Vivendi SA 117,801 3,019,378 Safran SA* 44,535 4,454,938 4,455,346 Thales SA 15,148 1,221,889 Equity Real Estate Investment Trusts (REITs) 0.2% 11,858,046 Covivio 6,510 471,146 Auto Components 0.2% Gecina SA 6,194 764,604 Cie Generale des ICADE 4,259 296,317 Etablissements Michelin Klepierre SA 28,251 562,108 SCA(a) 23,415 2,425,706 Unibail-Rodamco-Westfield 19,696 1,107,877 Faurecia SE* 10,680 416,389 3,202,052 Valeo SA 29,773 779,879 Food & Staples Retailing 0.1% 3,621,974 Carrefour SA(a) 83,797 1,293,601 Automobiles 0.1% Casino Guichard Perrachon Peugeot SA*(a) 83,612 1,357,239 SA* 6,732 249,350 Renault SA*(a) 27,165 687,612 1,542,951 2,044,851 Food Products 0.3% Banks 0.5% Danone SA 86,471 5,975,278

BNP Paribas SA* 157,505 6,243,987 † Credit Agricole SA* 164,039 1,549,472 Health Care Equipment & Supplies 0.0% Societe Generale SA* 109,730 1,825,565 BioMerieux 5,513 756,937 9,619,024 Health Care Providers & Services 0.0%† Beverages 0.3% Orpea 7,217 833,592 Pernod Ricard SA 29,664 4,662,271 Hotels, Restaurants & Leisure 0.1% Remy Cointreau SA(a) 3,224 438,669 Accor SA*(a) 23,781 645,250 5,100,940 62 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT International Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) FRANCE GERMANY 9.0% Hotels, Restaurants & Leisure Aerospace & Defense 0.1% La Francaise des Jeux MTU Aero Engines AG 7,417 1,281,856 SAEM Reg. S(b) 11,999 369,748 Air Freight & Logistics 0.3% Sodexo SA 12,578 849,648 Deutsche Post AG 1,864,646 (Registered) 137,422 5,013,109 Household Durables 0.0%† SEB SA 3,176 524,385 Airlines 0.0%† Deutsche Lufthansa AG Insurance 0.3% (Registered)* 33,579 336,509 AXA SA(a) 269,999 5,634,641 CNP Assurances* 24,003 275,827 Auto Components 0.1% SCOR SE* 20,523 561,665 Continental AG 15,638 1,527,438 6,472,133 Automobiles 0.7% IT Services 0.4% Bayerische Motoren Werke Atos SE* 13,494 1,148,527 AG 45,509 2,899,340 Capgemini SE 21,723 2,484,906 Bayerische Motoren Werke Edenred 34,575 1,510,473 AG (Preference) 8,279 400,667 Worldline SA Reg. S*(b) 19,142 1,653,808 Daimler AG (Registered) 119,486 4,843,190 6,797,714 Porsche Automobil Holding † Life Sciences Tools & Services 0.1% SE (Preference)* 20,799 1,191,994 Sartorius Stedim Biotech 3,890 981,890 Volkswagen AG 4,587 736,243 Machinery 0.1% Volkswagen AG (Preference) 25,685 3,884,296 Alstom SA 27,105 1,258,974 13,955,730 Banks 0.0%† Media 0.1% Commerzbank AG* 141,588 630,375 JCDecaux SA*(a) 10,440 193,909 Publicis Groupe SA 29,921 967,249 Capital Markets 0.4% 1,161,158 Deutsche Bank AG Multi-Utilities 0.3% (Registered)* 269,484 2,555,243 Engie SA* 253,070 3,123,725 Deutsche Boerse AG 26,388 4,769,604 Suez SA 48,076 562,904 7,324,847 Veolia Environnement SA(a) 76,612 1,720,764 Chemicals 0.6% 5,407,393 BASF SE 127,325 7,114,916 Oil, Gas & Consumable Fuels 0.7% Covestro AG Reg. S(b) 25,027 949,806 TOTAL SA 345,081 13,144,000 Evonik Industries AG 30,418 770,586 Fuchs Petrolub SE Personal Products 0.6% (Preference) 9,360 375,481 L'Oreal SA(a) 35,092 11,250,148 LANXESS AG 12,240 643,398 Pharmaceuticals 0.9% Symrise AG 17,591 2,040,902 Ipsen SA 5,106 433,566 11,895,089 Sanofi 157,022 15,975,269 Construction & Engineering 0.0%† 16,408,835 Hochtief AG 3,883 343,678 Professional Services 0.2% Bureau Veritas SA* 41,762 879,892 Construction Materials 0.1% HeidelbergCement AG 21,030 1,120,509 Teleperformance* 8,348 2,116,416 2,996,308 Diversified Telecommunication Services 0.5% Software 0.2% Deutsche Telekom AG Dassault Systemes SE 18,145 3,127,177 (Registered) 462,134 7,730,303 Telefonica Deutschland Textiles, Apparel & Luxury Goods 1.7% EssilorLuxottica SA* 39,686 5,089,845 Holding AG 145,367 428,792 Hermes International 4,395 3,668,168 United Internet AG Kering SA 10,610 5,763,031 (Registered) 14,206 599,445 LVMH Moet Hennessy Louis 8,758,540 † Vuitton SE 38,671 16,937,856 Food & Staples Retailing 0.0% 31,458,900 METRO AG 24,174 228,384 Transportation Infrastructure 0.1% Health Care Equipment & Supplies 0.2% Aeroports de Paris(a) 3,812 390,824 Carl Zeiss Meditec AG 5,750 560,269 Getlink SE* 62,816 905,307 Sartorius AG (Preference) 5,004 1,643,946 1,296,131 193,605,579 NVIT International Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 63

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) GERMANY GERMANY Health Care Equipment & Supplies Semiconductors & Semiconductor Equipment 0.2% Siemens Healthineers AG Infineon Technologies AG 172,216 4,025,256 Reg. S(b) 19,919 953,958 Software 1.2% 3,158,173 Nemetschek SE 8,062 553,150 Health Care Providers & Services 0.3% SAP SE 145,086 20,195,327 Fresenius Medical Care AG TeamViewer AG Reg. S* 18,149 990,180 & Co. KGaA 30,295 2,582,881 21,738,657 Fresenius SE & Co. KGaA 57,614 2,843,875 Textiles, Apparel & Luxury Goods 0.4% 5,426,756 adidas AG* 26,581 6,954,114 Household Products 0.2% Puma SE* 10,937 843,413 Henkel AG & Co. KGaA 14,686 1,220,492 7,797,527 Henkel AG & Co. KGaA Trading Companies & Distributors 0.1% (Preference) 24,349 2,263,610 Brenntag AG 21,834 1,146,220 3,484,102 † Independent Power and Renewable Electricity Producers Transportation Infrastructure 0.0% 0.0%† Fraport AG Frankfurt Airport Uniper SE 27,051 873,008 Services Worldwide* 5,583 243,271 Industrial Conglomerates 0.7% 166,997,604 Siemens AG (Registered) 106,807 12,546,379 HONG KONG 2.8% Insurance 1.0% Banks 0.1% Allianz SE (Registered) 57,933 11,816,811 Bank of East Asia Ltd. (The) 193,340 441,943 Hannover Rueck SE 8,307 1,428,828 Hang Seng Bank Ltd.(a) 103,400 1,745,835 Muenchener 2,187,778 Rueckversicherungs- Capital Markets 0.4% Gesellschaft AG in Hong Kong Exchanges & Muenchen (Registered) 20,100 5,216,458 Clearing Ltd. 167,800 7,151,416 18,462,097 Diversified Telecommunication Services 0.1% Interactive Media & Services 0.1% HKT Trust & HKT Ltd. 529,220 777,894 Scout24 AG Reg. S(b) 15,022 1,167,588 PCCW Ltd. 513,000 292,709 Internet & Direct Marketing Retail 0.2% 1,070,603 Delivery Hero SE Reg. S*(b) 17,871 1,820,826 Electric Utilities 0.2% Zalando SE Reg. S*(b) 21,180 1,489,565 CK Infrastructure Holdings 3,310,391 Ltd. 90,500 466,280 Machinery 0.1% CLP Holdings Ltd. 225,000 2,203,368 GEA Group AG 22,717 716,933 HK Electric Investments & KION Group AG 9,280 569,697 HK Electric Investments Knorr-Bremse AG* 6,909 699,054 Ltd. Reg. S 401,000 416,572 1,985,684 Power Assets Holdings Ltd. 188,000 1,020,904 Metals & Mining 0.0%† 4,107,124 thyssenkrupp AG* 57,814 408,861 Equity Real Estate Investment Trusts (REITs) 0.1% Link REIT 289,600 2,363,077 Multi-Utilities 0.3% † E.ON SE 311,032 3,496,858 Food & Staples Retailing 0.0% RWE AG 80,368 2,811,583 Dairy Farm International 6,308,441 Holdings Ltd. 50,400 234,715 Personal Products 0.1% Food Products 0.1% Beiersdorf AG 14,245 1,616,165 WH Group Ltd. Reg. S(b) 1,360,000 1,167,132 Pharmaceuticals 0.6% Gas Utilities 0.1% Bayer AG (Registered) 136,940 10,051,339 Hong Kong & China Gas Co. Merck KGaA 18,374 2,130,089 Ltd. 1,519,587 2,349,884

12,181,428 † Real Estate Management & Development 0.5% Hotels, Restaurants & Leisure 0.0% Aroundtown SA* 167,240 957,239 Melco Resorts & Deutsche Wohnen SE 47,708 2,140,213 Entertainment Ltd., ADR 29,570 458,926 LEG Immobilien AG 9,634 1,222,259 Industrial Conglomerates 0.1% Vonovia SE 71,532 4,381,825 Jardine Matheson Holdings 8,701,536 Ltd. 28,900 1,199,639 Jardine Matheson Holdings Ltd. 2,400 100,295 64 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT International Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) HONG KONG ISRAEL Industrial Conglomerates Banks Jardine Strategic Holdings Bank Leumi Le-Israel BM 199,335 1,004,405 Ltd. 26,100 543,924 Israel Discount Bank Ltd., Jardine Strategic Holdings Class A 166,310 508,889 Ltd. 4,100 88,499 Mizrahi Tefahot Bank Ltd. 19,992 376,304 NWS Holdings Ltd. 209,836 181,295 2,836,665 2,113,652 Chemicals 0.0%† Insurance 0.8% ICL Group Ltd. 100,608 299,483 AIA Group Ltd. 1,682,600 15,660,073 IT Services 0.1% Machinery 0.1% Wix.com Ltd.* 6,636 1,700,276 Techtronic Industries Co. Ltd. 191,000 1,863,344 Pharmaceuticals 0.1% Real Estate Management & Development 0.6% Teva Pharmaceutical CK Asset Holdings Ltd. 367,516 2,185,422 Industries Ltd., ADR* 156,445 1,928,967 Hang Lung Properties Ltd.(a) 278,000 659,041 Real Estate Management & Development 0.0%† Henderson Land Azrieli Group Ltd. 5,444 246,584 Development Co. Ltd. 205,775 779,251 Hongkong Land Holdings Software 0.2% Ltd. 156,800 617,792 Check Point Software Hongkong Land Holdings Technologies Ltd.* 16,206 1,741,011 Ltd. 8,100 33,526 Nice Ltd.* 8,833 1,668,553 Kerry Properties Ltd. 92,000 237,692 3,409,564 New World Development Co. 10,871,037 Ltd. 216,231 1,027,771 ITALY 2.0% Sino Land Co. Ltd. 435,000 547,713 Aerospace & Defense 0.0%† Sun Hung Kai Properties Ltd. 182,000 2,319,443 Leonardo SpA 55,288 365,789 Swire Pacific Ltd., Class A 73,500 388,776 Auto Components 0.0%† Swire Properties Ltd.(a) 172,000 436,797 Pirelli & C SpA Reg. S*(b) 43,443 183,995 Wharf Real Estate Investment Co. Ltd.(a) 232,500 1,109,584 Automobiles 0.2% 10,342,808 Ferrari NV 17,144 2,921,252 Road & Rail 0.1% Banks 0.5% MTR Corp. Ltd. 209,000 1,081,021 FinecoBank Banca Fineco Semiconductors & Semiconductor Equipment 0.0%† SpA* 84,711 1,141,490 ASM Pacific Technology Ltd. 44,200 467,156 Intesa Sanpaolo SpA* 2,071,462 3,957,243 Mediobanca Banca di 52,618,709 Credito Finanziario SpA 82,467 590,891 IRELAND 0.7% UniCredit SpA*(a) 296,207 2,719,355 Building Products 0.1% 8,408,979 Kingspan Group plc(a) 21,855 1,406,466 Beverages 0.0%† Construction Materials 0.2% Davide Campari-Milano SpA 82,036 690,408 CRH plc 108,915 3,725,210 Diversified Telecommunication Services 0.1% Containers & Packaging 0.1% Infrastrutture Wireless Smurfit Kappa Group plc 31,847 1,062,757 Italiane SpA Reg. S(b) 33,506 335,526 Telecom Italia SpA(a) 2,180,253 850,873 Food Products 0.1% 1,186,399 Kerry Group plc, Class A 21,949 2,730,608 Electric Utilities 0.6% Hotels, Restaurants & Leisure 0.2% Enel SpA 1,144,251 9,857,922 Flutter Entertainment plc 21,542 2,827,670 Terna Rete Elettrica Nazionale SpA 198,839 1,365,159 Trading Companies & Distributors 0.0%† AerCap Holdings NV* 17,830 549,164 11,223,081 Electrical Equipment 0.0%† 12,301,875 Prysmian SpA(a) 35,202 814,317 ISRAEL 0.6% Gas Utilities 0.1% Aerospace & Defense 0.0%† Snam SpA 276,727 1,345,958 Elbit Systems Ltd. 3,266 449,498 Health Care Equipment & Supplies 0.0%† Banks 0.2% DiaSorin SpA 3,515 672,379 Bank Hapoalim BM 158,119 947,067 NVIT International Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 65

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) ITALY JAPAN Insurance 0.2% Banks Assicurazioni Generali SpA 156,215 2,360,808 Concordia Financial Group Poste Italiane SpA Reg. S(b) 75,765 657,882 Ltd. 148,900 476,670 3,018,690 Fukuoka Financial Group, IT Services 0.0%† Inc. 24,900 392,974 Nexi SpA Reg. S*(b) 43,821 756,986 Japan Post Bank Co. Ltd. 57,700 429,069 Oil, Gas & Consumable Fuels 0.2% Mebuki Financial Group, Inc. 118,700 275,164 Eni SpA 352,827 3,359,715 Mitsubishi UFJ Financial Group, Inc. 1,706,567 6,674,682 † Pharmaceuticals 0.0% Mizuho Financial Group, Inc. 3,366,224 4,127,924 Recordati SpA 14,710 733,940 Resona Holdings, Inc.(a) 295,600 1,008,676 Textiles, Apparel & Luxury Goods 0.0%† Seven Bank Ltd. 65,300 178,622 Moncler SpA* 25,213 962,699 Shinsei Bank Ltd. 24,400 293,826 Shizuoka Bank Ltd. (The) 67,300 432,578 Transportation Infrastructure 0.1% Sumitomo Mitsui Financial Atlantia SpA* 70,438 1,129,717 Group, Inc. 182,453 5,131,152 37,774,304 Sumitomo Mitsui Trust JAPAN 25.0% Holdings, Inc. 47,140 1,323,005 Air Freight & Logistics 0.1% 21,659,943 SG Holdings Co. Ltd. 20,600 672,118 Beverages 0.3% Yamato Holdings Co. Ltd.(a) 44,900 970,525 Asahi Group Holdings Ltd.(a) 51,600 1,807,715 1,642,643 Coca-Cola Bottlers Japan Airlines 0.0%† Holdings, Inc.(a) 18,000 326,240 ANA Holdings, Inc.*(a) 16,200 368,428 Ito En Ltd. 7,500 422,811 Japan Airlines Co. Ltd. 15,686 282,746 Kirin Holdings Co. Ltd.(a) 113,200 2,387,266 651,174 Suntory Beverage & Food Auto Components 0.5% Ltd. 19,600 764,288 Aisin Seiki Co. Ltd. 22,800 664,431 5,708,320 † Bridgestone Corp.(a) 74,700 2,403,487 Biotechnology 0.0% Denso Corp. 59,100 2,305,572 PeptiDream, Inc.* 13,300 609,306 JTEKT Corp. 28,700 223,014 Building Products 0.4% Koito Manufacturing Co. Ltd. 15,600 627,977 AGC, Inc.(a) 27,000 768,061 NGK Spark Plug Co. Ltd. 22,800 326,658 Daikin Industries Ltd. 34,700 5,579,975 Stanley Electric Co. Ltd. 17,200 414,203 LIXIL Group Corp. 37,500 524,067 Sumitomo Electric Industries TOTO Ltd. 18,700 716,679 Ltd. 107,300 1,234,179 7,588,782 Sumitomo Rubber Industries Capital Markets 0.3% Ltd. 26,300 259,049 Daiwa Securities Group, Inc. 198,000 826,004 Toyoda Gosei Co. Ltd. 8,700 180,992 Japan Exchange Group, Inc. 71,300 1,647,055 Toyota Industries Corp. 20,700 1,095,980 Nomura Holdings, Inc. 434,100 1,942,728 Yokohama Rubber Co. Ltd. SBI Holdings, Inc. 33,290 719,267 (The)(a) 16,700 234,678 5,135,054 9,970,220 Chemicals 1.0% Automobiles 1.7% Air Water, Inc. 22,500 317,365 Honda Motor Co. Ltd.(a) 228,300 5,836,662 Asahi Kasei Corp. 180,200 1,464,046 Isuzu Motors Ltd. 77,500 699,851 Daicel Corp. 38,100 294,395 Mazda Motor Corp. 80,380 481,946 JSR Corp. 27,000 521,052 Mitsubishi Motors Corp.(a) 90,299 222,870 Kansai Paint Co. Ltd. 26,100 550,115 Nissan Motor Co. Ltd.(a) 316,600 1,172,666 Kuraray Co. Ltd.(a) 42,900 447,696 Subaru Corp. 87,500 1,819,659 Mitsubishi Chemical Holdings Suzuki Motor Corp.(a) 52,400 1,777,938 Corp. 180,900 1,052,844 Toyota Motor Corp. 294,594 18,480,363 Mitsubishi Gas Chemical Yamaha Motor Co. Ltd. 36,300 568,746 Co., Inc. 23,500 355,490 31,060,701 Mitsui Chemicals, Inc. 25,900 539,842 Banks 1.2% Nippon Paint Holdings Co. Aozora Bank Ltd.(a) 18,000 313,357 Ltd.(a) 20,700 1,502,323 Bank of Kyoto Ltd. (The) 6,500 230,345 Nissan Chemical Corp.(a) 16,500 845,169 Chiba Bank Ltd. (The) 78,900 371,899 Nitto Denko Corp. 22,300 1,261,855 Shin-Etsu Chemical Co. Ltd. 49,400 5,774,787 66 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT International Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) JAPAN JAPAN Chemicals Electronic Equipment, Instruments & Components 1.5% Showa Denko KK(a) 16,900 378,896 Hamamatsu Photonics KK 18,800 814,097 Sumitomo Chemical Co. Ltd. 210,600 629,353 Hirose Electric Co. Ltd. 4,394 481,662 Taiyo Nippon Sanso Corp. 20,000 334,092 Hitachi Ltd. 134,500 4,246,090 Teijin Ltd. 22,800 362,378 Keyence Corp. 25,344 10,581,684 Toray Industries, Inc. 196,000 923,182 Kyocera Corp. 45,600 2,481,167 Tosoh Corp. 38,100 519,582 Murata Manufacturing Co. 18,074,462 Ltd. 80,100 4,693,393 Commercial Services & Supplies 0.3% Omron Corp. 25,300 1,695,019 Dai Nippon Printing Co. Ltd. 32,400 742,092 Shimadzu Corp. 31,500 837,944 Park24 Co. Ltd. 17,700 302,899 TDK Corp. 18,400 1,824,074 Secom Co. Ltd.(a) 29,800 2,603,630 Yokogawa Electric Corp. 34,900 544,268 Sohgo Security Services Co. 28,199,398 Ltd. 10,200 474,800 Entertainment 0.5% Toppan Printing Co. Ltd. 35,300 588,469 Konami Holdings Corp.(a) 12,300 409,729 4,711,890 Nexon Co. Ltd. 66,300 1,497,434 Construction & Engineering 0.2% Nintendo Co. Ltd. 15,600 6,941,454 JGC Holdings Corp. 32,100 337,878 Square Enix Holdings Co. Kajima Corp. 62,100 739,658 Ltd. 12,900 650,613 Obayashi Corp. 92,600 865,949 Toho Co. Ltd. 15,600 563,301 Shimizu Corp. 82,600 678,084 10,062,531 Taisei Corp. 27,200 989,132 Equity Real Estate Investment Trusts (REITs) 0.4% 3,610,701 Daiwa House REIT Construction Materials 0.0%† Investment Corp. 289 680,650 Taiheiyo Cement Corp. 16,100 372,311 GLP J-REIT 508 737,672 Consumer Finance 0.0%† Japan Prime Realty Acom Co. Ltd.(a) 59,900 228,320 Investment Corp. 108 318,306 Japan Real Estate † Diversified Consumer Services 0.0% Investment Corp. 185 948,883 Benesse Holdings, Inc. 11,100 298,494 Japan Retail Fund Diversified Financial Services 0.2% Investment Corp. 360 449,525 Mitsubishi UFJ Lease & Nippon Building Fund, Inc. 176 1,001,838 Finance Co. Ltd. 47,300 223,872 Nippon Prologis REIT, Inc. 289 878,324 ORIX Corp. 188,300 2,321,800 Nomura Real Estate Master Tokyo Century Corp.(a) 6,400 327,278 Fund, Inc. 597 717,039 2,872,950 Orix JREIT, Inc. 367 481,639 Diversified Telecommunication Services 0.2% United Urban Investment Nippon Telegraph & Corp. 395 424,722 Telephone Corp. 179,856 4,187,082 6,638,598 Food & Staples Retailing 0.5% Electric Utilities 0.2% Aeon Co. Ltd. 93,400 2,169,413 Chubu Electric Power Co., Cosmos Pharmaceutical Inc. 89,700 1,128,272 Corp. 2,800 429,133 Chugoku Electric Power Co., FamilyMart Co. Ltd. 34,800 597,201 Inc. (The) 39,100 522,079 Kobe Bussan Co. Ltd. 8,600 484,810 Kansai Electric Power Co., Lawson, Inc. 6,200 310,871 Inc. (The)(a) 99,500 964,108 Seven & i Holdings Co. Ltd. 104,700 3,416,774 Kyushu Electric Power Co., Sundrug Co. Ltd. 10,800 356,841 Inc. 48,400 406,043 Tsuruha Holdings, Inc. 4,700 646,952 Tohoku Electric Power Co., Welcia Holdings Co. Ltd. 7,200 580,488 Inc. 58,900 560,141 8,992,483 Tokyo Electric Power Co. Food Products 0.4% Holdings, Inc.* 204,100 626,394 Ajinomoto Co., Inc. 62,600 1,040,035 4,207,037 Calbee, Inc. 11,500 317,997 Electrical Equipment 0.4% Kikkoman Corp. 20,100 967,949 Fuji Electric Co. Ltd. 18,000 491,963 MEIJI Holdings Co. Ltd. 15,480 1,231,010 Mitsubishi Electric Corp. 252,900 3,283,992 NH Foods Ltd. 12,300 493,488 Nidec Corp. 62,000 4,139,547 Nisshin Seifun Group, Inc. 26,923 401,682 7,915,502 Nissin Foods Holdings Co. Ltd. 8,900 787,756 NVIT International Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 67

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) JAPAN JAPAN Food Products Insurance Toyo Suisan Kaisha Ltd. 12,700 709,011 MS&AD Insurance Group Yakult Honsha Co. Ltd.(a) 16,800 988,829 Holdings, Inc. 62,141 1,706,551 Yamazaki Baking Co. Ltd. 17,300 297,231 Sompo Holdings, Inc. 47,750 1,642,108 7,234,988 Sony Financial Holdings, Inc. 19,700 474,138 Gas Utilities 0.2% T&D Holdings, Inc. 72,000 615,528 Osaka Gas Co. Ltd. 53,000 1,045,524 Tokio Marine Holdings, Inc. 89,100 3,881,729 Toho Gas Co. Ltd. 10,700 534,831 12,152,144 Tokyo Gas Co. Ltd. 54,200 1,296,291 Interactive Media & Services 0.1% 2,876,646 Kakaku.com, Inc. 19,500 493,787 Health Care Equipment & Supplies 0.8% LINE Corp.* 8,600 432,427 Asahi Intecc Co. Ltd. 25,800 733,115 Z Holdings Corp. 369,300 1,802,257 Hoya Corp. 52,800 5,056,391 2,728,471 Olympus Corp. 160,200 3,085,490 Internet & Direct Marketing Retail 0.1% Sysmex Corp. 23,800 1,827,998 Mercari, Inc.* 10,600 327,570 Terumo Corp. 89,300 3,380,716 Rakuten, Inc. 120,800 1,062,305 14,083,710 ZOZO, Inc. 15,300 340,104 Health Care Providers & Services 0.1% 1,729,979 Alfresa Holdings Corp. 24,400 507,960 IT Services 0.6% Medipal Holdings Corp. 25,500 490,907 Fujitsu Ltd. 27,100 3,172,166 Suzuken Co. Ltd. 10,220 380,930 GMO Payment Gateway, Inc. 5,800 604,412 1,379,797 Itochu Techno-Solutions Health Care Technology 0.1% Corp. 13,700 513,441 M3, Inc. 62,700 2,666,399 NEC Corp. 35,700 1,712,060 Hotels, Restaurants & Leisure 0.2% Nomura Research Institute McDonald's Holdings Co. Ltd. 46,215 1,261,041 Japan Ltd.(a) 9,326 503,108 NTT Data Corp. 89,200 992,503 Oriental Land Co. Ltd. 27,800 3,670,766 Obic Co. Ltd. 9,700 1,705,718 4,173,874 Otsuka Corp. 14,000 737,400 Household Durables 1.0% SCSK Corp. 7,300 354,715 Casio Computer Co. Ltd. 29,500 511,946 TIS, Inc. 31,300 665,718 Iida Group Holdings Co. Ltd. 11,719,174 (a) 17,300 264,951 Leisure Products 0.3% Nikon Corp. 43,800 366,518 Bandai Namco Holdings, Inc. 28,400 1,492,594 Panasonic Corp. 303,500 2,645,675 Sega Sammy Holdings, Inc. 20,700 247,647 Rinnai Corp. 4,700 391,320 Shimano, Inc.(a) 10,400 2,000,243 Sekisui Chemical Co. Ltd. 51,100 730,899 Yamaha Corp. 18,700 879,787 Sekisui House Ltd. 88,400 1,682,941 4,620,271 Sharp Corp.(a) 30,000 319,092 Machinery 1.3% Sony Corp. 176,700 12,100,650 Amada Co. Ltd. 41,200 336,751 19,013,992 Daifuku Co. Ltd. 13,500 1,179,459 FANUC Corp. 27,000 4,824,702 Household Products 0.2% Lion Corp.(a) 31,600 757,606 Hino Motors Ltd. 40,100 270,898 Pigeon Corp.(a) 16,300 630,193 Hitachi Construction Unicharm Corp. 57,400 2,351,708 Machinery Co. Ltd. 13,400 370,633 3,739,507 Hoshizaki Corp.(a) 7,200 616,953 Independent Power and Renewable Electricity Producers Kawasaki Heavy Industries 0.0%† Ltd. 18,799 270,480 Electric Power Development Komatsu Ltd. 122,100 2,496,303 Co. Ltd. 19,100 362,121 Kubota Corp. 143,600 2,141,568 Kurita Water Industries Ltd. 14,100 391,207 Industrial Conglomerates 0.1% Makita Corp. 30,000 1,089,510 Keihan Holdings Co. Ltd.(a) 14,000 623,582 MINEBEA MITSUMI, Inc. 52,200 946,433 Toshiba Corp. 52,800 1,682,638 MISUMI Group, Inc. 40,100 1,001,864 2,306,220 Mitsubishi Heavy Industries Insurance 0.7% Ltd. 46,100 1,087,524 Dai-ichi Life Holdings, Inc. 153,400 1,826,959 Miura Co. Ltd. 12,200 507,284 Japan Post Holdings Co. Ltd. 223,900 1,592,147 Nabtesco Corp.(a) 15,900 489,787 Japan Post Insurance Co. NGK Insulators Ltd. 33,600 463,944 Ltd. 31,500 412,984 NSK Ltd. 54,200 401,937 68 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT International Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) JAPAN JAPAN Machinery Pharmaceuticals SMC Corp. 7,900 4,032,162 Santen Pharmaceutical Co. Sumitomo Heavy Industries Ltd. 47,500 873,167 Ltd. 14,600 317,742 Shionogi & Co. Ltd. 36,800 2,303,659 THK Co. Ltd. 16,900 417,979 Sumitomo Dainippon Pharma Yaskawa Electric Corp. 33,900 1,172,148 Co. Ltd. 24,600 340,071 24,827,268 Taisho Pharmaceutical Marine 0.0%† Holdings Co. Ltd. 4,900 299,883 Nippon Yusen KK 20,300 285,625 Takeda Pharmaceutical Co. Media 0.1% Ltd.(a) 220,049 7,853,694 CyberAgent, Inc. 15,300 750,562 35,771,582 Dentsu Group, Inc.(a) 30,401 721,120 Professional Services 0.4% Hakuhodo DY Holdings, Inc. 31,200 370,782 Nihon M&A Center, Inc. 20,900 944,083 1,842,464 Persol Holdings Co. Ltd. 25,200 346,142 Metals & Mining 0.2% Recruit Holdings Co. Ltd. 177,600 6,071,096 Hitachi Metals Ltd. 30,000 357,172 7,361,321 JFE Holdings, Inc. 69,500 497,796 Real Estate Management & Development 0.5% Maruichi Steel Tube Ltd.(a) 7,500 186,292 Aeon Mall Co. Ltd. 14,830 196,740 Mitsubishi Materials Corp. 16,700 352,440 Daito Trust Construction Co. Nippon Steel Corp. 116,344 1,094,183 Ltd. 9,000 826,922 Sumitomo Metal Mining Co. Daiwa House Industry Co. Ltd. 32,900 918,626 Ltd. 80,500 1,898,644 3,406,509 Hulic Co. Ltd.(a) 41,700 394,961 Multiline Retail 0.1% Mitsubishi Estate Co. Ltd. 162,400 2,414,972 Isetan Mitsukoshi Holdings Mitsui Fudosan Co. Ltd. 125,300 2,220,207 Ltd.(a) 51,360 294,488 Nomura Real Estate Marui Group Co. Ltd.(a) 25,000 451,475 Holdings, Inc. 18,100 336,004 Pan Pacific International Sumitomo Realty & Holdings Corp. 57,500 1,261,018 Development Co. Ltd. 43,200 1,187,888 Ryohin Keikaku Co. Ltd. 31,400 444,382 Tokyu Fudosan Holdings 2,451,363 Corp. 86,100 402,897 Oil, Gas & Consumable Fuels 0.2% 9,879,235 ENEOS Holdings, Inc. 436,239 1,545,678 Road & Rail 0.9% Idemitsu Kosan Co. Ltd. 27,156 576,136 Central Japan Railway Co. 20,000 3,095,951 Inpex Corp. 144,000 891,499 East Japan Railway Co. 41,976 2,908,929 3,013,313 Hankyu Hanshin Holdings, Paper & Forest Products 0.0%† Inc. 32,500 1,098,520 Oji Holdings Corp. 121,100 562,575 Keikyu Corp.(a) 30,799 471,445 Keio Corp.(a) 14,699 839,528 Personal Products 0.6% Keisei Electric Railway Co. Kao Corp. 67,500 5,343,792 Ltd. 17,300 541,602 Kobayashi Pharmaceutical Kintetsu Group Holdings Co. Co. Ltd.(a) 7,200 632,539 Ltd.(a) 24,700 1,109,398 Kose Corp. 4,200 504,953 Kyushu Railway Co. 19,200 498,128 Pola Orbis Holdings, Inc.(a) 13,200 229,622 Nagoya Railroad Co. Ltd.(a) 25,199 711,324 Shiseido Co. Ltd. 55,500 3,518,703 Nippon Express Co. Ltd. 10,300 533,124 10,229,609 Odakyu Electric Railway Co. Pharmaceuticals 1.9% Ltd.(a) 41,500 1,020,044 Astellas Pharma, Inc. 257,500 4,286,507 Seibu Holdings, Inc. 29,200 317,063 Chugai Pharmaceutical Co. Tobu Railway Co. Ltd. 26,700 882,432 Ltd.(a) 93,300 4,987,545 Tokyu Corp. 70,200 987,525 Daiichi Sankyo Co. Ltd. 79,100 6,459,833 West Japan Railway Co. 23,300 1,306,497 Eisai Co. Ltd. 34,600 2,742,594 16,321,510 Hisamitsu Pharmaceutical Semiconductors & Semiconductor Equipment 0.6% Co., Inc. 7,500 404,155 Advantest Corp. 27,000 1,533,623 Kyowa Kirin Co. Ltd.(a) 35,000 918,307 Disco Corp. 3,900 944,283 Nippon Shinyaku Co. Ltd. 6,400 520,416 Lasertec Corp. 10,500 990,096 Ono Pharmaceutical Co. Ltd. 50,000 1,454,368 Renesas Electronics Otsuka Holdings Co. Ltd. 53,400 2,327,383 Corp.*(a) 107,300 549,043 Rohm Co. Ltd. 11,800 782,001 NVIT International Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 69

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) JAPAN LUXEMBOURG Semiconductors & Semiconductor Equipment Metals & Mining 0.1% SUMCO Corp.(a) 35,400 541,943 ArcelorMittal SA*(a) 94,700 994,365 Tokyo Electron Ltd. 20,900 5,129,114 2,909,830 10,470,103 Software 0.1% MACAU 0.2% Oracle Corp. Japan 5,200 613,576 Hotels, Restaurants & Leisure 0.2% Trend Micro, Inc. 18,100 1,010,842 Galaxy Entertainment Group 1,624,418 Ltd. 295,000 2,003,007 Specialty Retail 0.5% Sands China Ltd. 345,100 1,350,454 ABC-Mart, Inc. 5,000 292,531 SJM Holdings Ltd. 229,000 256,006 Fast Retailing Co. Ltd. 8,100 4,637,708 Wynn Macau Ltd. 229,600 398,877 Hikari Tsushin, Inc. 2,800 637,671 4,008,344 † Nitori Holdings Co. Ltd. 11,100 2,173,994 MALTA 0.0% † Shimamura Co. Ltd. 3,100 209,835 Capital Markets 0.0% USS Co. Ltd. 29,200 466,500 BGP Holdings plc*^∞ 848,508 0 Yamada Denki Co. Ltd. 94,500 468,775 NETHERLANDS 4.2% 8,887,014 Banks 0.2% Technology Hardware, Storage & Peripherals 0.4% ABN AMRO Bank NV, CVA Brother Industries Ltd. 32,500 585,632 Reg. S(b) 59,779 513,838 Canon, Inc.(a) 138,700 2,759,434 ING Groep NV 540,648 3,755,790 FUJIFILM Holdings Corp. 49,100 2,100,925 4,269,628 Ricoh Co. Ltd. 94,700 675,774 Beverages 0.3% Seiko Epson Corp. 40,500 463,419 Heineken Holding NV 16,282 1,331,153 6,585,184 Heineken NV 35,868 3,303,152 Tobacco 0.2% 4,634,305 Japan Tobacco, Inc.(a) 166,500 3,089,215 Chemicals 0.3% Trading Companies & Distributors 0.8% Akzo Nobel NV 27,742 2,481,927 ITOCHU Corp. 187,800 4,044,298 Koninklijke DSM NV 24,062 3,325,921 Marubeni Corp. 222,400 1,005,996 5,807,848 Mitsubishi Corp. 188,700 3,972,702 Diversified Financial Services 0.1% Mitsui & Co. Ltd. 230,100 3,402,487 EXOR NV 15,256 869,845 MonotaRO Co. Ltd. 15,800 632,839 Diversified Telecommunication Services 0.1% Sumitomo Corp. 163,700 1,874,638 Koninklijke KPN NV 478,915 1,268,446 Toyota Tsusho Corp. 30,000 759,751 15,692,711 Food & Staples Retailing 0.2% Koninklijke Ahold Delhaize Transportation Infrastructure 0.0%† NV 156,483 4,261,237 Japan Airport Terminal Co. Ltd. 6,100 259,808 Health Care Equipment & Supplies 0.3% Kamigumi Co. Ltd. 12,200 239,269 Koninklijke Philips NV* 124,737 5,808,584 499,077 Insurance 0.1% Wireless Telecommunication Services 1.4% Aegon NV 251,736 748,749 KDDI Corp. 230,200 6,902,054 NN Group NV 39,806 1,334,896 NTT DOCOMO, Inc. 163,000 4,348,260 2,083,645 Softbank Corp. 267,300 3,402,282 Internet & Direct Marketing Retail 0.1% SoftBank Group Corp. 218,600 11,014,769 Just Eat Takeaway.com NV 25,667,365 Reg. S*(a)(b) 16,943 1,762,992 463,652,656 † IT Services 0.2% JORDAN 0.0% Adyen NV Reg. S*(b) 2,521 3,672,820 Pharmaceuticals 0.0%† Hikma Pharmaceuticals plc 20,299 557,939 Media 0.0%† Altice Europe NV* 79,730 306,977 LUXEMBOURG 0.2% Energy Equipment & Services 0.0%† Oil, Gas & Consumable Fuels 0.9% Tenaris SA(a) 65,510 422,311 Koninklijke Vopak NV 8,867 468,602 Royal Dutch Shell plc, Class Life Sciences Tools & Services 0.1% A 574,616 9,143,458 Eurofins Scientific SE*(a) 1,842 1,154,758 Royal Dutch Shell plc, Class Media 0.0%† B 519,308 7,858,234 SES SA, FDR 49,601 338,396 17,470,294 70 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT International Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) NETHERLANDS PORTUGAL Professional Services 0.2% Oil, Gas & Consumable Fuels 0.1% Randstad NV* 17,371 772,858 Galp Energia SGPS SA 70,839 818,299 Wolters Kluwer NV 37,887 2,955,578 3,181,230 3,728,436 † Semiconductors & Semiconductor Equipment 1.2% RUSSIA 0.0% ASML Holding NV 59,315 21,743,596 Metals & Mining 0.0%† Evraz plc 72,161 257,271 77,688,653 SINGAPORE 1.0% NEW ZEALAND 0.3% Aerospace & Defense 0.0%† Diversified Telecommunication Services 0.1% Singapore Technologies Spark New Zealand Ltd. 249,863 739,885 Engineering Ltd. 220,600 523,499 † Electric Utilities 0.0% Airlines 0.0%† Mercury NZ Ltd. 104,919 317,853 Singapore Airlines Ltd. 192,914 520,331 Food Products 0.1% Banks 0.5% a2 Milk Co. Ltd.* 104,616 1,369,979 DBS Group Holdings Ltd. 255,100 3,815,919 Health Care Equipment & Supplies 0.1% Oversea-Chinese Banking Fisher & Paykel Healthcare Corp. Ltd. 470,000 3,041,460 Corp. Ltd. 79,856 1,846,678 United Overseas Bank Ltd. 164,200 2,388,537

† 9,245,916 Health Care Providers & Services 0.0% † Ryman Healthcare Ltd. 54,219 459,926 Capital Markets 0.0% Singapore Exchange Ltd. 113,600 681,723 Independent Power and Renewable Electricity Producers Distributors 0.0%† 0.0%† Jardine Cycle & Carriage Ltd. 12,566 182,203 Meridian Energy Ltd. 180,387 559,618 Diversified Telecommunication Services 0.1% Transportation Infrastructure 0.0%† Singapore Auckland International Telecommunications Ltd. 1,160,650 2,052,554 Airport Ltd. 169,650 717,759 Electronic Equipment, Instruments & Components 0.0%† 6,011,698 Venture Corp. Ltd. 32,800 381,612 NORWAY 0.5% Banks 0.1% Equity Real Estate Investment Trusts (REITs) 0.2% DNB ASA 128,171 1,695,873 Ascendas REIT 429,343 978,864 CapitaLand Commercial Chemicals 0.1% Trust 394,544 479,629 Yara International ASA 25,098 871,992 CapitaLand Mall Trust 366,100 516,218 Diversified Telecommunication Services 0.1% Mapletree Commercial Trust 281,700 391,109 Telenor ASA 98,160 1,430,043 Mapletree Logistics Trust 371,400 518,203 Suntec REIT 232,800 236,207 Food Products 0.1% 3,120,230 Mowi ASA 62,487 1,187,647 Hotels, Restaurants & Leisure 0.0%† Orkla ASA 101,400 888,810 Genting Singapore Ltd. 878,496 480,357 2,076,457 Insurance 0.0%† Industrial Conglomerates 0.1% Gjensidige Forsikring ASA* 28,575 526,344 Keppel Corp. Ltd. 208,000 890,932 Media 0.0%† Real Estate Management & Development 0.1% Schibsted ASA, Class B* 14,443 342,180 CapitaLand Ltd.* 340,097 714,319 City Developments Ltd. 61,200 370,827 † Metals & Mining 0.0% UOL Group Ltd. 66,200 323,558 Norsk Hydro ASA* 189,189 523,306 1,408,704 Oil, Gas & Consumable Fuels 0.1% 19,488,061 Equinor ASA 142,391 2,024,979 SOUTH AFRICA 0.2% 9,491,174 Metals & Mining 0.2% Anglo American plc 171,474 3,963,617 PORTUGAL 0.2% Electric Utilities 0.1% SPAIN 2.4% EDP - Energias de Portugal Banks 0.6% SA 355,878 1,697,222 Banco Bilbao Vizcaya Argentaria SA 924,830 3,176,676 Food & Staples Retailing 0.0%† Banco Santander SA 2,329,828 5,681,308 Jeronimo Martins SGPS SA* 38,049 665,709 Bankinter SA 85,928 409,090 NVIT International Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 71

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) SPAIN SWEDEN Banks Communications Equipment 0.2% CaixaBank SA 510,206 1,087,312 Telefonaktiebolaget LM 10,354,386 Ericsson, Class B 407,484 3,762,886 Biotechnology 0.1% Construction & Engineering 0.1% Grifols SA(a) 42,155 1,278,761 Skanska AB, Class B* 48,358 982,027 Construction & Engineering 0.1% Diversified Financial Services 0.3% ACS Actividades de Industrivarden AB, Class C* 20,799 470,564 Construccion y Servicios Investor AB, Class B 62,890 3,313,799 SA 33,791 850,170 Kinnevik AB, Class B 35,565 934,104 Ferrovial SA 67,080 1,783,560 L E Lundbergforetagen AB, 2,633,730 Class B* 10,809 489,850 Diversified Telecommunication Services 0.3% 5,208,317 Cellnex Telecom SA Reg. Diversified Telecommunication Services 0.1% S(b) 35,612 2,167,454 Telia Co. AB 348,132 1,298,900 Telefonica SA(a) 649,077 3,106,151 5,273,605 Electronic Equipment, Instruments & Components 0.1% Electric Utilities 0.6% Hexagon AB, Class B*(a) 39,290 2,290,077 Endesa SA(a) 45,155 1,111,370 Food & Staples Retailing 0.0%† Iberdrola SA 810,875 9,391,844 ICA Gruppen AB 12,291 582,422 Red Electrica Corp. SA(a) 59,449 1,108,130 11,611,344 Hotels, Restaurants & Leisure 0.1% Electrical Equipment 0.0%† Evolution Gaming Group AB Siemens Gamesa Reg. S(b) 17,749 1,057,084 Renewable Energy SA 33,691 596,282 Household Durables 0.1% Gas Utilities 0.1% Electrolux AB Series B 30,384 507,225 Enagas SA(a) 28,047 684,628 Husqvarna AB, Class B(a) 56,775 464,263 Naturgy Energy Group SA 43,068 800,525 971,488 1,485,153 Household Products 0.1% Insurance 0.0%† Essity AB, Class B* 83,662 2,700,965 Mapfre SA 162,399 288,642 Industrial Conglomerates 0.0%† IT Services 0.2% Investment AB Latour, Class Amadeus IT Group SA 61,311 3,190,185 B 20,669 374,369 Oil, Gas & Consumable Fuels 0.1% Machinery 0.9% Repsol SA(a) 192,543 1,680,405 Alfa Laval AB* 43,477 952,328 Atlas Copco AB, Class A 93,168 3,939,710 Specialty Retail 0.2% Atlas Copco AB, Class B 55,146 2,036,392 Industria de Diseno Textil SA 152,012 4,019,086 Epiroc AB, Class A 90,486 1,125,867 Transportation Infrastructure 0.1% Epiroc AB, Class B 57,950 707,768 Aena SME SA Reg. S*(b) 9,539 1,269,907 Sandvik AB* 160,878 3,000,644 SKF AB, Class B 53,200 987,061 43,681,486 Volvo AB, Class B* 205,102 3,206,050 SWEDEN 2.8% 15,955,820 Banks 0.3% Metals & Mining 0.0%† Skandinaviska Enskilda Boliden AB 38,477 873,925 Banken AB, Class A* 231,374 2,001,093 Oil, Gas & Consumable Fuels 0.0%† Svenska Handelsbanken AB, Lundin Energy AB 24,369 586,393 Class A* 211,712 2,006,937 Swedbank AB, Class A* 128,744 1,647,740 Paper & Forest Products 0.1% 5,655,770 Svenska Cellulosa AB SCA, Building Products 0.2% Class B* 84,584 1,004,446 Assa Abloy AB, Class B 142,490 2,893,146 Specialty Retail 0.1% Nibe Industrier AB, Class B* 43,535 960,799 Hennes & Mauritz AB, Class 3,853,945 B 109,431 1,582,338 Capital Markets 0.0%† EQT AB(a) 33,261 595,537 Tobacco 0.1% Swedish Match AB 23,119 1,623,296 Commercial Services & Supplies 0.0%† Securitas AB, Class B* 44,251 595,445 72 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT International Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) SWEDEN SWITZERLAND Wireless Telecommunication Services 0.0%† Insurance Tele2 AB, Class B 70,568 934,668 Zurich Insurance Group AG 20,724 7,298,323 52,490,118 13,154,739 Life Sciences Tools & Services 0.3% SWITZERLAND 10.3% Lonza Group AG † Banks 0.0% (Registered) 10,376 5,471,203 Banque Cantonale Vaudoise (Registered) 4,204 408,303 Machinery 0.1% Schindler Holding AG 5,788 1,360,809 Beverages 0.0%† Schindler Holding AG Coca-Cola HBC AG 28,586 717,445 (Registered) 2,904 683,335 Building Products 0.1% 2,044,144 Geberit AG (Registered) 5,266 2,632,759 Marine 0.1% Kuehne + Nagel International Capital Markets 0.7% AG (Registered)* 7,631 1,266,272 Credit Suisse Group AG (Registered) 338,997 3,497,876 Pharmaceuticals 3.3% Julius Baer Group Ltd.* 31,469 1,314,618 Novartis AG (Registered) 299,829 26,052,340 Partners Group Holding AG 2,550 2,309,154 Roche Holding AG 98,083 33,959,429 UBS Group AG (Registered) 511,817 5,880,035 Vifor Pharma AG 6,430 966,204 13,001,683 60,977,973 Chemicals 0.5% Professional Services 0.2% Clariant AG (Registered)*(a) 29,383 576,291 Adecco Group AG EMS-Chemie Holding AG (Registered) 22,219 1,041,043 (Registered) 1,069 827,112 SGS SA (Registered) 835 2,037,496 Givaudan SA (Registered) 1,287 4,787,089 3,078,539 Sika AG (Registered) 17,647 3,391,932 Real Estate Management & Development 0.1% 9,582,424 Swiss Prime Site AG Construction Materials 0.2% (Registered) 10,978 1,014,063 LafargeHolcim Ltd. Semiconductors & Semiconductor Equipment 0.1% (Registered)* 73,090 3,196,813 STMicroelectronics NV 89,046 2,415,658 † Diversified Financial Services 0.0% Software 0.1% Pargesa Holding SA 5,244 398,593 Temenos AG (Registered)(a) 9,135 1,416,346 Diversified Telecommunication Services 0.1% Technology Hardware, Storage & Peripherals 0.1% Swisscom AG (Registered) 3,515 1,838,405 Logitech International SA Electrical Equipment 0.3% (Registered) 22,959 1,497,023 ABB Ltd. (Registered) 257,412 5,785,993 Textiles, Apparel & Luxury Goods 0.3% Food Products 2.6% Cie Financiere Richemont Barry Callebaut AG SA (Registered) 72,881 4,640,989 (Registered) 422 804,282 Swatch Group AG (The) 4,215 839,832 Chocoladefabriken Lindt & Swatch Group AG (The) Spruengli AG 149 1,225,623 (Registered) 6,136 239,607 Chocoladefabriken Lindt & 5,720,428 Spruengli AG (Registered) 14 1,201,932 191,384,498 Nestle SA (Registered) 414,327 45,772,854 UNITED ARAB EMIRATES 0.0%† 49,004,691 Health Care Providers & Services 0.0%† Health Care Equipment & Supplies 0.4% NMC Health plc*∞ 11,719 2,480 Alcon, Inc.* 68,645 3,933,099 Sonova Holding AG UNITED KINGDOM 12.5% Aerospace & Defense 0.2% (Registered)* 7,872 1,569,694 BAE Systems plc 441,897 2,643,155 Straumann Holding AG Rolls-Royce Holdings plc*(a) 269,582 951,562 (Registered) 1,467 1,258,208 3,594,717 6,761,001 Automobiles 0.1% Insurance 0.7% Fiat Chrysler Automobiles Baloise Holding AG NV* 155,991 1,564,774 (Registered) 6,568 983,628 Swiss Life Holding AG Banks 1.3% (Registered) 4,456 1,647,922 Barclays plc 2,384,267 3,373,189 Swiss Re AG 41,891 3,224,866 HSBC Holdings plc 2,826,175 13,228,373 NVIT International Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 73

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) UNITED KINGDOM UNITED KINGDOM Banks Hotels, Restaurants & Leisure Lloyds Banking Group plc 9,787,413 3,775,668 Whitbread plc 28,060 771,507 Royal Bank of Scotland 6,026,821 Group plc 631,174 949,329 Household Durables 0.2% Standard Chartered plc 371,924 2,024,877 Barratt Developments plc 143,331 879,204 23,351,436 Berkeley Group Holdings plc 17,130 882,809 Beverages 0.6% Persimmon plc 45,308 1,281,289 Coca-Cola European Taylor Wimpey plc 463,064 816,933 Partners plc 28,288 1,068,155 3,860,235 Diageo plc 325,935 10,819,066 Household Products 0.5% 11,887,221 Reckitt Benckiser Group plc 98,697 9,082,936 Capital Markets 0.5% Industrial Conglomerates 0.2% 3i Group plc 138,332 1,424,722 CK Hutchison Holdings Ltd. 371,516 2,381,615 Hargreaves Lansdown plc 45,204 910,861 DCC plc 13,885 1,156,381 London Stock Exchange Smiths Group plc 55,955 977,253 Group plc 43,784 4,529,185 4,515,249 Schroders plc 17,568 641,112 Insurance 0.6% St James's Place plc 74,124 873,770 Admiral Group plc 26,979 767,785 Standard Life Aberdeen plc 325,200 1,076,303 Aviva plc 556,883 1,884,564 9,455,953 Direct Line Insurance Group Chemicals 0.1% plc 196,454 658,795 Croda International plc(a) 18,161 1,181,636 Legal & General Group plc 816,831 2,230,586 Johnson Matthey plc(a) 27,226 706,698 Prudential plc 362,066 5,452,591 1,888,334 RSA Insurance Group plc 145,081 735,453 Commercial Services & Supplies 0.1% 11,729,774 Rentokil Initial plc 248,219 1,565,295 Interactive Media & Services 0.0%† Diversified Financial Services 0.0%† Auto Trader Group plc Reg. M&G plc 358,015 742,125 S(b) 132,760 865,012 Diversified Telecommunication Services 0.1% Internet & Direct Marketing Retail 0.1% BT Group plc 1,241,670 1,752,486 Ocado Group plc* 64,707 1,624,404 Electric Utilities 0.1% Machinery 0.1% SSE plc 141,486 2,388,845 CNH Industrial NV*(a) 144,083 1,006,541 Spirax-Sarco Engineering plc 10,509 1,297,462 Electrical Equipment 0.0%† 2,304,003 Melrose Industries plc 690,668 973,461 Media 0.2% Electronic Equipment, Instruments & Components 0.1% Informa plc 210,168 1,222,826 Halma plc 53,972 1,538,119 ITV plc 511,989 473,106 Equity Real Estate Investment Trusts (REITs) 0.2% Pearson plc(a) 110,382 789,023 British Land Co. plc (The) 115,923 554,294 WPP plc 169,290 1,321,111 Land Securities Group plc 100,640 688,675 3,806,066 Segro plc 153,264 1,697,776 Multiline Retail 0.1% 2,940,745 Next plc 19,144 1,159,243 Food & Staples Retailing 0.3% Multi-Utilities 0.3% J Sainsbury plc 238,864 617,155 National Grid plc 487,907 5,974,526 Tesco plc 1,363,895 3,851,025 Wm Morrison Supermarkets Oil, Gas & Consumable Fuels 0.6% BP plc 2,816,110 10,702,405 plc 319,574 753,903 5,222,083 Paper & Forest Products 0.1% Food Products 0.1% Mondi plc 69,028 1,289,845 Associated British Foods plc 50,646 1,200,167 Personal Products 1.1% Health Care Equipment & Supplies 0.1% Unilever NV 203,695 10,803,040 Smith & Nephew plc 120,224 2,239,740 Unilever plc 163,136 8,795,890 19,598,930 Hotels, Restaurants & Leisure 0.3% Compass Group plc 249,023 3,425,839 Pharmaceuticals 1.8% AstraZeneca plc 182,940 19,070,879 GVC Holdings plc 80,741 739,784 GlaxoSmithKline plc 698,611 14,155,210 InterContinental Hotels 33,226,089 Group plc 24,585 1,089,691 74 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT International Index Fund

Common Stocks Rights Number of Shares Value ($) Rights Value ($) UNITED KINGDOM SPAIN Professional Services 0.7% Oil, Gas & Consumable Fuels 0.0%† Experian plc 125,950 4,393,022 Repsol SA, expiring Intertek Group plc 22,944 1,544,525 7/6/2020*(a) 201,710 98,195 RELX plc 268,041 6,199,115 278,598 12,136,662 Total Rights Software 0.1% (cost $298,538) 278,598 AVEVA Group plc 9,035 457,406 Sage Group plc (The) 154,822 1,287,468 Repurchase Agreements 2.2% 1,744,874 Principal Specialty Retail 0.1% JD Sports Fashion plc 61,229 471,450 Amount ($) Bank of America Kingfisher plc 301,484 823,685 1,295,135 NA, 0.09%, dated 6/30/2020, due Textiles, Apparel & Luxury Goods 0.1% Burberry Group plc 58,700 1,161,593 7/1/2020, repurchase price $3,094,078, Tobacco 0.8% collateralized by U.S. British American Tobacco plc 318,825 12,249,712 Government Agency Imperial Brands plc 129,720 2,470,276 Securities, 3.00%, 14,719,988 maturing 7/20/2049; Trading Companies & Distributors 0.2% total market value Ashtead Group plc 62,205 2,091,100 $3,155,951.(c)(d) 3,094,070 3,094,070 Bunzl plc 47,367 1,269,946 BofA Securities, 3,361,046 Inc., 0.09%, dated Water Utilities 0.1% 6/30/2020, due Severn Trent plc 33,397 1,024,668 7/1/2020, repurchase United Utilities Group plc 96,365 1,085,490 price $10,000,025, 2,110,158 collateralized by U.S. Wireless Telecommunication Services 0.3% Government Agency Vodafone Group plc 3,691,131 5,885,728 Securities, 0.15%, 230,486,223 maturing 12/14/2020; UNITED STATES 0.3% total market value Construction Materials 0.1% $10,200,946.(c)(d) 10,000,000 10,000,000 James Hardie Industries plc CF Secured, LLC, 0.09%, CHDI 63,931 1,220,267 dated 6/30/2020, due 7/1/2020, repurchase Life Sciences Tools & Services 0.1% price $960,704, QIAGEN NV* 32,198 1,386,393 collateralized by U.S. Software 0.0%† Government Agency CyberArk Software Ltd.* 5,314 527,521 and Treasury Securities, Trading Companies & Distributors 0.1% ranging from 0.00% Ferguson plc 31,022 2,537,752 - 5.00%, maturing 9/8/2020 - 7/20/2069; 5,671,933 total market value Total Common Stocks $979,917.(c)(d) 960,701 960,701 (cost $1,674,092,389) 1,824,374,652 NatWest Markets Securities, Inc., 0.08%, † Rights 0.0% dated 6/30/2020, due Number of 7/7/2020, repurchase Rights Value ($) price $10,000,156, SPAIN 0.0%† collateralized by U.S. Construction & Engineering 0.0%† Government Treasury ACS Actividades de Securities, ranging from Construccion y Servicios 0.13% - 4.25%, maturing SA, expiring 7/7/2020*(a) 33,791 52,713 1/15/2021 - 2/15/2042; Diversified Telecommunication Services 0.0%† total market value Telefonica SA, expiring $10,200,027.(c)(d) 10,000,000 10,000,000 7/1/2020*(a) 649,077 127,690 NVIT International Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 75

Repurchase Agreements * Denotes a non-income producing security. ^ Value determined using significant unobservable inputs. Principal ∞ Fair valued security. Amount ($) Value ($) † Amount rounds to less than 0.1%. Nomura Securities (a) The security or a portion of this security is on loan at June International, Inc., 30, 2020. The total value of securities on loan at June 30, 0.07%, dated 2020 was $89,130,394, which was collateralized by cash 6/30/2020, due used to purchase repurchase agreements with a total value 7/1/2020, repurchase of $40,054,771 and by $58,714,778 of collateral in the form price $13,000,026, of U.S. Government Treasury Securities, interest rates collateralized by U.S. ranging from 0.00% – 8.00%, and maturity dates ranging Government Treasury from 7/2/2020 – 11/15/2049, a total value of $98,769,549. Securities, ranging from (b) Rule 144A, Section 4(2), or other security which is restricted 0.00% - 2.50%, maturing as to sale to institutional investors. These securities were 8/31/2021 - 5/15/2050; deemed liquid pursuant to procedures approved by the Board total market value of Trustees. The liquidity determination is unaudited. The $13,260,001.(c)(d) 13,000,000 13,000,000 aggregate value of these securities at June 30, 2020 was Pershing LLC, 0.14%, $27,200,792 which represents 1.47% of net assets. dated 6/30/2020, due (c) Security was purchased with cash collateral held from 7/1/2020, repurchase securities on loan. The total value of securities purchased price $3,000,012, with cash collateral as of June 30, 2020 was $40,054,771. collateralized by U.S. (d) Please refer to Note 2 for additional information on the joint Government Agency repurchase agreement. and Treasury Securities, ranging from 0.00% - 10.00%, maturing ADR American Depositary Receipt 7/23/2020 - 12/20/2069; CHDI Clearing House Electronic Subregister System total market value (CHESS) Depository Interest $3,060,001.(c)(d) 3,000,000 3,000,000 CVA Dutch Certification FDR Fiduciary Depositary Receipt Total Repurchase Agreements Preference A special type of equity investment that shares in (cost $40,054,771) 40,054,771 the earnings of the company, has limited voting rights, and may have a dividend preference. Total Investments Preference shares may also have liquidation (cost $1,714,445,698) — 100.7% 1,864,708,021 preference. Liabilities in excess of other assets Reg. S Regulation S - Security was purchased pursuant — (0.7)% (13,855,702) to Regulation S under the Securities Act of 1933, which exempts from registration securities NET ASSETS — 100.0% $ 1,850,852,319 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

76 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT International Index Fund

Futures contracts outstanding as of June 30, 2020: Value and Unrealized Number of Expiration Trading Notional Appreciation Description Contracts Date Currency Amount ($) (Depreciation) ($) Long Contracts EURO STOXX 50 Index 232 9/2020 EUR 8,400,814 69,237 FTSE 100 Index 64 9/2020 GBP 4,875,115 (29,477) SGX Nikkei 225 Index 56 9/2020 JPY 5,772,447 (134,407) SPI 200 Index 26 9/2020 AUD 2,642,945 9,572 (85,075) At June 30, 2020, the Fund had $2,710,632 segregated in foreign currency as collateral with the broker for open futures contracts. Currency: AUD Australian Dollar EUR Euro GBP British Pound JPY Japanese Yen

The accompanying notes are an integral part of these financial statements. NVIT Mid Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 77

Common Stocks 98.0% Common Stocks

Shares Value ($) Shares Value ($) Aerospace & Defense 1.1% Banks Axon Enterprise, Inc.*(a) 47,664 4,677,269 Webster Financial Corp. 69,162 1,978,725 Curtiss-Wright Corp. 31,640 2,824,819 Wintrust Financial Corp. 44,515 1,941,744 Hexcel Corp.(a) 63,423 2,867,988 73,052,078 Mercury Systems, Inc.* 42,235 3,322,205 Beverages 0.3% 13,692,281 Boston Beer Co., Inc. (The), Air Freight & Logistics 0.4% Class A*(a) 7,335 3,936,328 XPO Logistics, Inc.*(a) 69,223 5,347,477 Biotechnology 1.2% Airlines 0.2% Arrowhead Pharmaceuticals, JetBlue Airways Corp.*(a) 204,880 2,233,192 Inc.* 77,311 3,339,062 Auto Components 1.3% Exelixis, Inc.* 232,950 5,530,233 Adient plc* 66,472 1,091,470 Ligand Pharmaceuticals, Dana, Inc. 109,754 1,337,901 Inc.*(a) 12,192 1,363,675 Delphi Technologies plc* 65,286 927,714 United Therapeutics Corp.* 33,433 4,045,393 Gentex Corp. 186,014 4,793,581 14,278,363 Goodyear Tire & Rubber Co. Building Products 1.4% (The)(a) 176,982 1,583,104 Lennox International, Inc. 26,439 6,160,023 Lear Corp. 41,421 4,515,718 Owens Corning 81,920 4,567,859 Visteon Corp.* 21,138 1,447,953 Trex Co., Inc.*(a) 43,947 5,716,186 15,697,441 16,444,068 Automobiles 0.6% Capital Markets 2.9% Harley-Davidson, Inc. 116,356 2,765,782 Affiliated Managers Group, Thor Industries, Inc.(a) 41,931 4,466,910 Inc.(a) 35,884 2,675,511 7,232,692 Eaton Vance Corp. 86,546 3,340,676 Banks 6.0% Evercore, Inc., Class A 30,793 1,814,324 Associated Banc-Corp. 119,176 1,630,328 FactSet Research Systems, BancorpSouth Bank(a) 75,480 1,716,415 Inc.(a) 28,769 9,449,753 Bank of Hawaii Corp.(a) 30,996 1,903,464 Federated Hermes, Inc., Class Bank OZK(a) 93,314 2,190,080 B 73,087 1,732,162 Cathay General Bancorp 58,753 1,545,204 Interactive Brokers Group, CIT Group, Inc. 76,190 1,579,419 Inc., Class A(a) 58,311 2,435,650 Commerce Bancshares, Inc. Janus Henderson Group plc(a) 116,588 2,467,002 (a) 76,828 4,568,961 Legg Mason, Inc. 63,515 3,159,871 Cullen/Frost Bankers, Inc.(a) 43,685 3,263,706 SEI Investments Co. 94,395 5,189,837 East West Bancorp, Inc. 108,432 3,929,576 Stifel Financial Corp.(a) 52,044 2,468,447 First Financial Bankshares, 34,733,233 Inc.(a) 109,086 3,151,495 Chemicals 2.5% First Horizon National Corp. 240,368 2,394,065 Ashland Global Holdings, Inc. 45,925 3,173,418 FNB Corp. 250,363 1,877,722 Cabot Corp. 42,884 1,588,852 Fulton Financial Corp. 122,905 1,294,190 Chemours Co. (The)(a) 124,746 1,914,851 Glacier Bancorp, Inc. 68,351 2,412,107 Ingevity Corp.* 31,304 1,645,651 Hancock Whitney Corp. 65,894 1,396,953 Minerals Technologies, Inc. 25,913 1,216,097 Home BancShares, Inc.(a) 119,047 1,830,943 NewMarket Corp. 5,484 2,196,232 International Bancshares Corp. 42,945 1,375,099 Olin Corp.(a) 120,330 1,382,592 PacWest Bancorp 89,876 1,771,456 PolyOne Corp. 69,429 1,821,123 Pinnacle Financial Partners, RPM International, Inc. 98,366 7,383,352 Inc.(a) 54,160 2,274,178 Scotts Miracle-Gro Co. (The) 29,976 4,030,873 Prosperity Bancshares, Inc. 70,965 4,213,902 Sensient Technologies Corp. 32,186 1,678,822 Signature Bank 40,730 4,354,852 Valvoline, Inc. 140,556 2,716,947 Sterling Bancorp 150,667 1,765,817 30,748,810 Synovus Financial Corp. 113,486 2,329,868 Commercial Services & Supplies 1.6% TCF Financial Corp. 115,548 3,399,422 Brink's Co. (The) 38,351 1,745,354 Texas Capital Bancshares, Clean Harbors, Inc.* 38,839 2,329,563 Inc.* 39,481 1,218,778 Deluxe Corp. 31,921 751,421 Trustmark Corp. 48,545 1,190,323 Healthcare Services Group, UMB Financial Corp. 32,404 1,670,426 Inc.(a) 56,529 1,382,699 Umpqua Holdings Corp. 170,418 1,813,247 Herman Miller, Inc.(a) 44,589 1,052,746 United Bankshares, Inc.(a) 97,901 2,707,942 HNI Corp. 32,493 993,311 Valley National Bancorp(a) 302,004 2,361,671 78 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Mid Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Commercial Services & Supplies Electric Utilities KAR Auction Services, Inc.(a) 97,633 1,343,430 PNM Resources, Inc.(a) 60,584 2,328,849 MSA Safety, Inc. 27,151 3,107,161 15,434,681 Stericycle, Inc.*(a) 69,444 3,887,475 Electrical Equipment 1.7% Tetra Tech, Inc. 41,040 3,247,085 Acuity Brands, Inc. 30,113 2,883,019 19,840,245 EnerSys 32,248 2,076,126 Communications Equipment 1.3% Generac Holdings, Inc.* 47,613 5,805,453 Ciena Corp.* 116,712 6,321,122 Hubbell, Inc. 41,146 5,158,063 InterDigital, Inc. 23,508 1,331,258 nVent Electric plc 118,703 2,223,307 Lumentum Holdings, Inc.* 56,897 4,633,123 Regal Beloit Corp. 30,738 2,684,042 NetScout Systems, Inc.* 48,278 1,233,986 20,830,010 ViaSat, Inc.*(a) 44,377 1,702,745 Electronic Equipment, Instruments & Components 3.6% 15,222,234 Arrow Electronics, Inc.* 59,759 4,104,846 Construction & Engineering 1.1% Avnet, Inc. 75,023 2,092,016 AECOM*(a) 121,607 4,569,991 Belden, Inc. 29,196 950,330 Dycom Industries, Inc.*(a) 24,031 982,628 Cognex Corp. 130,421 7,788,742 EMCOR Group, Inc. 41,663 2,755,591 Coherent, Inc.* 18,424 2,413,176 Fluor Corp. 106,276 1,283,814 II-VI, Inc.*(a) 66,546 3,142,302 MasTec, Inc.*(a) 44,260 1,985,946 Jabil, Inc. 104,186 3,342,287 Valmont Industries, Inc. 16,258 1,847,234 Littelfuse, Inc. 18,416 3,142,322 13,425,204 National Instruments Corp. 89,251 3,454,906 SYNNEX Corp. 31,283 3,746,765 Construction Materials 0.2% Eagle Materials, Inc. 31,502 2,212,070 Trimble, Inc.* 189,729 8,194,396 Vishay Intertechnology, Inc. 100,731 1,538,162 Consumer Finance 0.6% 43,910,250 FirstCash, Inc. 31,479 2,124,203 LendingTree, Inc.*(a) 5,855 1,695,198 Energy Equipment & Services 0.2% Navient Corp. 130,202 915,320 ChampionX Corp.* 140,597 1,372,227 SLM Corp. 284,937 2,003,107 Transocean Ltd.*(a) 438,845 803,086 6,737,828 2,175,313 Containers & Packaging 1.1% Entertainment 0.2% AptarGroup, Inc. 48,759 5,460,033 Cinemark Holdings, Inc.(a) 81,287 938,865 Greif, Inc., Class A 19,889 684,380 World Wrestling Entertainment, O-I Glass, Inc.(a) 118,937 1,068,054 Inc., Class A(a) 35,183 1,528,701 Silgan Holdings, Inc. 58,728 1,902,200 2,467,566 Sonoco Products Co. 76,214 3,985,230 Equity Real Estate Investment Trusts (REITs) 9.4% 13,099,897 American Campus Distributors 0.7% Communities, Inc. 104,529 3,654,334 Pool Corp. 30,337 8,247,720 Brixmor Property Group, Inc. 225,161 2,886,564 Camden Property Trust 73,974 6,747,908 Diversified Consumer Services 1.2% CoreCivic, Inc. 90,875 850,590 Adtalem Global Education, CoreSite Realty Corp. 30,619 3,706,736 Inc.*(a) 39,351 1,225,783 Corporate Office Properties Graham Holdings Co., Class B 3,276 1,122,587 Trust 85,207 2,159,145 Grand Canyon Education, Cousins Properties, Inc. 112,837 3,365,928 Inc.* 35,941 3,253,739 CyrusOne, Inc. 87,510 6,366,353 Service Corp. International(a) 135,325 5,262,789 Douglas Emmett, Inc. 125,228 3,839,491 Strategic Education, Inc. 16,875 2,592,844 EastGroup Properties, Inc. 29,668 3,518,922 WW International, Inc.* 35,111 891,117 EPR Properties 58,857 1,949,932 14,348,859 First Industrial Realty Trust, Diversified Financial Services 0.2% Inc. 96,632 3,714,534 Jefferies Financial Group, Inc. 171,539 2,667,431 GEO Group, Inc. (The) 91,564 1,083,202 Healthcare Realty Trust, Inc. 102,499 3,002,196 Electric Utilities 1.3% Highwoods Properties, Inc. 78,916 2,945,934 ALLETE, Inc. 39,339 2,148,303 Hudson Pacific Properties, Inc. 116,858 2,940,147 Hawaiian Electric Industries, JBG SMITH Properties 89,346 2,641,961 Inc. 82,911 2,989,771 Kilroy Realty Corp. 80,421 4,720,713 IDACORP, Inc. 38,358 3,351,338 Lamar Advertising Co., Class A 65,586 4,378,521 OGE Energy Corp. 152,056 4,616,420 Life Storage, Inc. 35,635 3,383,543 Macerich Co. (The) 88,660 795,280 NVIT Mid Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 79

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Equity Real Estate Investment Trusts (REITs) Health Care Equipment & Supplies Mack-Cali Realty Corp. 69,040 1,055,622 Integra LifeSciences Holdings Medical Properties Trust, Inc. 401,341 7,545,211 Corp.* 53,493 2,513,636 National Retail Properties, Inc. 130,629 4,634,717 LivaNova plc* 36,907 1,776,334 Omega Healthcare Investors, Masimo Corp.* 37,819 8,622,354 Inc. 172,363 5,124,352 NuVasive, Inc.*(a) 38,930 2,166,844 Park Hotels & Resorts, Inc. 178,966 1,769,974 Penumbra, Inc.*(a) 25,115 4,491,064 Pebblebrook Hotel Trust 99,389 1,357,654 Quidel Corp.*(a) 29,033 6,495,843 Physicians Realty Trust 153,872 2,695,837 42,814,473 PotlatchDeltic Corp. 50,783 1,931,278 Health Care Providers & Services 2.9% PS Business Parks, Inc. 15,258 2,020,159 Acadia Healthcare Co., Inc.* 67,564 1,697,208 Rayonier, Inc. 105,219 2,608,379 Amedisys, Inc.* 24,596 4,883,290 Sabra Health Care REIT, Inc. 156,150 2,253,245 Chemed Corp. 12,058 5,439,002 Service Properties Trust 124,235 880,826 Encompass Health Corp. 75,512 4,676,458 Spirit Realty Capital, Inc. 78,197 2,725,947 HealthEquity, Inc.*(a) 54,237 3,182,085 STORE Capital Corp. 169,019 4,024,342 LHC Group, Inc.* 22,558 3,932,310 Taubman Centers, Inc. 46,800 1,767,168 MEDNAX, Inc.* 64,880 1,109,448 Urban Edge Properties 84,097 998,231 Molina Healthcare, Inc.* 44,971 8,003,939 Weingarten Realty Investors 91,446 1,731,073 Patterson Cos., Inc.(a) 65,690 1,445,180 113,775,949 Tenet Healthcare Corp.* 79,546 1,440,578 Food & Staples Retailing 1.0% 35,809,498 BJ's Wholesale Club Holdings, Hotels, Restaurants & Leisure 3.3% Inc.* 93,709 3,492,535 Boyd Gaming Corp. 61,005 1,275,005 Casey's General Stores, Inc. Caesars Entertainment Corp.* 422,108 5,120,170 (a) 27,950 4,179,084 Choice Hotels International, Grocery Outlet Holding Corp.* 48,285 1,970,028 Inc.(a) 24,017 1,894,941 Sprouts Farmers Market, Inc.* 89,643 2,293,964 Churchill Downs, Inc.(a) 26,661 3,549,912 11,935,611 Cracker Barrel Old Country Food Products 2.0% Store, Inc.(a) 17,999 1,996,269 Darling Ingredients, Inc.* 124,610 3,067,898 Dunkin' Brands Group, Inc. 62,375 4,068,721 Flowers Foods, Inc. 146,255 3,270,262 Eldorado Resorts, Inc.*(a) 63,249 2,533,755 Hain Celestial Group, Inc. Jack in the Box, Inc.(a) 17,223 1,276,052 (The)*(a) 59,635 1,879,099 Marriott Vacations Worldwide Ingredion, Inc. 50,875 4,222,625 Corp. 27,754 2,281,656 Lancaster Colony Corp. 15,048 2,332,289 Papa John's International, Inc. Pilgrim's Pride Corp.* 39,894 673,810 (a) 16,922 1,343,776 Post Holdings, Inc.* 48,682 4,265,517 Penn National Gaming, Sanderson Farms, Inc.(a) 15,036 1,742,522 Inc.*(a) 98,120 2,996,585 Tootsie Roll Industries, Inc. 13,110 449,280 Scientific Games Corp.*(a) 41,305 638,575 TreeHouse Foods, Inc.* 42,869 1,877,662 Six Flags Entertainment Corp. 23,780,964 (a) 59,899 1,150,660 Gas Utilities 1.5% Texas Roadhouse, Inc.(a) 49,355 2,594,593 National Fuel Gas Co.(a) 68,642 2,878,159 Wendy's Co. (The) 135,333 2,947,553 New Jersey Resources Corp. Wyndham Destinations, Inc. 64,672 1,822,457 (a) 72,737 2,374,863 Wyndham Hotels & Resorts, ONE Gas, Inc. 40,159 3,094,251 Inc. 70,715 3,013,873 Southwest Gas Holdings, Inc. 41,870 2,891,124 40,504,553 Spire, Inc. 38,920 2,557,433 Household Durables 1.4% UGI Corp. 158,048 5,025,926 Helen of Troy Ltd.* 19,176 3,615,826 18,821,756 KB Home 66,097 2,027,856 Health Care Equipment & Supplies 3.5% Taylor Morrison Home Avanos Medical, Inc.* 36,211 1,064,241 Corp.*(a) 98,449 1,899,081 Cantel Medical Corp.(a) 28,325 1,252,815 Tempur Sealy International, Globus Medical, Inc., Class Inc.* 32,886 2,366,148 A*(a) 57,477 2,742,228 Toll Brothers, Inc. 87,798 2,861,337 Haemonetics Corp.* 38,335 3,433,283 TopBuild Corp.* 25,340 2,882,932 Hill-Rom Holdings, Inc. 50,495 5,543,341 TRI Pointe Group, Inc.* 98,933 1,453,326 ICU Medical, Inc.* 14,717 2,712,490 17,106,506 80 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Mid Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Household Products 0.2% Life Sciences Tools & Services Energizer Holdings, Inc.(a) 48,362 2,296,711 Repligen Corp.* 35,760 4,420,294 Syneos Health, Inc.* 47,478 2,765,593 Industrial Conglomerates 0.4% Carlisle Cos., Inc. 41,714 4,991,914 26,109,906 Insurance 4.5% Machinery 4.5% Alleghany Corp. 10,888 5,325,756 AGCO Corp. 47,204 2,617,934 American Financial Group, Inc. 56,848 3,607,574 Colfax Corp.*(a) 63,819 1,780,550 Brighthouse Financial, Inc.* 71,407 1,986,543 Crane Co. 37,436 2,225,945 Brown & Brown, Inc. 178,782 7,287,154 Donaldson Co., Inc. 95,948 4,463,501 CNO Financial Group, Inc. 109,364 1,702,798 Graco, Inc. 126,554 6,073,326 First American Financial Corp. 84,719 4,068,206 ITT, Inc. 66,866 3,927,709 Genworth Financial, Inc., Kennametal, Inc.(a) 62,985 1,808,299 Lincoln Electric Holdings, Inc. Class A* 384,319 887,777 Hanover Insurance Group, Inc. (a) 45,113 3,800,319 Middleby Corp. (The)* 42,221 3,332,926 (The) 28,904 2,928,842 Nordson Corp.(a) 38,996 7,397,931 Kemper Corp. 46,652 3,383,203 Oshkosh Corp. 51,709 3,703,399 Mercury General Corp. 20,752 845,644 Terex Corp. 48,431 909,050 Old Republic International Timken Co. (The) 51,245 2,331,135 Corp. 217,311 3,544,342 Toro Co. (The) 81,413 5,400,938 Primerica, Inc. 31,045 3,619,847 Trinity Industries, Inc.(a) 71,609 1,524,556 Reinsurance Group of Woodward, Inc. 43,059 3,339,225 America, Inc. 51,609 4,048,210 54,636,743 RenaissanceRe Holdings Ltd. 37,531 6,418,927 RLI Corp. 30,420 2,497,482 Marine 0.2% Selective Insurance Group, Kirby Corp.* 45,607 2,442,711 Inc. 45,432 2,396,084 Media 1.3% 54,548,389 AMC Networks, Inc., Class Interactive Media & Services 0.2% A*(a) 30,808 720,599 TripAdvisor, Inc. 76,538 1,454,988 Cable One, Inc. 3,997 7,094,076 Yelp, Inc.* 49,695 1,149,445 John Wiley & Sons, Inc., Class 2,604,433 A 33,253 1,296,867 New York Times Co. (The), Internet & Direct Marketing Retail 1.2% Class A 109,615 4,607,118 Etsy, Inc.* 90,152 9,576,847 TEGNA, Inc. 166,004 1,849,285 Grubhub, Inc.* 69,853 4,910,666 15,567,945 14,487,513 Metals & Mining 1.8% IT Services 2.1% Allegheny Technologies, Inc.* 96,388 982,194 Alliance Data Systems Corp. 32,200 1,452,864 Carpenter Technology Corp. 36,448 884,957 CACI International, Inc., Class Commercial Metals Co.(a) 90,444 1,845,058 A* 19,056 4,132,865 Compass Minerals KBR, Inc. 108,094 2,437,520 International, Inc.(a) 25,830 1,259,212 LiveRamp Holdings, Inc.* 49,638 2,108,126 Reliance Steel & Aluminum MAXIMUS, Inc. 46,576 3,281,279 Perspecta, Inc. 104,004 2,416,013 Co. 48,344 4,589,296 Sabre Corp.(a) 209,298 1,686,942 Royal Gold, Inc. 49,818 6,193,374 Science Applications Steel Dynamics, Inc. 159,776 4,168,556 United States Steel Corp.(a) 167,098 1,206,448 International Corp. 37,527 2,915,097 Worthington Industries, Inc. 28,088 1,047,682 WEX, Inc.* 33,053 5,454,076 22,176,777 25,884,782 Multiline Retail 0.5% Leisure Products 0.9% Nordstrom, Inc.(a) 82,292 1,274,703 Brunswick Corp. 60,109 3,847,577 Ollie's Bargain Outlet Mattel, Inc.*(a) 263,517 2,548,210 Polaris, Inc. 43,735 4,047,674 Holdings, Inc.*(a) 42,956 4,194,653 10,443,461 5,469,356 Life Sciences Tools & Services 2.1% Multi-Utilities 0.7% Bio-Techne Corp. 29,036 7,667,536 Black Hills Corp. 47,667 2,700,812 Charles River Laboratories MDU Resources Group, Inc. 152,324 3,378,546 NorthWestern Corp. 38,453 2,096,458 International, Inc.* 37,592 6,554,165 8,175,816 PRA Health Sciences, Inc.*(a) 48,333 4,702,318 NVIT Mid Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 81

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Oil, Gas & Consumable Fuels 1.2% Semiconductors & Semiconductor Equipment Antero Midstream Corp.(a) 213,559 1,089,151 Universal Display Corp. 32,205 4,818,512 Cimarex Energy Co. 77,560 2,132,124 56,865,024 CNX Resources Corp.* 142,097 1,229,139 Software 4.1% EQT Corp. 194,270 2,311,813 ACI Worldwide, Inc.*(a) 88,076 2,377,171 Equitrans Midstream Corp.(a) 308,737 2,565,605 Blackbaud, Inc.(a) 37,694 2,151,574 Murphy Oil Corp.(a) 110,957 1,531,207 CDK Global, Inc. 92,317 3,823,770 PBF Energy, Inc., Class A(a) 77,897 797,665 Ceridian HCM Holding, Inc.* 77,114 6,112,827 World Fuel Services Corp. 48,099 1,239,030 CommVault Systems, Inc.* 32,267 1,248,733 WPX Energy, Inc.* 310,209 1,979,133 Fair Isaac Corp.* 22,032 9,210,257 14,874,867 J2 Global, Inc.*(a) 34,433 2,176,510 Paper & Forest Products 0.3% LogMeIn, Inc. 36,935 3,130,980 Domtar Corp. 41,926 885,058 Manhattan Associates, Inc.* 48,334 4,553,063 Louisiana-Pacific Corp. 85,236 2,186,303 Paylocity Holding Corp.*(a) 27,324 3,986,298 3,071,361 PTC, Inc.* 79,098 6,153,033 Qualys, Inc.* 25,451 2,647,413 Personal Products 0.2% Edgewell Personal Care Co.* 41,411 1,290,367 Teradata Corp.* 82,421 1,714,357 Nu Skin Enterprises, Inc., 49,285,986 Class A 39,424 1,507,179 Specialty Retail 2.2% 2,797,546 Aaron's, Inc. 51,326 2,330,200 American Eagle Outfitters, Inc. Pharmaceuticals 1.1% Catalent, Inc.* 123,399 9,045,147 (a) 118,177 1,288,129 Nektar Therapeutics*(a) 135,208 3,131,417 AutoNation, Inc.* 43,726 1,643,223 Prestige Consumer Dick's Sporting Goods, Inc. 49,495 2,042,164 Five Below, Inc.* 42,338 4,526,355 Healthcare, Inc.* 38,134 1,432,313 Foot Locker, Inc.(a) 79,147 2,307,926 13,608,877 Murphy USA, Inc.*(a) 20,835 2,345,813 Professional Services 1.2% Restoration Hardware ASGN, Inc.* 39,906 2,660,932 Holdings, Inc.*(a) 12,603 3,136,887 CoreLogic, Inc. 60,402 4,060,222 Sally Beauty Holdings, Inc.*(a) 89,149 1,117,037 FTI Consulting, Inc.* 28,181 3,228,134 Urban Outfitters, Inc.*(a) 53,194 809,613 Insperity, Inc. 27,681 1,791,791 Williams-Sonoma, Inc. 59,069 4,844,249 ManpowerGroup, Inc. 44,097 3,031,669 26,391,596 14,772,748 Technology Hardware, Storage & Peripherals 0.1% Real Estate Management & Development 0.3% NCR Corp.* 97,085 1,681,512 Jones Lang LaSalle, Inc. 39,221 4,057,805 Textiles, Apparel & Luxury Goods 1.0% Road & Rail 0.9% Carter's, Inc. 33,129 2,673,510 Avis Budget Group, Inc.*(a) 40,685 931,280 Columbia Sportswear Co.(a) 21,597 1,740,286 Knight-Swift Transportation Deckers Outdoor Corp.* 21,269 4,177,019 Holdings, Inc.(a) 92,896 3,874,692 Skechers U.S.A., Inc., Class Landstar System, Inc.(a) 29,148 3,273,612 A*(a) 103,443 3,246,042 Ryder System, Inc. 40,820 1,531,158 11,836,857 Werner Enterprises, Inc. 43,613 1,898,474 11,509,216 Thrifts & Mortgage Finance 0.6% Essent Group Ltd.(a) 55,941 2,028,980 Semiconductors & Semiconductor Equipment 4.7% New York Community Cabot Microelectronics Corp. 22,101 3,083,974 Bancorp, Inc. 356,141 3,632,638 Cirrus Logic, Inc.* 44,345 2,739,634 Washington Federal, Inc. 58,741 1,576,609 Cree, Inc.*(a) 82,162 4,863,169 7,238,227 Enphase Energy, Inc.*(a) 61,825 2,941,015 First Solar, Inc.*(a) 57,925 2,867,287 Trading Companies & Distributors 0.9% MKS Instruments, Inc. 41,682 4,720,070 GATX Corp.(a) 26,674 1,626,581 Monolithic Power Systems, MSC Industrial Direct Co., Inc., Inc. 31,607 7,490,859 Class A 34,508 2,512,527 Semtech Corp.* 49,491 2,584,420 Univar Solutions, Inc.* 105,209 1,773,824 Silicon Laboratories, Inc.* 33,186 3,327,560 Watsco, Inc.(a) 24,885 4,422,064 SolarEdge Technologies, Inc.* 37,702 5,232,284 10,334,996 Synaptics, Inc.*(a) 25,855 1,554,403 Water Utilities 0.6% Teradyne, Inc.(a) 125,924 10,641,837 Essential Utilities, Inc. 169,390 7,155,034 82 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Mid Cap Index Fund

Common Stocks Repurchase Agreements Principal Shares Value ($) Amount ($) Value ($) Wireless Telecommunication Services 0.1% Pershing LLC, Telephone & Data Systems, 0.14%, dated 6/30/2020, Inc. 74,360 1,478,277 due 7/1/2020, repurchase Total Common Stocks price $5,000,020, (cost $1,046,029,716) 1,189,360,967 collateralized by U.S. Government Agency Repurchase Agreements 5.3% and Treasury Securities, Principal ranging from 0.00% Amount ($) - 10.00%, maturing Bank of America NA, 7/23/2020 - 12/20/2069; 0.09%, dated 6/30/2020, total market value due 7/1/2020, repurchase $5,100,002.(b)(c) 5,000,000 5,000,000 price $1,561,210, Total Repurchase Agreements collateralized by U.S. (cost $64,561,206) 64,561,206 Government Agency Securities, 3.00%, Total Investments maturing 7/20/2049; total (cost $1,110,590,922) — 103.3% 1,253,922,173 market value $1,592,430. Liabilities in excess of other assets — (3.3)% (39,758,115) (b)(c) 1,561,206 1,561,206 NatWest Markets Securities, NET ASSETS — 100.0% $ 1,214,164,058 Inc., * Denotes a non-income producing security. 0.08%, dated 6/30/2020, (a) The security or a portion of this security is on loan at June due 7/7/2020, repurchase 30, 2020. The total value of securities on loan at June 30, price $28,000,436, 2020 was $162,592,459, which was collateralized by cash collateralized by U.S. used to purchase repurchase agreements with a total value Government Treasury of $64,561,206 and by $101,650,649 of collateral in the Securities, ranging from form of U.S. Government Treasury Securities, interest rates 0.13% - 4.25%, maturing ranging from 0.00% – 8.75%, and maturity dates ranging 1/15/2021 - 2/15/2042; from 7/9/2020 – 2/15/2050, a total value of $166,211,855. total market value (b) Security was purchased with cash collateral held from $28,560,077.(b)(c) 28,000,000 28,000,000 securities on loan. The total value of securities purchased Nomura Securities with cash collateral as of June 30, 2020 was $64,561,206. International, Inc., (c) Please refer to Note 2 for additional information on the joint 0.07%, dated 6/30/2020, repurchase agreement. due 7/1/2020, repurchase REIT Real Estate Investment Trust price $30,000,059, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 2.50%, maturing 8/31/2021 - 5/15/2050; total market value $30,600,002.(b)(c) 30,000,000 30,000,000

NVIT Mid Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 83

Futures contracts outstanding as of June 30, 2020: Value and Unrealized Number of Expiration Trading Notional Appreciation Description Contracts Date Currency Amount ($) (Depreciation) ($) Long Contracts S&P Midcap 400 E-Mini Index 139 9/2020 USD 24,729,490 143,421 143,421 At June 30, 2020, the Fund had $2,167,000 segregated as collateral with the broker for open futures contracts. Currency: USD United States Dollar

The accompanying notes are an integral part of these financial statements. 84 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT S&P 500 Index Fund

Common Stocks 98.2% Common Stocks

Shares Value ($) Shares Value ($) Aerospace & Defense 1.7% Banks Boeing Co. (The) 81,022 14,851,333 Zions Bancorp NA 23,711 806,174 General Dynamics Corp. 35,321 5,279,077 141,162,467 Howmet Aerospace, Inc. 59,642 945,326 Beverages 1.6% Huntington Ingalls Industries, Brown-Forman Corp., Class Inc. 5,977 1,042,927 B(a) 28,237 1,797,568 L3Harris Technologies, Inc. 32,679 5,544,646 Coca-Cola Co. (The) 584,305 26,106,747 Lockheed Martin Corp. 37,323 13,619,909 Constellation Brands, Inc., Northrop Grumman Corp. 23,424 7,201,474 Class A 25,052 4,382,848 Raytheon Technologies Corp. 222,163 13,689,684 Molson Coors Beverage Co., Teledyne Technologies, Inc.* 5,401 1,679,441 Class B 28,931 994,069 Textron, Inc. 35,363 1,163,796 Monster Beverage Corp.* 56,325 3,904,449 TransDigm Group, Inc.(a) 7,497 3,314,049 PepsiCo, Inc. 209,466 27,703,973 68,331,662 64,889,654 Air Freight & Logistics 0.5% Biotechnology 2.4% CH Robinson Worldwide, Inc. AbbVie, Inc. 266,389 26,154,072 (a) 20,832 1,646,978 Alexion Pharmaceuticals, Inc.* 33,000 3,703,920 Expeditors International of Amgen, Inc. 88,872 20,961,350 Washington, Inc. 24,837 1,888,605 Biogen, Inc.* 24,670 6,600,458 FedEx Corp. 36,176 5,072,599 Gilead Sciences, Inc. 190,225 14,635,912 United Parcel Service, Inc., Incyte Corp.* 27,166 2,824,449 Class B(a) 106,379 11,827,217 Regeneron Pharmaceuticals, 20,435,399 Inc.* 15,243 9,506,297 Airlines 0.2% Vertex Pharmaceuticals, Inc.* 39,108 11,353,443 Alaska Air Group, Inc.(a) 19,688 713,887 95,739,901 American Airlines Group, Inc. Building Products 0.4% (a) 55,109 720,275 A O Smith Corp.(a) 21,302 1,003,750 Delta Air Lines, Inc.(a) 86,618 2,429,635 Allegion plc 14,333 1,465,119 Southwest Airlines Co. 80,669 2,757,266 Carrier Global Corp. 121,858 2,707,685 United Airlines Holdings, Fortune Brands Home & Inc.*(a) 37,594 1,301,128 Security, Inc. 21,588 1,380,121 7,922,191 Johnson Controls International Auto Components 0.1% plc 112,546 3,842,320 Aptiv plc(a) 38,001 2,961,038 Masco Corp. 39,944 2,005,588 BorgWarner, Inc.(a) 32,268 1,139,060 Trane Technologies plc 37,327 3,321,357 4,100,098 15,725,940 Automobiles 0.2% Capital Markets 2.6% Ford Motor Co. 586,023 3,563,020 Ameriprise Financial, Inc. 18,224 2,734,329 General Motors Co. 189,741 4,800,447 Bank of New York Mellon 8,363,467 Corp. (The) 121,798 4,707,493 BlackRock, Inc. 23,284 12,668,591 Banks 3.6% Bank of America Corp. 1,180,912 28,046,660 Cboe Global Markets, Inc. 16,431 1,532,684 Citigroup, Inc. 314,707 16,081,528 Charles Schwab Corp. (The) Citizens Financial Group, Inc. 63,567 1,604,431 (a) 172,893 5,833,410 Comerica, Inc. 20,065 764,476 CME Group, Inc. 54,225 8,813,731 Fifth Third Bancorp 107,657 2,075,627 E*TRADE Financial Corp. 32,969 1,639,548 First Republic Bank 25,831 2,737,828 Franklin Resources, Inc.(a) 43,428 910,685 Huntington Bancshares, Inc. 150,620 1,360,852 Goldman Sachs Group, Inc. JPMorgan Chase & Co. 460,936 43,355,640 (The) 46,762 9,241,106 KeyCorp(a) 145,142 1,767,830 Intercontinental Exchange, Inc. 82,638 7,569,641 M&T Bank Corp. 19,769 2,055,383 Invesco Ltd.(a) 59,314 638,219 People's United Financial, Inc. 60,897 704,578 MarketAxess Holdings, Inc. 5,638 2,824,187 PNC Financial Services Moody's Corp. 24,606 6,760,006 Group, Inc. (The) 64,175 6,751,852 Morgan Stanley 180,512 8,718,730 Regions Financial Corp. 149,111 1,658,114 MSCI, Inc. 12,671 4,229,833 SVB Financial Group* 7,915 1,705,920 Nasdaq, Inc. 17,574 2,099,566 Truist Financial Corp.(a) 202,533 7,605,114 Northern Trust Corp. 31,731 2,517,537 US Bancorp 207,474 7,639,193 Raymond James Financial, Wells Fargo & Co. 564,112 14,441,267 Inc.(a) 19,026 1,309,560 NVIT S&P 500 Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 85

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Capital Markets Containers & Packaging S&P Global, Inc. 36,648 12,074,783 Avery Dennison Corp.(a) 12,088 1,379,120 State Street Corp. 52,972 3,366,371 Ball Corp. 49,441 3,435,655 T. Rowe Price Group, Inc. 34,484 4,258,774 International Paper Co. 57,484 2,024,012 104,448,784 Packaging Corp. of America 14,569 1,453,986 Sealed Air Corp. 24,353 799,996 Chemicals 1.8% Air Products & Chemicals, Inc. Westrock Co. 39,274 1,109,883 12,645,129 (a) 33,482 8,084,564 Albemarle Corp.(a) 16,404 1,266,553 Distributors 0.1% Celanese Corp. 17,489 1,510,000 Genuine Parts Co.(a) 21,364 1,857,813 CF Industries Holdings, Inc. 33,615 945,926 LKQ Corp.* 47,454 1,243,295 Corteva, Inc. 111,270 2,980,923 3,101,108 Dow, Inc. 111,840 4,558,599 Diversified Consumer Services 0.0%† DuPont de Nemours, Inc. 109,807 5,834,046 H&R Block, Inc.(a) 26,423 377,320 Eastman Chemical Co. 21,093 1,468,917 Ecolab, Inc. 37,612 7,482,907 Diversified Financial Services 1.3% FMC Corp. 19,858 1,978,254 Berkshire Hathaway, Inc., International Flavors & Class B* 294,020 52,485,510 Fragrances, Inc.(a) 16,505 2,021,202 Diversified Telecommunication Services 1.7% Linde plc(a) 79,356 16,832,201 AT&T, Inc. 1,077,621 32,576,483 LyondellBasell Industries NV, CenturyLink, Inc.(a) 149,891 1,503,407 Class A 38,055 2,500,975 Verizon Communications, Inc. 624,923 34,452,005 Mosaic Co. (The) 54,643 683,584 68,531,895 PPG Industries, Inc. 35,256 3,739,251 Sherwin-Williams Co. (The) 12,205 7,052,659 Electric Utilities 1.9% 68,940,561 Alliant Energy Corp. 36,396 1,741,185 American Electric Power Co., Commercial Services & Supplies 0.4% Inc. 74,773 5,954,922 Cintas Corp. 12,900 3,436,044 Duke Energy Corp.(a) 111,316 8,893,035 Copart, Inc.* 31,199 2,597,941 Edison International 56,985 3,094,855 Republic Services, Inc. 31,275 2,566,114 Entergy Corp. 30,492 2,860,455 Rollins, Inc.(a) 21,682 919,100 Evergy, Inc. 35,058 2,078,589 Waste Management, Inc. 59,063 6,255,362 Eversource Energy 50,805 4,230,532 15,774,561 Exelon Corp. 149,446 5,423,395 Communications Equipment 1.0% FirstEnergy Corp. 82,774 3,209,976 Arista Networks, Inc.* 8,242 1,731,067 NextEra Energy, Inc. 74,006 17,774,021 Cisco Systems, Inc. 640,253 29,861,400 NRG Energy, Inc. 36,063 1,174,211 F5 Networks, Inc.*(a) 9,148 1,275,963 Pinnacle West Capital Corp. 17,290 1,267,184 Juniper Networks, Inc. 51,738 1,182,731 PPL Corp. 115,892 2,994,649 Motorola Solutions, Inc. 25,772 3,611,430 Southern Co. (The) 159,703 8,280,601 37,662,591 Xcel Energy, Inc. 79,337 4,958,562 73,936,172 Construction & Engineering 0.1% Jacobs Engineering Group, Electrical Equipment 0.5% Inc. 19,890 1,686,672 AMETEK, Inc. 35,287 3,153,599 Quanta Services, Inc. 21,708 851,605 Eaton Corp. plc 60,620 5,303,038 2,538,277 Emerson Electric Co. 90,418 5,608,628 Rockwell Automation, Inc. 17,401 3,706,413 Construction Materials 0.1% 17,771,678 Martin Marietta Materials, Inc. (a) 9,234 1,907,467 Electronic Equipment, Instruments & Components 0.5% Vulcan Materials Co. 20,334 2,355,694 Amphenol Corp., Class A 44,571 4,270,347 4,263,161 CDW Corp. 21,464 2,493,687 Corning, Inc.(a) 114,152 2,956,537 Consumer Finance 0.5% FLIR Systems, Inc. 20,752 841,909 American Express Co. 99,655 9,487,156 IPG Photonics Corp.* 5,552 890,485 Capital One Financial Corp. 69,219 4,332,417 Keysight Technologies, Inc.*(a) 27,720 2,793,622 Discover Financial Services 46,100 2,309,149 TE Connectivity Ltd. 50,361 4,106,940 Synchrony Financial 81,138 1,798,018 Zebra Technologies Corp., 17,926,740 Class A* 8,164 2,089,576 Containers & Packaging 0.3% 20,443,103 Amcor plc 239,224 2,442,477 86 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT S&P 500 Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Energy Equipment & Services 0.2% Food & Staples Retailing Baker Hughes Co. 99,750 1,535,153 Walmart, Inc. 213,500 25,573,030 Halliburton Co. 135,676 1,761,075 58,851,979 National Oilwell Varco, Inc. 59,108 724,073 Food Products 1.1% Schlumberger Ltd. 208,480 3,833,947 Archer-Daniels-Midland Co. 82,785 3,303,122 TechnipFMC plc 64,291 439,750 Campbell Soup Co.(a) 26,163 1,298,470 8,293,998 Conagra Brands, Inc. 74,318 2,613,764 Entertainment 2.0% General Mills, Inc. 92,093 5,677,533 Activision Blizzard, Inc. 116,314 8,828,233 Hershey Co. (The) 22,373 2,899,988 Electronic Arts, Inc.* 43,441 5,736,384 Hormel Foods Corp.(a) 42,931 2,072,279 Live Nation Entertainment, J M Smucker Co. (The) 16,770 1,774,434 Inc.*(a) 21,782 965,596 Kellogg Co. 38,324 2,531,683 Netflix, Inc.* 66,456 30,240,138 Kraft Heinz Co. (The) 95,549 3,047,058 Take-Two Interactive Software, Lamb Weston Holdings, Inc. 22,585 1,443,859 Inc.* 17,474 2,438,846 McCormick & Co., Inc. Walt Disney Co. (The) 272,809 30,420,932 (Non-Voting) 18,856 3,382,955 78,630,129 Mondelez International, Inc., Class A 216,367 11,062,845 Equity Real Estate Investment Trusts (REITs) 2.7% Alexandria Real Estate Tyson Foods, Inc., Class A 43,770 2,613,507 43,721,497 Equities, Inc. 19,021 3,086,157 American Tower Corp. 67,009 17,324,507 Gas Utilities 0.0%† Apartment Investment & Atmos Energy Corp. 18,366 1,828,886 Management Co., Class A 22,629 851,755 Health Care Equipment & Supplies 3.7% AvalonBay Communities, Inc. 21,040 3,253,626 Abbott Laboratories 267,349 24,443,719 Boston Properties, Inc. 21,450 1,938,651 ABIOMED, Inc.* 6,951 1,679,084 Crown Castle International Align Technology, Inc.* 10,683 2,931,843 Corp. 63,001 10,543,217 Baxter International, Inc. 77,293 6,654,927 Digital Realty Trust, Inc. 40,546 5,761,992 Becton Dickinson and Co. 44,701 10,695,608 Duke Realty Corp. 56,051 1,983,645 Boston Scientific Corp.* 215,397 7,562,589 Equinix, Inc. 13,376 9,393,965 Cooper Cos., Inc. (The) 7,607 2,157,649 Equity Residential 52,200 3,070,404 Danaher Corp. 95,253 16,843,588 Essex Property Trust, Inc. 10,087 2,311,638 DENTSPLY SIRONA, Inc.(a) 32,358 1,425,693 Extra Space Storage, Inc. 19,626 1,812,854 DexCom, Inc.* 13,946 5,653,708 Federal Realty Investment Edwards Lifesciences Corp.* 93,489 6,461,025 Trust 10,733 914,559 Hologic, Inc.* 39,210 2,234,970 Healthpeak Properties, Inc. 80,360 2,214,722 IDEXX Laboratories, Inc.* 12,768 4,215,483 Host Hotels & Resorts, Inc. 104,401 1,126,487 Intuitive Surgical, Inc.* 17,622 10,041,544 Iron Mountain, Inc. 44,150 1,152,315 Medtronic plc 202,594 18,577,870 Kimco Realty Corp. 65,347 839,055 ResMed, Inc. 22,023 4,228,416 Mid-America Apartment STERIS plc(a) 12,996 1,994,106 Communities, Inc. 17,558 2,013,376 Stryker Corp. 48,588 8,755,072 Prologis, Inc. 111,615 10,417,028 Teleflex, Inc. 7,095 2,582,438 Public Storage 22,599 4,336,522 Varian Medical Systems, Realty Income Corp. 51,723 3,077,518 Inc.*(a) 13,242 1,622,410 Regency Centers Corp. 25,746 1,181,484 West Pharmaceutical SBA Communications Corp. 16,979 5,058,384 Services, Inc. 11,109 2,523,632 Simon Property Group, Inc. 46,457 3,176,730 Zimmer Biomet Holdings, Inc. 30,928 3,691,566 SL Green Realty Corp. 10,998 542,091 146,976,940 UDR, Inc. 45,299 1,693,277 Ventas, Inc. 57,192 2,094,371 Health Care Providers & Services 2.8% Vornado Realty Trust 24,570 938,820 AmerisourceBergen Corp. 22,036 2,220,568 Welltower, Inc. 62,974 3,258,904 Anthem, Inc. 37,904 9,967,994 Weyerhaeuser Co. 114,648 2,574,994 Cardinal Health, Inc. 43,757 2,283,678 107,943,048 Centene Corp.* 88,279 5,610,130 Cigna Corp. 55,931 10,495,452 Food & Staples Retailing 1.5% CVS Health Corp. 197,617 12,839,177 Costco Wholesale Corp. 66,810 20,257,460 DaVita, Inc.*(a) 12,627 999,301 Kroger Co. (The) 120,123 4,066,164 HCA Healthcare, Inc. 40,073 3,889,485 Sysco Corp. 77,343 4,227,568 Henry Schein, Inc.* 21,100 1,232,029 Walgreens Boots Alliance, Inc. 111,530 4,727,757 Humana, Inc. 20,044 7,772,061 NVIT S&P 500 Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 87

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Health Care Providers & Services Insurance 1.9% Laboratory Corp. of America Aflac, Inc. 108,213 3,898,914 Holdings* 14,418 2,394,974 Allstate Corp. (The) 47,518 4,608,771 McKesson Corp. 24,280 3,725,038 American International Group, Quest Diagnostics, Inc. 20,414 2,326,379 Inc. 131,213 4,091,221 UnitedHealth Group, Inc. 143,280 42,260,436 Aon plc, Class A 35,201 6,779,713 Universal Health Services, Arthur J Gallagher & Co. 28,716 2,799,523 Inc., Class B 11,551 1,072,972 Assurant, Inc. 8,581 886,331 109,089,674 Chubb Ltd. 67,737 8,576,859 Cincinnati Financial Corp. 22,218 1,422,618 Health Care Technology 0.1% Everest Re Group Ltd. 5,868 1,209,982 Cerner Corp. 46,003 3,153,506 Globe Life, Inc. 15,454 1,147,150 Hotels, Restaurants & Leisure 1.5% Hartford Financial Services Carnival Corp.(a) 70,586 1,159,022 Group, Inc. (The) 53,654 2,068,362 Chipotle Mexican Grill, Inc.* 3,898 4,102,099 Lincoln National Corp. 28,527 1,049,508 Darden Restaurants, Inc. 18,844 1,427,810 Loews Corp.(a) 37,647 1,290,916 Domino's Pizza, Inc. 5,816 2,148,663 Marsh & McLennan Cos., Inc. 77,011 8,268,671 Hilton Worldwide Holdings, MetLife, Inc. 115,653 4,223,647 Inc. 42,334 3,109,432 Principal Financial Group, Inc. 37,899 1,574,324 Las Vegas Sands Corp. 50,274 2,289,478 Progressive Corp. (The) 88,461 7,086,611 Marriott International, Inc., Prudential Financial, Inc.(a) 60,389 3,677,690 Class A 40,905 3,506,786 Travelers Cos., Inc. (The)(a) 38,252 4,362,641 McDonald's Corp. 112,480 20,749,186 Unum Group 32,835 544,733 MGM Resorts International(a) 73,598 1,236,446 W R Berkley Corp. 22,271 1,275,906 Norwegian Cruise Line Willis Towers Watson plc 19,285 3,798,181 Holdings Ltd.*(a) 38,332 629,795 74,642,272 Royal Caribbean Cruises Ltd. 25,556 1,285,467 Interactive Media & Services 5.4% Starbucks Corp. 177,250 13,043,828 Alphabet, Inc., Class A* 45,273 64,199,378 Wynn Resorts Ltd.(a) 15,178 1,130,609 Alphabet, Inc., Class C* 44,288 62,605,960 Yum! Brands, Inc. 45,622 3,965,008 Facebook, Inc., Class A* 363,429 82,523,823 59,783,629 Twitter, Inc.* 119,504 3,560,024 Household Durables 0.4% 212,889,185 DR Horton, Inc. 48,971 2,715,442 Internet & Direct Marketing Retail 4.9% Garmin Ltd. 22,184 2,162,940 Amazon.com, Inc.* 63,326 174,705,035 Leggett & Platt, Inc. 20,076 705,671 Booking Holdings, Inc.* 6,186 9,850,215 Lennar Corp., Class A 41,918 2,582,987 eBay, Inc. 100,051 5,247,675 Mohawk Industries, Inc.* 9,207 936,904 Expedia Group, Inc. 20,287 1,667,592 Newell Brands, Inc. 58,671 931,696 191,470,517 NVR, Inc.* 533 1,736,914 PulteGroup, Inc. 37,419 1,273,369 IT Services 5.6% Whirlpool Corp.(a) 8,999 1,165,640 Accenture plc, Class A 96,328 20,683,548 14,211,563 Akamai Technologies, Inc.* 24,092 2,580,012 Automatic Data Processing, Household Products 1.7% Inc. 64,735 9,638,394 Church & Dwight Co., Inc. 36,655 2,833,432 Broadridge Financial Clorox Co. (The) 18,850 4,135,124 Solutions, Inc.(a) 17,596 2,220,439 Colgate-Palmolive Co. 128,563 9,418,525 Cognizant Technology Kimberly-Clark Corp.(a) 51,558 7,287,723 Procter & Gamble Co. (The) 375,103 44,851,066 Solutions Corp., Class A 81,205 4,614,068 68,525,870 DXC Technology Co. 36,630 604,395 Fidelity National Information Independent Power and Renewable Electricity Producers Services, Inc. 93,277 12,507,513 0.0%† Fiserv, Inc.* 85,492 8,345,729 AES Corp. (The) 102,108 1,479,545 FleetCor Technologies, Inc.* 12,547 3,155,947 Industrial Conglomerates 1.1% Gartner, Inc.* 13,831 1,678,115 3M Co. 87,012 13,573,002 Global Payments, Inc. 45,483 7,714,827 General Electric Co. 1,322,817 9,034,840 International Business Honeywell International, Inc. 106,156 15,349,096 Machines Corp. 134,194 16,206,609 Roper Technologies, Inc. 15,745 6,113,154 Jack Henry & Associates, Inc. 44,070,092 (a) 11,387 2,095,550 Leidos Holdings, Inc. 19,811 1,855,696 88 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT S&P 500 Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) IT Services Metals & Mining 0.3% Mastercard, Inc., Class A 133,509 39,478,611 Freeport-McMoRan, Inc.(a) 219,877 2,543,977 Paychex, Inc. 47,770 3,618,578 Newmont Corp. 121,447 7,498,138 PayPal Holdings, Inc.* 177,464 30,919,553 Nucor Corp. 44,489 1,842,289 VeriSign, Inc.* 15,441 3,193,662 11,884,404 Visa, Inc., Class A(a) 255,242 49,305,097 Multiline Retail 0.5% Western Union Co. (The) 60,830 1,315,145 Dollar General Corp. 38,106 7,259,574 221,731,488 Dollar Tree, Inc.* 36,301 3,364,377 Leisure Products 0.0%† Kohl's Corp. 24,501 508,886 Hasbro, Inc.(a) 19,671 1,474,341 Target Corp. 75,338 9,035,286 20,168,123 Life Sciences Tools & Services 1.2% Agilent Technologies, Inc. 46,258 4,087,820 Multi-Utilities 1.0% Bio-Rad Laboratories, Inc., Ameren Corp. 36,647 2,578,483 Class A* 3,174 1,433,029 CenterPoint Energy, Inc. 82,574 1,541,657 Illumina, Inc.*(a) 22,219 8,228,807 CMS Energy Corp. 44,069 2,574,511 IQVIA Holdings, Inc.* 27,206 3,859,987 Consolidated Edison, Inc. 50,037 3,599,161 Mettler-Toledo International, Dominion Energy, Inc.(a) 127,002 10,310,022 Inc.* 3,634 2,927,369 DTE Energy Co. 28,694 3,084,605 PerkinElmer, Inc. 17,214 1,688,521 NiSource, Inc. 57,416 1,305,640 Thermo Fisher Scientific, Inc. 59,769 21,656,699 Public Service Enterprise Waters Corp.* 9,447 1,704,239 Group, Inc. 75,774 3,725,050 45,586,471 Sempra Energy 44,123 5,172,539 WEC Energy Group, Inc. 47,605 4,172,578 Machinery 1.5% 38,064,246 Caterpillar, Inc. 81,834 10,352,001 Cummins, Inc.(a) 22,353 3,872,881 Oil, Gas & Consumable Fuels 2.6% Deere & Co. 46,983 7,383,378 Apache Corp. 58,322 787,347 Dover Corp. 21,448 2,071,019 Cabot Oil & Gas Corp. 60,059 1,031,814 Flowserve Corp. 20,349 580,353 Chevron Corp. 282,230 25,183,383 Fortive Corp.(a) 44,127 2,985,633 Concho Resources, Inc. 29,491 1,518,786 IDEX Corp. 11,711 1,850,806 ConocoPhillips 161,666 6,793,205 Illinois Tool Works, Inc. 43,464 7,599,680 Devon Energy Corp. 59,821 678,370 Ingersoll Rand, Inc.* 53,051 1,491,794 Diamondback Energy, Inc. 23,621 987,830 Otis Worldwide Corp. 60,929 3,464,423 EOG Resources, Inc. 87,791 4,447,492 PACCAR, Inc. 51,656 3,866,452 Exxon Mobil Corp. 638,900 28,571,608 Parker-Hannifin Corp. 19,255 3,528,864 Hess Corp. 39,538 2,048,464 Pentair plc 25,983 987,094 HollyFrontier Corp. 23,313 680,740 Snap-on, Inc.(a) 7,874 1,090,628 Kinder Morgan, Inc. 294,060 4,460,890 Stanley Black & Decker, Inc. 23,378 3,258,426 Marathon Oil Corp.(a) 122,964 752,540 Westinghouse Air Brake Marathon Petroleum Corp. 98,071 3,665,894 Technologies Corp.(a) 26,398 1,519,733 Noble Energy, Inc. 74,471 667,260 Xylem, Inc. 26,361 1,712,411 Occidental Petroleum Corp.(a) 134,029 2,452,731 57,615,576 ONEOK, Inc. 62,298 2,069,539 Phillips 66 65,870 4,736,053 Media 1.2% Pioneer Natural Resources Charter Communications, Inc., Co. 24,827 2,425,598 Class A*(a) 22,776 11,616,671 Valero Energy Corp. 62,274 3,662,957 Comcast Corp., Class A 687,683 26,805,883 Williams Cos., Inc. (The) 180,453 3,432,216 Discovery, Inc., Class A*(a) 20,043 422,907 101,054,717 Discovery, Inc., Class C* 51,848 998,593 DISH Network Corp., Class A* 39,415 1,360,211 Personal Products 0.2% Fox Corp., Class A 50,678 1,359,184 Coty, Inc., Class A 46,329 207,091 Fox Corp., Class B 25,137 674,677 Estee Lauder Cos., Inc. (The), Interpublic Group of Cos., Inc. Class A 33,699 6,358,327 (The) 59,343 1,018,326 6,565,418 News Corp., Class A 59,406 704,555 Pharmaceuticals 4.2% News Corp., Class B 19,208 229,536 Bristol-Myers Squibb Co. 342,190 20,120,772 Omnicom Group, Inc. 31,857 1,739,392 Eli Lilly & Co. 127,003 20,851,352 ViacomCBS, Inc.(a) 83,274 1,941,950 Johnson & Johnson 398,234 56,003,647 48,871,885 Merck & Co., Inc. 381,378 29,491,961 Mylan NV* 79,257 1,274,453 NVIT S&P 500 Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 89

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Pharmaceuticals Software Perrigo Co. plc 21,039 1,162,825 Tyler Technologies, Inc.* 5,898 2,045,898 Pfizer, Inc. 839,318 27,445,699 362,847,019 Zoetis, Inc. 72,049 9,873,595 Specialty Retail 2.3% 166,224,304 Advance Auto Parts, Inc. 10,706 1,525,070 Professional Services 0.3% AutoZone, Inc.* 3,487 3,933,755 Equifax, Inc. 18,048 3,102,090 Best Buy Co., Inc. 33,645 2,936,199 IHS Markit Ltd. 60,080 4,536,040 CarMax, Inc.*(a) 24,416 2,186,453 Nielsen Holdings plc 54,800 814,328 Gap, Inc. (The)(a) 33,086 417,545 Robert Half International, Inc. 18,101 956,276 Home Depot, Inc. (The) 162,629 40,740,191 Verisk Analytics, Inc. 24,464 4,163,773 L Brands, Inc. 35,133 525,941 13,572,507 Lowe's Cos., Inc. 114,112 15,418,813 O'Reilly Automotive, Inc.* 11,214 4,728,607 Real Estate Management & Development 0.1% CBRE Group, Inc., Class A* 50,182 2,269,230 Ross Stores, Inc. 53,708 4,578,070 Tiffany & Co. 16,712 2,037,861 Road & Rail 1.0% TJX Cos., Inc. (The) 181,350 9,169,056 CSX Corp. 115,361 8,045,276 Tractor Supply Co. 17,488 2,304,744 JB Hunt Transport Services, Ulta Beauty, Inc.* 8,401 1,708,931 Inc. 13,151 1,582,591 92,211,236 Kansas City Southern 14,671 2,190,234 Norfolk Southern Corp. 38,769 6,806,673 Technology Hardware, Storage & Peripherals 6.0% Apple, Inc. 616,035 224,729,568 Old Dominion Freight Line, Inc. 14,174 2,403,769 Hewlett Packard Enterprise Union Pacific Corp. 102,561 17,339,988 38,368,531 Co. 192,038 1,868,530 HP, Inc. 216,497 3,773,543 Semiconductors & Semiconductor Equipment 4.7% NetApp, Inc. 33,052 1,466,517 Advanced Micro Devices, Inc.* 176,905 9,306,972 Seagate Technology plc 33,559 1,624,591 Analog Devices, Inc. 55,636 6,823,199 Western Digital Corp. 44,116 1,947,722 Applied Materials, Inc. 138,499 8,372,264 Xerox Holdings Corp. 29,301 448,012 Broadcom, Inc.(a) 60,416 19,067,894 235,858,483 Intel Corp. 640,237 38,305,380 KLA Corp. 23,281 4,527,689 Textiles, Apparel & Luxury Goods 0.6% Lam Research Corp.(a) 22,001 7,116,443 Hanesbrands, Inc.(a) 55,722 629,101 Maxim Integrated Products, NIKE, Inc., Class B 187,118 18,346,920 PVH Corp.(a) 11,349 545,319 Inc. 40,160 2,434,097 Ralph Lauren Corp.(a) 7,688 557,534 Microchip Technology, Inc.(a) 36,815 3,876,988 Tapestry, Inc. 42,653 566,432 Micron Technology, Inc.* 168,034 8,657,112 Under Armour, Inc., Class NVIDIA Corp. 92,988 35,327,071 Qorvo, Inc.* 16,973 1,876,026 A*(a) 29,091 283,346 QUALCOMM, Inc. 170,119 15,516,554 Under Armour, Inc., Class Skyworks Solutions, Inc. 25,302 3,235,114 C*(a) 29,827 263,671 Texas Instruments, Inc. 138,977 17,645,910 VF Corp. 47,358 2,885,997 Xilinx, Inc. 36,395 3,580,904 24,078,320 185,669,617 Tobacco 0.7% Altria Group, Inc. 280,565 11,012,176 Software 9.2% Adobe, Inc.* 72,799 31,690,133 Philip Morris International, Inc. 235,443 16,495,137 ANSYS, Inc.*(a) 13,120 3,827,498 27,507,313 Autodesk, Inc.* 33,196 7,940,151 Trading Companies & Distributors 0.2% Cadence Design Systems, Fastenal Co. 85,625 3,668,175 Inc.* 42,393 4,068,032 United Rentals, Inc.*(a) 10,879 1,621,406 Citrix Systems, Inc. 17,366 2,568,605 WW Grainger, Inc. 6,393 2,008,425 Fortinet, Inc.* 20,304 2,787,130 7,298,006 Intuit, Inc. 39,280 11,634,343 Water Utilities 0.1% Microsoft Corp. 1,146,480 233,320,145 American Water Works Co., NortonLifeLock, Inc. 82,283 1,631,672 Inc. 27,010 3,475,107 Oracle Corp. 314,727 17,394,961 Paycom Software, Inc.* 7,438 2,303,772 Wireless Telecommunication Services 0.2% salesforce.com, Inc.*(a) 136,056 25,487,371 T-Mobile US, Inc.* 83,154 8,660,489 ServiceNow, Inc.* 28,806 11,668,158 Total Common Stocks Synopsys, Inc.* 22,970 4,479,150 (cost $1,852,097,679) 3,874,136,530 90 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT S&P 500 Index Fund

Rights 0.0%† Repurchase Agreements Number of Principal Rights Value ($) Amount ($) Value ($) Wireless Telecommunication Services 0.0%† Nomura Securities T-Mobile US, Inc., expiring International, Inc., 7/27/2020* 58,254 9,787 0.07%, dated 6/30/2020, due 7/1/2020, repurchase Total Rights price $1,000,002, (cost $279,619) 9,787 collateralized by U.S. Repurchase Agreements 0.6% Government Treasury Principal Securities, ranging from Amount ($) 0.00% - 2.50%, maturing Bank of America NA, 8/31/2021 - 5/15/2050; 0.09%, dated 6/30/2020, total market value due 7/1/2020, repurchase $1,020,000.(b)(c) 1,000,000 1,000,000 price $2,450,964, Pershing LLC, collateralized by U.S. 0.14%, dated 6/30/2020, Government Agency due 7/1/2020, repurchase Securities, 3.00%, price $10,000,039, maturing 7/20/2049; total collateralized by U.S. market value $2,499,977. Government Agency (b)(c) 2,450,957 2,450,957 and Treasury Securities, BofA Securities, Inc., ranging from 0.00% 0.09%, dated 6/30/2020, - 10.00%, maturing due 7/1/2020, repurchase 7/23/2020 - 12/20/2069; price $3,000,008, total market value collateralized by U.S. $10,200,004.(b)(c) 10,000,000 10,000,000 Government Agency Total Repurchase Agreements Securities, 0.15%, (cost $24,450,957) 24,450,957 maturing 12/14/2020; total Total Investments market value $3,060,284. (cost $1,876,828,255) — 98.8% 3,898,597,274 (b)(c) 3,000,000 3,000,000 NatWest Markets Securities, Other assets in excess of liabilities — 1.2% 49,113,751 Inc., NET ASSETS — 100.0% 0.08%, dated 6/30/2020, $ 3,947,711,025 due 7/7/2020, repurchase * Denotes a non-income producing security. price $8,000,125, † Amount rounds to less than 0.1%. collateralized by U.S. (a) The security or a portion of this security is on loan at June Government Treasury 30, 2020. The total value of securities on loan at June 30, Securities, ranging from 2020 was $247,925,716, which was collateralized by cash 0.13% - 4.25%, maturing used to purchase repurchase agreements with a total value 1/15/2021 - 2/15/2042; of $24,450,957 and by $225,551,971 of collateral in the total market value form of U.S. Government Treasury Securities, interest rates $8,160,022.(b)(c) 8,000,000 8,000,000 ranging from 0.00% – 8.75%, and maturity dates ranging from 7/9/2020 – 2/15/2050, a total value of $250,002,928. (b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of June 30, 2020 was $24,450,957. (c) Please refer to Note 2 for additional information on the joint repurchase agreement. REIT Real Estate Investment Trust

NVIT S&P 500 Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 91

Futures contracts outstanding as of June 30, 2020: Value and Unrealized Number of Expiration Trading Notional Appreciation Description Contracts Date Currency Amount ($) (Depreciation) ($) Long Contracts S&P 500 E-Mini Index 466 9/2020 USD 72,001,660 892,279 892,279 At June 30, 2020, the Fund had $5,770,000 segregated as collateral with the broker for open futures contracts. Currency: USD United States Dollar

The accompanying notes are an integral part of these financial statements. 92 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks 96.5% Common Stocks

Shares Value ($) Shares Value ($) Aerospace & Defense 0.8% Auto Components AAR Corp. 6,452 133,363 XPEL, Inc. Reg. S* 2,772 43,354 Aerojet Rocketdyne Holdings, 4,125,627 Inc.* 13,467 533,832 Automobiles 0.1% AeroVironment, Inc.*(a) 3,898 310,398 Winnebago Industries, Inc. 5,801 386,463 Astronics Corp.* 4,709 49,727 Cubic Corp.(a) 5,900 283,377 Banks 8.2% Ducommun, Inc.* 2,127 74,168 1st Constitution Bancorp 2,162 26,809 Kratos Defense & Security 1st Source Corp. 3,188 113,429 Solutions, Inc.* 19,425 303,613 ACNB Corp. 1,741 45,579 Maxar Technologies, Inc.(a) 11,378 204,349 Allegiance Bancshares, Inc.(a) 3,172 80,537 Moog, Inc., Class A 5,493 291,019 Amalgamated Bank, Class A 2,311 29,211 National Presto Industries, Inc. 967 84,506 Amerant Bancorp, Inc.*(a) 4,561 68,597 PAE, Inc.*(a) 11,319 108,210 American National Park Aerospace Corp. 3,760 41,886 Bankshares, Inc. 1,983 49,654 Parsons Corp.*(a) 4,156 150,613 Ameris Bancorp 12,159 286,831 Triumph Group, Inc. 8,445 76,089 Ames National Corp. 1,939 38,276 Vectrus, Inc.* 2,081 102,240 Arrow Financial Corp. 2,453 72,928 2,747,390 Atlantic Capital Bancshares, Inc.* 3,965 48,214 Air Freight & Logistics 0.3% Atlantic Union Bankshares Air Transport Services Group, Corp. 14,384 333,133 Inc.* 10,649 237,153 Auburn National Bancorp, Inc. 518 29,573 Atlas Air Worldwide Holdings, Banc of California, Inc.(a) 8,402 90,994 Inc.*(a) 4,713 202,801 BancFirst Corp.(a) 3,429 139,115 Echo Global Logistics, Inc.* 5,000 108,100 Bancorp, Inc. (The)* 10,114 99,117 Forward Air Corp. 5,182 258,167 BancorpSouth Bank 18,221 414,346 Hub Group, Inc., Class A* 6,085 291,228 Bank First Corp. 1,148 73,587 Radiant Logistics, Inc.* 6,586 25,883 Bank of Commerce Holdings 2,924 22,164 1,123,332 Bank of Marin Bancorp 2,384 79,459 Airlines 0.3% Bank of NT Butterfield & Son Allegiant Travel Co.(a) 2,456 268,220 Ltd. (The) 9,646 235,266 Hawaiian Holdings, Inc.(a) 8,335 117,023 Bank of Princeton (The) 1,312 26,345 Mesa Air Group, Inc.* 5,941 20,437 Bank7 Corp. 666 7,229 SkyWest, Inc. 9,033 294,657 BankFinancial Corp. 2,483 20,857 Spirit Airlines, Inc.*(a) 16,204 288,431 BankUnited, Inc. 17,136 347,004 988,768 Bankwell Financial Group, Inc. 1,642 26,108 Banner Corp. 5,263 199,994 Auto Components 1.2% Adient plc* 16,164 265,413 Bar Harbor Bankshares 3,122 69,902 American Axle & Baycom Corp.*(a) 2,628 33,927 BCB Bancorp, Inc. 2,763 25,641 Manufacturing Holdings, Berkshire Hills Bancorp, Inc. 8,451 93,130 Inc.* 20,624 156,742 Boston Private Financial Cooper Tire & Rubber Co. 9,335 257,739 Holdings, Inc. 12,064 83,000 Cooper-Standard Holdings, Bridge Bancorp, Inc. 3,151 71,969 Inc.* 3,501 46,388 Brookline Bancorp, Inc.(a) 11,654 117,472 Dana, Inc. 27,069 329,971 Bryn Mawr Bank Corp. 3,684 101,899 Dorman Products, Inc.* 4,867 326,430 Business First Bancshares, Fox Factory Holding Corp.*(a) 6,998 578,105 Inc. 2,130 32,695 Gentherm, Inc.* 5,932 230,755 Byline Bancorp, Inc. 4,619 60,509 Goodyear Tire & Rubber Co. C&F Financial Corp. 640 21,280 (The) 43,140 385,887 Cadence Bancorp 20,381 180,576 LCI Industries(a) 4,574 525,919 California Bancorp, Inc.* 1,325 19,742 Modine Manufacturing Co.* 9,517 52,534 Cambridge Bancorp 1,164 68,955 Motorcar Parts of America, Camden National Corp. 2,777 95,918 Inc.*(a) 3,544 62,622 Capital Bancorp, Inc.* 1,347 14,413 Standard Motor Products, Inc. 3,858 158,950 Capital City Bank Group, Inc. 2,494 52,249 Stoneridge, Inc.* 4,931 101,874 Capstar Financial Holdings, Tenneco, Inc., Class A*(a) 8,486 64,154 Inc. 2,858 34,296 Visteon Corp.* 5,041 345,309 Carter Bank & Trust 4,072 32,861 Workhorse Group, Inc.*(a) 11,126 193,481 Cathay General Bancorp 13,871 364,807 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 93

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Banks Banks CB Financial Services, Inc. 1,171 25,551 First Business Financial CBTX, Inc. 3,497 73,437 Services, Inc. 1,460 24,017 Central Pacific Financial Corp. 4,275 68,528 First Capital, Inc.(a) 622 43,210 Central Valley Community First Choice Bancorp 2,316 37,936 Bancorp 2,347 36,120 First Commonwealth Financial Century Bancorp, Inc., Class A 493 38,316 Corp. 14,809 122,619 Chemung Financial Corp. 604 16,489 First Community Bankshares, ChoiceOne Financial Services, Inc. 3,482 78,171 Inc. 1,292 38,192 First Community Corp. 1,602 24,270 CIT Group, Inc.(a) 18,369 380,789 First Financial Bancorp 16,198 224,990 Citizens & Northern Corp. 2,453 50,654 First Financial Bankshares, Citizens Holding Co. 994 24,850 Inc.(a) 23,877 689,807 City Holding Co.(a) 2,890 188,341 First Financial Corp. 2,648 97,552 Civista Bancshares, Inc. 3,025 46,585 First Foundation, Inc. 7,229 118,122 CNB Financial Corp. 2,659 47,676 First Guaranty Bancshares, Coastal Financial Corp.* 2,019 29,316 Inc. 1,171 14,321 Codorus Valley Bancorp, Inc. 1,676 23,179 First Internet Bancorp 1,933 32,126 Colony Bankcorp, Inc. 1,873 22,045 First Interstate BancSystem, Columbia Banking System, Inc., Class A 7,997 247,587 Inc. 11,701 331,665 First Merchants Corp. 9,895 272,805 Community Bank System, Inc. First Mid Bancshares, Inc. 2,726 71,503 (a) 8,949 510,272 First Midwest Bancorp, Inc. 20,274 270,658 Community Bankers Trust First Northwest Bancorp 2,046 25,411 Corp.(a) 5,221 28,715 First of Long Island Corp. Community Financial Corp. (The) 4,323 70,638 (The) 755 18,422 First Savings Financial Group, Community Trust Bancorp, Inc. 2,950 96,642 Inc. 365 15,815 ConnectOne Bancorp, Inc. 7,226 116,483 First United Corp. 1,582 21,104 County Bancorp, Inc. 1,066 22,311 First Western Financial, Inc.* 1,162 16,559 CrossFirst Bankshares, Flushing Financial Corp. 5,527 63,671 Inc.*(a) 8,929 87,326 FNCB Bancorp, Inc. 3,053 17,555 Customers Bancorp, Inc.* 4,802 57,720 Franklin Financial Network, CVB Financial Corp. 23,734 444,775 Inc. 2,536 65,302 Delmar Bancorp 1,694 11,130 Franklin Financial Services Dime Community Bancshares, Corp. 746 19,321 Inc. 5,255 72,151 Fulton Financial Corp. 30,029 316,205 Eagle Bancorp Montana, Inc. 1,525 26,504 FVCBankcorp, Inc.* 2,775 29,859 Eagle Bancorp, Inc. 5,291 173,280 German American Bancorp, Enterprise Bancorp, Inc. 1,849 44,043 Inc. 4,715 146,637 Enterprise Financial Services Glacier Bancorp, Inc. 17,744 626,186 Corp. 4,382 136,368 Great Southern Bancorp, Inc. 2,000 80,720 Equity Bancshares, Inc., Class Great Western Bancorp, Inc. 8,620 118,611 A* 2,895 50,489 Guaranty Bancshares, Inc. 1,405 36,347 Esquire Financial Holdings, Hancock Whitney Corp. 16,099 341,299 Inc.* 1,629 27,530 Hanmi Financial Corp. 4,434 43,054 Evans Bancorp, Inc. 849 19,748 HarborOne Bancorp, Inc.*(a) 9,424 80,481 Farmers & Merchants Hawthorn Bancshares, Inc.(a) 1,339 26,366 Bancorp, Inc.(a) 1,979 42,034 HBT Financial, Inc. 2,251 30,006 Farmers National Banc Corp. 5,210 61,791 Heartland Financial USA, Inc. 6,464 216,156 FB Financial Corp. 3,520 87,190 Heritage Commerce Corp. 11,535 86,570 Fidelity D&D Bancorp, Inc.(a) 835 40,155 Heritage Financial Corp.(a) 5,919 118,380 Financial Institutions, Inc. 3,124 58,138 Hilltop Holdings, Inc. 13,563 250,237 First Bancorp, Inc. (The) 2,175 47,198 Home BancShares, Inc. 28,336 435,808 First Bancorp/NC 5,338 133,877 HomeTrust Bancshares, Inc. 3,286 52,576 First Bancorp/PR 38,677 216,204 Hope Bancorp, Inc.(a) 19,484 179,642 First Bancshares, Inc. (The) 4,077 91,733 Horizon Bancorp, Inc. 8,459 90,427 First Bank 2,813 18,341 Howard Bancorp, Inc.* 2,455 26,072 First Busey Corp. 9,593 178,909 IBERIABANK Corp. 9,594 436,911 Independent Bank Corp./MA 5,519 370,270 Independent Bank Corp./MI 3,767 55,940 94 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Banks Banks Independent Bank Group, Inc. 6,938 281,128 Professional Holding Corp., International Bancshares Corp. 9,905 317,158 Class A* 1,154 16,018 Investar Holding Corp. 1,779 25,796 QCR Holdings, Inc. 2,927 91,264 Investors Bancorp, Inc. 43,067 366,070 RBB Bancorp 2,959 40,390 Lakeland Bancorp, Inc. 9,006 102,939 Red River Bancshares, Inc. 901 39,545 Lakeland Financial Corp.(a) 4,485 208,956 Reliant Bancorp, Inc. 3,209 52,275 Landmark Bancorp, Inc. 892 22,041 Renasant Corp. 10,191 253,756 LCNB Corp. 2,679 42,757 Republic Bancorp, Inc., Class Level One Bancorp, Inc. 959 16,054 A 1,968 64,373 Limestone Bancorp, Inc.* 925 12,164 Republic First Bancorp, Inc.* 10,541 25,720 Live Oak Bancshares, Inc.(a) 5,594 81,169 Richmond Mutual Bancorp, Macatawa Bank Corp. 4,756 37,192 Inc.(a) 2,809 31,573 Mackinac Financial Corp.(a) 1,953 20,253 S&T Bancorp, Inc. 6,754 158,381 MainStreet Bancshares, Inc.* 1,133 14,956 Salisbury Bancorp, Inc. 605 24,799 Mercantile Bank Corp. 2,830 63,958 Sandy Spring Bancorp, Inc. 8,697 215,512 Meridian Corp.* 913 14,471 SB Financial Group, Inc. 1,491 24,780 Metrocity Bankshares, Inc.(a) 3,623 51,918 SB One Bancorp 1,845 36,347 Metropolitan Bank Holding Seacoast Banking Corp. of Corp.* 1,425 45,714 Florida* 9,096 185,558 Mid Penn Bancorp, Inc. 1,589 29,285 Select Bancorp, Inc.* 3,085 25,112 Middlefield Banc Corp. 1,361 28,241 ServisFirst Bancshares, Inc.(a) 9,112 325,845 Midland States Bancorp, Inc. 3,979 59,486 Shore Bancshares, Inc. 2,225 24,675 MidWestOne Financial Group, Sierra Bancorp 2,674 50,485 Inc. 3,018 60,360 Silvergate Capital Corp., Class MVB Financial Corp. 2,211 29,406 A*(a) 3,034 42,476 National Bank Holdings Corp., Simmons First National Corp., Class A 5,315 143,505 Class A 18,593 318,126 National Bankshares, Inc. 1,366 39,068 SmartFinancial, Inc. 2,666 43,136 NBT Bancorp, Inc. 7,692 236,606 South Plains Financial, Inc. 2,408 34,290 Nicolet Bankshares, Inc.* 1,624 88,995 South State Corp. 12,959 617,626 Northeast Bank 1,084 19,024 Southern First Bancshares, Northrim Bancorp, Inc. 1,166 29,313 Inc.* 1,286 35,635 Norwood Financial Corp. 1,310 32,475 Southern National Bancorp of Oak Valley Bancorp 1,717 21,772 Virginia, Inc. 4,301 41,677 OceanFirst Financial Corp. 11,035 194,547 Southside Bancshares, Inc. 5,777 160,138 OFG Bancorp 9,279 124,060 Spirit of Texas Bancshares, Ohio Valley Banc Corp. 831 18,739 Inc.* 2,995 36,868 Old National Bancorp(a) 27,950 384,592 Stock Yards Bancorp, Inc.(a) 3,856 155,011 Old Second Bancorp, Inc. 5,718 44,486 Summit Financial Group, Inc. 2,479 40,854 Origin Bancorp, Inc. 4,333 95,326 Texas Capital Bancshares, Orrstown Financial Services, Inc.* 9,468 292,277 Inc. 2,454 36,197 Tompkins Financial Corp. 2,702 175,009 Pacific Premier Bancorp, Inc. 15,756 341,590 Towne Bank 12,359 232,844 Park National Corp. 2,720 191,434 TriCo Bancshares 4,868 148,231 Parke Bancorp, Inc. 2,417 32,750 TriState Capital Holdings, PCB Bancorp 2,152 22,166 Inc.*(a) 5,475 86,012 Peapack-Gladstone Financial Triumph Bancorp, Inc.* 4,016 97,468 Corp. 3,701 69,320 Trustmark Corp. 11,813 289,655 Penns Woods Bancorp, Inc. 1,298 29,478 UMB Financial Corp. 7,995 412,142 Peoples Bancorp of North United Bankshares, Inc.(a) 22,935 634,382 Carolina, Inc. 776 13,712 United Community Banks, Inc. 12,726 256,047 Peoples Bancorp, Inc. 3,324 70,735 United Security Bancshares 3,371 22,552 Peoples Financial Services Unity Bancorp, Inc. 1,542 22,051 Corp. 1,449 55,337 Univest Financial Corp. 5,518 89,061 People's Utah Bancorp 3,102 69,702 Valley National Bancorp(a) 73,879 577,734 Plumas Bancorp(a) 1,133 25,062 Veritex Holdings, Inc. 8,941 158,256 Preferred Bank 2,537 108,710 Washington Trust Bancorp, Premier Financial Bancorp, Inc. 3,326 108,927 Inc. 2,917 37,396 WesBanco, Inc. 12,266 249,122 West Bancorp, Inc. 3,303 57,769 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 95

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Banks Biotechnology Westamerica Bancorp(a) 4,697 269,702 Avrobio, Inc.*(a) 5,769 100,669 27,719,694 Axcella Health, Inc.* 2,743 15,169 Beam Therapeutics, Inc.* 2,236 62,608 Beverages 0.3% Celsius Holdings, Inc.* 6,164 72,550 Beyondspring, Inc.* 2,168 32,693 Coca-Cola Consolidated, Inc. 843 193,207 BioCryst Pharmaceuticals, Craft Brew Alliance, Inc.*(a) 1,983 30,518 Inc.*(a) 29,293 139,581 MGP Ingredients, Inc.(a) 2,412 88,533 Biohaven Pharmaceutical National Beverage Corp.* 2,166 132,169 Holding Co. Ltd.* 8,666 633,571 New Age Beverages Corp.* 16,742 25,615 BioSpecifics Technologies Primo Water Corp. 28,954 398,118 Corp.* 1,158 70,962 940,710 Bioxcel Therapeutics, Inc.*(a) 1,940 102,839 Black Diamond Therapeutics, Biotechnology 10.5% Inc.* 2,232 94,101 89bio, Inc.* 498 9,925 Blueprint Medicines Corp.* 9,966 777,348 Abeona Therapeutics, Inc.* 12,395 36,131 BrainStorm Cell Therapeutics, ADMA Biologics, Inc.*(a) 10,654 31,216 Inc.* 4,837 54,223 Aduro Biotech, Inc.* 12,767 29,492 Bridgebio Pharma, Inc.*(a) 13,324 434,496 Adverum Biotechnologies, Cabaletta Bio, Inc.* 2,289 25,499 Inc.*(a) 13,537 282,653 Calithera Biosciences, Inc.* 12,048 63,613 Aeglea BioTherapeutics, Inc.* 7,844 72,557 Calyxt, Inc.*(a) 2,986 14,721 Affimed NV* 14,293 65,962 CareDx, Inc.*(a) 7,883 279,295 Agenus, Inc.* 25,549 100,408 CASI Pharmaceuticals, Inc.* 8,540 21,350 Aimmune Therapeutics, Castle Biosciences, Inc.* 1,768 66,636 Inc.*(a) 8,610 143,873 Catabasis Pharmaceuticals, Akcea Therapeutics, Inc.*(a) 2,844 38,963 Inc.* 3,356 21,579 Akebia Therapeutics, Inc.* 23,898 324,535 Catalyst Biosciences, Inc.* 3,435 20,163 Akero Therapeutics, Inc.* 2,057 51,260 Catalyst Pharmaceuticals, Albireo Pharma, Inc.* 2,453 64,980 Inc.* 18,580 85,840 Alector, Inc.*(a) 8,491 207,520 Cellular Biomedicine Group, Allakos, Inc.*(a) 4,492 322,795 Inc.* 2,394 35,838 Allogene Therapeutics, Inc.*(a) 8,923 382,083 CEL-SCI Corp.*(a) 5,764 85,999 Amicus Therapeutics, Inc.*(a) 46,558 702,095 Centogene NV* 728 16,657 AnaptysBio, Inc.*(a) 4,160 92,934 Checkpoint Therapeutics, Anavex Life Sciences Inc.*(a) 8,467 16,765 Corp.*(a) 9,745 47,945 ChemoCentryx, Inc.* 8,216 472,749 Anika Therapeutics, Inc.*(a) 2,587 97,607 Chimerix, Inc.* 8,568 26,561 Apellis Pharmaceuticals, Cidara Therapeutics, Inc.* 6,154 22,708 Inc.*(a) 10,980 358,607 Clovis Oncology, Inc.*(a) 12,896 87,048 Applied Genetic Technologies Cohbar, Inc. Reg. S* 3,525 5,464 Corp.* 4,730 26,204 Coherus Biosciences, Inc.*(a) 10,819 193,227 Applied Therapeutics, Inc.*(a) 2,446 88,423 Concert Pharmaceuticals, Aprea Therapeutics, Inc.* 1,299 50,375 Inc.*(a) 5,273 52,466 Aptinyx, Inc.* 4,402 18,356 Constellation Pharmaceuticals, Aravive, Inc.*(a) 2,285 26,597 Inc.*(a) 4,930 148,146 Arcturus Therapeutics ContraFect Corp.*(a) 2,653 16,953 Holdings, Inc.* 2,311 108,016 Corbus Pharmaceuticals Arcus Biosciences, Inc.* 5,924 146,560 Holdings, Inc.*(a) 12,520 105,043 Arcutis Biotherapeutics, Inc.* 1,725 52,164 Cortexyme, Inc.*(a) 2,870 132,881 Ardelyx, Inc.* 13,170 91,136 Crinetics Pharmaceuticals, Arena Pharmaceuticals, Inc.* 4,819 84,429 Inc.*(a) 10,423 656,128 Cue Biopharma, Inc.* 5,073 124,339 Arrowhead Pharmaceuticals, Cyclerion Therapeutics, Inc.* 3,820 22,576 Inc.*(a) 18,414 795,301 Cytokinetics, Inc.*(a) 10,084 237,680 Assembly Biosciences, Inc.* 5,596 130,499 CytomX Therapeutics, Inc.* 8,757 72,946 Atara Biotherapeutics, Inc.*(a) 10,627 154,835 Deciphera Pharmaceuticals, Athenex, Inc.*(a) 13,592 187,026 Inc.* 6,879 410,814 Athersys, Inc.*(a) 30,891 85,259 Denali Therapeutics, Inc.*(a) 11,533 278,868 Atreca, Inc., Class A*(a) 3,872 82,396 DermTech, Inc.* 1,426 18,866 AVEO Pharmaceuticals, Inc.* 2,106 10,846 Avid Bioservices, Inc.*(a) 10,632 69,799 96 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Biotechnology Biotechnology Dicerna Pharmaceuticals, Karyopharm Therapeutics, Inc.*(a) 11,784 299,314 Inc.*(a) 12,771 241,883 Dyadic International, Inc.*(a) 3,692 31,973 Keros Therapeutics, Inc.* 1,333 50,001 Dynavax Technologies Kezar Life Sciences, Inc.* 5,327 27,594 Corp.*(a) 16,270 144,315 Kindred Biosciences, Inc.* 6,273 28,166 Eagle Pharmaceuticals, Inc.* 1,901 91,210 Kiniksa Pharmaceuticals Ltd., Editas Medicine, Inc.*(a) 10,176 301,006 Class A* 3,549 90,429 Eidos Therapeutics, Inc.*(a) 1,908 90,954 Kodiak Sciences, Inc.*(a) 5,342 289,109 Eiger BioPharmaceuticals, Krystal Biotech, Inc.*(a) 2,181 90,337 Inc.* 4,733 45,437 Kura Oncology, Inc.* 9,781 159,430 Emergent BioSolutions, Inc.* 8,212 649,405 La Jolla Pharmaceutical Enanta Pharmaceuticals, Inc.* 3,448 173,124 Co.*(a) 3,164 13,479 Enochian Biosciences, Inc.*(a) 2,332 9,818 Lexicon Pharmaceuticals, Epizyme, Inc.* 16,359 262,726 Inc.*(a) 7,029 14,023 Esperion Therapeutics, Inc.*(a) 4,771 244,800 Ligand Pharmaceuticals, Evelo Biosciences, Inc.*(a) 2,164 10,604 Inc.*(a) 2,700 301,995 Exicure, Inc.* 10,693 26,091 LogicBio Therapeutics, Inc.*(a) 2,368 20,033 Fate Therapeutics, Inc.*(a) 11,505 394,737 MacroGenics, Inc.* 8,879 247,902 Fennec Pharmaceuticals, Inc.* 4,021 33,575 Madrigal Pharmaceuticals, FibroGen, Inc.* 15,307 620,393 Inc.*(a) 1,647 186,523 Five Prime Therapeutics, Inc.* 5,357 32,678 Magenta Therapeutics, Inc.* 3,153 23,679 Flexion Therapeutics, Inc.*(a) 6,463 84,988 MannKind Corp.*(a) 39,031 68,304 Fortress Biotech, Inc.* 9,740 26,103 Marker Therapeutics, Inc.*(a) 4,374 9,054 Frequency Therapeutics, MediciNova, Inc.*(a) 8,327 45,132 Inc.*(a) 5,171 120,226 MEI Pharma, Inc.* 19,172 79,180 G1 Therapeutics, Inc.*(a) 6,373 154,609 MeiraGTx Holdings plc* 3,726 46,650 Galectin Therapeutics, Inc.*(a) 6,784 20,759 Mersana Therapeutics, Inc.* 8,408 196,747 Galera Therapeutics, Inc.* 1,286 9,182 Minerva Neurosciences, Inc.* 5,849 21,115 Genprex, Inc.*(a) 4,875 15,307 Mirati Therapeutics, Inc.* 6,733 768,707 Geron Corp.*(a) 35,843 78,138 Mirum Pharmaceuticals, GlycoMimetics, Inc.* 5,293 19,902 Inc.*(a) 859 16,716 Gossamer Bio, Inc.*(a) 8,965 116,545 Molecular Templates, Inc.* 4,401 60,690 Gritstone Oncology, Inc.*(a) 5,523 36,673 Momenta Pharmaceuticals, Halozyme Therapeutics, Inc.* 21,708 722,225 Inc.*(a) 24,643 660,679 Morphic Holding, Inc.*(a) 2,505 67,760 Harpoon Therapeutics, Inc.* 1,833 30,428 Mustang Bio, Inc.* 4,516 14,361 Heron Therapeutics, Inc.*(a) 16,200 238,302 Myriad Genetics, Inc.*(a) 13,401 151,967 Homology Medicines, Inc.*(a) 6,242 94,816 NantKwest, Inc.* 5,636 69,210 Hookipa Pharma, Inc.* 2,375 27,597 Natera, Inc.* 12,828 639,604 iBio, Inc.* 5,694 12,641 Neoleukin Therapeutics, Inc.* 5,382 89,341 Ideaya Biosciences, Inc.* 2,466 35,042 Neubase Therapeutics, IGM Biosciences, Inc.* 1,301 94,973 Inc.*(a) 3,240 28,447 Immunic, Inc.* 769 9,320 NeuroBo Pharmaceuticals, ImmunoGen, Inc.* 31,559 145,171 Inc.*(a) 816 6,569 Immunovant, Inc.* 3,503 85,298 NextCure, Inc.*(a) 2,915 62,498 Inovio Pharmaceuticals, Novavax, Inc.*(a) 10,673 889,595 Inc.*(a) 26,301 708,812 Nymox Pharmaceutical Corp.* 7,125 25,294 Insmed, Inc.* 18,569 511,390 Oncocyte Corp.*(a) 6,821 13,028 Intellia Therapeutics, Inc.*(a) 7,993 168,013 OPKO Health, Inc.*(a) 71,677 244,419 Intercept Pharmaceuticals, Organogenesis Holdings, Inc.* 3,741 14,365 Inc.*(a) 4,713 225,800 Orgenesis, Inc.* 2,787 16,945 Invitae Corp.*(a) 21,196 642,027 ORIC Pharmaceuticals, Inc.* 1,640 55,317 Ironwood Pharmaceuticals, Ovid therapeutics, Inc.* 8,042 59,270 Inc.*(a) 28,606 295,214 Oyster Point Pharma, Inc.*(a) 953 27,523 IVERIC bio, Inc.* 8,720 44,472 Passage Bio, Inc.* 2,540 69,418 Jounce Therapeutics, Inc.* 3,950 27,255 PDL BioPharma, Inc.* 19,905 57,924 Kadmon Holdings, Inc.* 28,574 146,299 Pfenex, Inc.* 6,526 54,492 KalVista Pharmaceuticals, PhaseBio Pharmaceuticals, Inc.* 2,137 25,858 Inc.*(a) 3,824 17,590 Karuna Therapeutics, Inc.*(a) 2,843 316,881 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 97

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Biotechnology Biotechnology Pieris Pharmaceuticals, Viela Bio, Inc.* 3,639 157,641 Inc.*(a) 7,684 23,820 Viking Therapeutics, Inc.*(a) 12,181 87,825 Portola Pharmaceuticals, Vir Biotechnology, Inc.*(a) 8,470 347,016 Inc.*(a) 14,321 257,635 Voyager Therapeutics, Inc.* 4,843 61,119 Precigen, Inc.*(a) 11,931 59,536 X4 Pharmaceuticals, Inc.* 3,262 30,402 Precision BioSciences, Inc.*(a) 8,486 70,688 XBiotech, Inc.* 2,425 33,247 Prevail Therapeutics, Inc.*(a) 2,641 39,351 Xencor, Inc.*(a) 10,067 326,070 Principia Biopharma, Inc.*(a) 5,377 321,491 XOMA Corp.*(a) 1,053 20,807 Protagonist Therapeutics, Inc.* 4,071 71,894 Y-mAbs Therapeutics, Inc.* 5,537 239,198 Protara Therapeutics, Inc.* 377 11,054 Zentalis Pharmaceuticals, Inc.* 1,937 93,015 Prothena Corp. plc*(a) 5,920 61,923 ZIOPHARM Oncology, Inc.*(a) 39,732 130,321 PTC Therapeutics, Inc.* 11,263 571,485 35,230,279 Puma Biotechnology, Inc.*(a) 5,936 61,912 Building Products 1.5% Radius Health, Inc.* 8,341 113,688 AAON, Inc.(a) 7,444 404,135 RAPT Therapeutics, Inc.*(a) 2,070 60,071 Advanced Drainage Systems, REGENXBIO, Inc.*(a) 6,250 230,187 Inc. 9,102 449,639 Replimune Group, Inc.* 3,039 75,519 Alpha Pro Tech Ltd.* 2,088 36,957 Retrophin, Inc.*(a) 7,682 156,790 American Woodmark Corp.* 3,192 241,475 REVOLUTION Medicines, Apogee Enterprises, Inc. 4,751 109,463 Inc.* 2,631 83,061 Builders FirstSource, Inc.* 21,500 445,050 Rhythm Pharmaceuticals, Inc.* 5,901 131,592 Caesarstone Ltd. 4,077 48,312 Rigel Pharmaceuticals, Inc.*(a) 28,489 52,135 Cornerstone Building Brands, Rocket Pharmaceuticals, Inc.*(a) 9,044 54,807 Inc.*(a) 6,291 131,671 CSW Industrials, Inc. 2,657 183,625 Rubius Therapeutics, Inc.*(a) 7,152 42,769 Gibraltar Industries, Inc.* 6,008 288,444 Sangamo Therapeutics, Griffon Corp. 6,965 128,992 Inc.*(a) 20,789 186,269 Insteel Industries, Inc. 3,124 59,575 Savara, Inc.* 8,351 20,794 JELD-WEN Holding, Inc.* 12,861 207,191 Scholar Rock Holding Corp.* 4,034 73,459 Masonite International Corp.* 4,506 350,477 Selecta Biosciences, Inc.*(a) 11,936 33,898 Patrick Industries, Inc. 4,190 256,637 Seres Therapeutics, Inc.*(a) 7,846 37,347 PGT Innovations, Inc.* 10,815 169,579 Soleno Therapeutics, Inc.* 5,673 12,594 Quanex Building Products Solid Biosciences, Inc.*(a) 5,771 16,909 Corp. 6,517 90,456 Sorrento Therapeutics, Inc.*(a) 31,632 198,649 Resideo Technologies, Inc.*(a) 23,257 272,572 Spectrum Pharmaceuticals, Simpson Manufacturing Co., Inc.* 21,324 72,075 Inc. 7,986 673,699 Spero Therapeutics, Inc.* 2,617 35,408 UFP Industries, Inc. 11,098 549,462 SpringWorks Therapeutics, 5,020,547 Inc.*(a) 3,932 165,144 Stoke Therapeutics, Inc.* 2,319 55,262 Capital Markets 1.5% Sutro Biopharma, Inc.*(a) 2,939 22,807 Artisan Partners Asset Syndax Pharmaceuticals, Inc.* 4,831 71,595 Management, Inc., Class A 10,161 330,232 Syros Pharmaceuticals, Inc.* 7,540 80,376 Assetmark Financial Holdings, TCR2 Therapeutics, Inc.* 3,165 48,614 Inc.*(a) 3,032 82,743 TG Therapeutics, Inc.*(a) 17,690 344,601 Associated Capital Group, Translate Bio, Inc.* 9,050 162,176 Inc., Class A 391 14,346 Turning Point Therapeutics, B. Riley Financial, Inc. 3,852 83,820 Inc.*(a) 5,115 330,378 BGC Partners, Inc., Class A 22,563 61,823 Twist Bioscience Corp.*(a) 5,430 245,979 Blucora, Inc.* 8,865 101,238 Tyme Technologies, Inc.*(a) 9,871 13,128 Brightsphere Investment Ultragenyx Pharmaceutical, Group, Inc. 11,722 146,056 Inc.*(a) 10,403 813,723 Calamos Asset Management, UNITY Biotechnology, Inc.*(a) 6,035 52,384 Inc.*^∞ 4,451 0 UroGen Pharma Ltd.*(a) 3,543 92,543 Cohen & Steers, Inc. 4,572 311,125 Vanda Pharmaceuticals, Inc.* 9,716 111,151 Cowen, Inc., Class A(a) 4,999 81,034 Vaxart, Inc.* 7,376 65,278 Diamond Hill Investment VBI Vaccines, Inc.* 32,191 99,792 Group, Inc. 594 67,520 Veracyte, Inc.*(a) 9,095 235,560 Donnelley Financial Solutions, Verastem, Inc.* 28,550 49,106 Inc.* 5,319 44,680 Vericel Corp.*(a) 8,248 113,987 98 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Capital Markets Chemicals Federated Hermes, Inc., Class PolyOne Corp. 16,696 437,936 B 17,978 426,079 PQ Group Holdings, Inc.* 7,125 94,335 Focus Financial Partners, Inc., Quaker Chemical Corp.(a) 2,410 447,417 Class A* 5,926 195,854 Rayonier Advanced Materials, GAIN Capital Holdings, Inc.(a) 4,075 24,531 Inc.*(a) 13,497 37,927 GAMCO Investors, Inc., Class Sensient Technologies Corp. 7,876 410,812 A 1,477 19,659 Stepan Co. 3,916 380,244 Greenhill & Co., Inc. 2,718 27,153 Trecora Resources* 4,692 29,419 Hamilton Lane, Inc., Class A 4,057 273,320 Tredegar Corp. 5,050 77,770 Houlihan Lokey, Inc. 8,145 453,188 Trinseo SA 7,286 161,458 INTL. FCStone, Inc.* 3,119 171,545 Tronox Holdings plc, Class A 16,649 120,206 Moelis & Co., Class A(a) 9,873 307,643 5,601,217 Oppenheimer Holdings, Inc., Commercial Services & Supplies 2.2% Class A 2,046 44,582 ABM Industries, Inc.(a) 12,395 449,939 Piper Sandler Cos. 3,302 195,346 ACCO Brands Corp. 17,574 124,775 PJT Partners, Inc., Class A 4,373 224,510 Advanced Disposal Services, Pzena Investment Inc.* 13,388 403,916 Management, Inc., Class A 3,204 17,430 Brady Corp., Class A 8,895 416,464 Safeguard Scientifics, Inc. 4,520 31,640 BrightView Holdings, Inc.* 5,926 66,371 Sculptor Capital Management, Brink's Co. (The) 9,336 424,881 Inc.(a) 3,832 49,548 Casella Waste Systems, Inc., Siebert Financial Corp.* 2,167 10,965 Class A* 8,310 433,117 Silvercrest Asset Management CECO Environmental Corp.* 6,437 42,420 Group, Inc., Class A 2,295 29,169 Cimpress plc* 3,312 252,838 Stifel Financial Corp. 12,354 585,950 CompX International, Inc. 256 3,538 Value Line, Inc. 289 7,800 Covanta Holding Corp. 22,429 215,094 Virtus Investment Partners, Deluxe Corp. 7,662 180,364 Inc. 1,407 163,620 Ennis, Inc. 5,052 91,643 Waddell & Reed Financial, Harsco Corp.* 14,216 192,058 Inc., Class A(a) 11,767 182,506 Healthcare Services Group, Westwood Holdings Group, Inc.(a) 13,849 338,747 Inc. 1,820 28,665 Heritage-Crystal Clean, Inc.* 3,012 52,590 WisdomTree Investments, Inc. 28,553 99,079 Herman Miller, Inc. 11,081 261,622 4,894,399 HNI Corp. 7,834 239,485 Chemicals 1.7% Interface, Inc. 10,530 85,714 Advanced Emissions KAR Auction Services, Inc. 24,101 331,630 Solutions, Inc.(a) 2,872 13,929 Kimball International, Inc., AdvanSix, Inc.* 5,296 62,175 Class B 6,822 78,862 AgroFresh Solutions, Inc.* 5,205 15,771 Knoll, Inc. 9,708 118,341 American Vanguard Corp. 4,886 67,231 Matthews International Corp., Amyris, Inc.*(a) 12,621 53,892 Class A 5,389 102,930 Balchem Corp.(a) 5,891 558,820 McGrath RentCorp 4,437 239,642 Chase Corp. 1,346 137,965 Mobile Mini, Inc. 8,254 243,493 Ferro Corp.* 14,834 177,118 NL Industries, Inc. 1,098 3,744 FutureFuel Corp. 4,822 57,623 PICO Holdings, Inc.* 3,189 26,883 GCP Applied Technologies, Pitney Bowes, Inc.(a) 30,135 78,351 Inc.* 9,329 173,333 Quad/Graphics, Inc. 5,740 18,655 Hawkins, Inc. 1,714 72,982 SP Plus Corp.* 4,164 86,237 HB Fuller Co.(a) 9,588 427,625 Steelcase, Inc., Class A 16,302 196,602 Ingevity Corp.* 7,611 400,110 Team, Inc.*(a) 6,683 37,224 Innospec, Inc. 4,458 344,380 Tetra Tech, Inc. 9,837 778,303 Intrepid Potash, Inc.*(a) 22,215 21,993 UniFirst Corp. 2,738 489,965 Koppers Holdings, Inc.* 4,082 76,905 US Ecology, Inc.(a) 5,871 198,910 Kraton Corp.* 5,898 101,917 Viad Corp. 3,632 69,081 Kronos Worldwide, Inc.(a) 4,258 44,326 VSE Corp. 1,809 56,785 Livent Corp.*(a) 27,638 170,250 7,431,214 Marrone Bio Innovations, Inc.* 7,916 9,262 Communications Equipment 0.9% Minerals Technologies, Inc. 6,237 292,702 Acacia Communications, Inc.* 7,059 474,294 Orion Engineered Carbons SA 11,651 123,384 ADTRAN, Inc. 9,078 99,223 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 99

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Communications Equipment Construction Materials Applied Optoelectronics, United States Lime & Minerals, Inc.*(a) 3,850 41,850 Inc. 403 34,029 CalAmp Corp.* 6,557 52,522 US Concrete, Inc.*(a) 2,979 73,879 Calix, Inc.* 9,139 136,171 492,613 Cambium Networks Corp.* 1,854 13,645 Consumer Finance 0.7% Casa Systems, Inc.* 5,184 21,566 Atlanticus Holdings Corp.* 754 7,796 Clearfield, Inc.* 1,689 23,578 Curo Group Holdings Corp. 4,048 33,072 Comtech Telecommunications Encore Capital Group, Inc.*(a) 5,797 198,142 Corp. 4,376 73,911 Enova International, Inc.* 5,650 84,016 DASAN Zhone Solutions, Inc.* 2,642 23,593 EZCORP, Inc., Class A*(a) 8,674 54,646 Digi International, Inc.* 5,536 64,494 FirstCash, Inc. 7,495 505,763 Extreme Networks, Inc.* 22,240 96,522 Green Dot Corp., Class A* 9,335 458,162 Genasys, Inc.* 5,926 28,800 LendingClub Corp.*(a) 13,444 61,170 Harmonic, Inc.* 17,041 80,945 Navient Corp.(a) 35,937 252,637 Infinera Corp.*(a) 29,607 175,273 Nelnet, Inc., Class A 3,261 155,680 Inseego Corp.*(a) 10,202 118,343 Oportun Financial Corp.*(a) 3,644 48,975 InterDigital, Inc. 5,649 319,903 PRA Group, Inc.*(a) 8,317 321,535 KVH Industries, Inc.* 2,780 24,825 Regional Management Corp.* 1,473 26,087 NETGEAR, Inc.* 5,498 142,343 World Acceptance Corp.*(a) 957 62,703 NetScout Systems, Inc.* 12,971 331,539 2,270,384 PC-Tel, Inc.* 3,383 22,598 Plantronics, Inc.(a) 6,256 91,838 Containers & Packaging 0.2% Resonant, Inc.*(a) 9,124 21,259 Greif, Inc., Class A 4,708 162,002 Ribbon Communications, Inc.* 12,026 47,262 Greif, Inc., Class B 1,203 50,322 Viavi Solutions, Inc.*(a) 42,393 540,087 Myers Industries, Inc.(a) 6,896 100,337 3,066,384 O-I Glass, Inc.(a) 29,384 263,868 Ranpak Holdings Corp.* 4,459 33,175 Construction & Engineering 1.1% UFP Technologies, Inc.*(a) 1,278 56,309 Aegion Corp.* 5,197 82,476 666,013 Ameresco, Inc., Class A*(a) 4,203 116,759 API Group Corp. Reg. S*(b) 26,161 317,856 Distributors 0.1% Arcosa, Inc. 9,041 381,530 Core-Mark Holding Co., Inc. 8,439 210,595 Argan, Inc. 2,648 125,462 Funko, Inc., Class A*(a) 5,189 30,096 Comfort Systems USA, Inc. 6,738 274,574 Greenlane Holdings, Inc., Concrete Pumping Holdings, Class A*(a) 3,182 12,665 Inc.* 6,231 21,684 Weyco Group, Inc. 1,293 27,916 Construction Partners, Inc., 281,272 Class A*(a) 3,474 61,698 Diversified Consumer Services 0.7% Dycom Industries, Inc.* 5,762 235,608 Adtalem Global Education, EMCOR Group, Inc. 10,061 665,435 Inc.* 9,445 294,212 Fluor Corp. 6,190 74,775 American Public Education, Granite Construction, Inc.(a) 8,938 171,073 Inc.* 2,700 79,920 Great Lakes Dredge & Dock Aspen Group, Inc.* 3,184 28,815 Corp.* 11,467 106,184 Carriage Services, Inc. 2,897 52,494 HC2 Holdings, Inc.* 8,675 28,975 Collectors Universe, Inc. 1,765 60,504 IES Holdings, Inc.* 1,710 39,621 Franchise Group, Inc. 3,540 77,455 MasTec, Inc.*(a) 10,487 470,552 Houghton Mifflin Harcourt Co.* 19,079 34,533 MYR Group, Inc.* 3,061 97,677 K12, Inc.*(a) 7,109 193,649 Northwest Pipe Co.* 1,633 40,939 Laureate Education, Inc., NV5 Global, Inc.*(a) 1,966 99,932 Class A* 19,812 197,427 Primoris Services Corp.(a) 9,175 162,948 OneSpaWorld Holdings Ltd.(a) 7,840 37,397 Sterling Construction Co., Inc.* 5,362 56,140 Perdoceo Education Corp.*(a) 12,857 204,812 Tutor Perini Corp.* 7,464 90,912 Regis Corp.*(a) 4,504 36,843 WillScot Corp.*(a) 10,338 127,054 Strategic Education, Inc. 3,985 612,295 3,849,864 Universal Technical Institute, Construction Materials 0.1% Inc.* 5,235 36,383 Forterra, Inc.*(a) 3,146 35,110 Vivint Smart Home, Inc.* 13,070 226,503 Summit Materials, Inc., Class WW International, Inc.*(a) 8,711 221,085 A* 21,741 349,595 2,394,327 100 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Diversified Financial Services 0.2% Electrical Equipment Alerus Financial Corp.(a) 3,063 60,525 Preformed Line Products Co. 520 26,005 A-Mark Precious Metals, Inc.* 771 14,688 Sunrun, Inc.* 21,422 422,442 Banco Latinoamericano de Thermon Group Holdings, Inc.* 6,126 89,256 Comercio Exterior SA, Class TPI Composites, Inc.* 5,677 132,672 E 6,214 71,461 Ultralife Corp.* 1,100 7,711 Cannae Holdings, Inc.* 15,494 636,803 Vicor Corp.*(a) 3,328 239,450 GWG Holdings, Inc.*(a) 936 7,179 Vivint Solar, Inc.*(a) 9,371 92,773 Marlin Business Services 3,018,246 Corp. 1,548 13,096 Electronic Equipment, Instruments & Components 2.2% SWK Holdings Corp.* 610 7,308 Akoustis Technologies, Inc.*(a) 5,889 48,820 811,060 Arlo Technologies, Inc.* 15,846 40,883 Diversified Telecommunication Services 0.9% Badger Meter, Inc. 5,340 335,993 Alaska Communications Bel Fuse, Inc., Class B 1,988 21,331 Systems Group, Inc. 7,352 20,512 Belden, Inc. 8,245 268,375 Anterix, Inc.*(a) 2,319 105,143 Benchmark Electronics, Inc. 6,975 150,660 ATN International, Inc. 2,090 126,591 CTS Corp. 5,877 117,775 Bandwidth, Inc., Class A*(a) 3,521 447,167 Daktronics, Inc. 8,300 36,105 Cincinnati Bell, Inc.* 8,127 120,686 ePlus, Inc.* 2,425 171,399 Cogent Communications Fabrinet* 6,728 419,962 Holdings, Inc. 7,763 600,546 FARO Technologies, Inc.* 3,129 167,714 Consolidated Communications Fitbit, Inc., Class A*(a) 43,716 282,405 Holdings, Inc.*(a) 13,165 89,127 II-VI, Inc.*(a) 16,544 781,208 IDT Corp., Class B* 2,699 17,625 Insight Enterprises, Inc.*(a) 6,425 316,110 Iridium Communications, Inc.* 21,604 549,606 Intellicheck, Inc.*(a) 3,054 23,058 Liberty Latin America Ltd., Iteris, Inc.* 6,815 32,405 Class A* 8,636 83,942 Itron, Inc.* 7,407 490,714 Liberty Latin America Ltd., Kimball Electronics, Inc.* 4,701 63,652 Class C* 20,525 193,756 Knowles Corp.* 16,361 249,669 Ooma, Inc.*(a) 4,138 68,194 Luna Innovations, Inc.* 4,982 29,095 ORBCOMM, Inc.* 14,392 55,409 Methode Electronics, Inc. 6,610 206,629 Vonage Holdings Corp.* 42,689 429,451 MTS Systems Corp. 3,753 66,015 2,907,755 Napco Security Technologies, Inc.*(a) 2,062 48,230 Electric Utilities 0.9% nLight, Inc.* 6,372 141,841 ALLETE, Inc. 9,671 528,133 Novanta, Inc.* 6,211 663,148 El Paso Electric Co. 7,437 498,279 OSI Systems, Inc.* 3,123 233,101 Genie Energy Ltd., Class B 2,326 17,120 PAR Technology Corp.*(a) 2,966 88,772 MGE Energy, Inc. 6,424 414,412 PC Connection, Inc. 1,906 88,362 Otter Tail Corp. 7,347 284,990 Plexus Corp.* 5,270 371,851 PNM Resources, Inc.(a) 14,605 561,416 Powerfleet, Inc.* 4,751 21,950 Portland General Electric Co. 16,615 694,673 Research Frontiers, Inc.* 4,797 19,476 Spark Energy, Inc., Class A(a) 3,085 21,811 Rogers Corp.*(a) 3,452 430,119 3,020,834 Sanmina Corp.* 12,412 310,796 Electrical Equipment 0.9% ScanSource, Inc.* 4,806 115,777 Allied Motion Technologies, TTM Technologies, Inc.*(a) 18,455 218,876 Inc. 1,198 42,289 Vishay Intertechnology, Inc. 24,797 378,650 American Superconductor Vishay Precision Group, Inc.* 2,284 56,141 Corp.* 4,420 35,935 Wrap Technologies, Inc.*(a) 2,355 24,680 Atkore International Group, 7,531,747 Inc.* 8,629 236,003 Energy Equipment & Services 0.7% AZZ, Inc. 4,967 170,467 Archrock, Inc.(a) 24,847 161,257 Bloom Energy Corp., Class A* 15,714 170,968 Aspen Aerogels, Inc.* 3,543 23,313 Encore Wire Corp. 3,650 178,193 Bristow Group, Inc.* 1,210 16,855 EnerSys 7,896 508,344 Cactus, Inc., Class A(a) 9,049 186,681 FuelCell Energy, Inc.*(a) 39,003 88,147 ChampionX Corp.* 34,701 338,682 LSI Industries, Inc. 5,019 32,473 DMC Global, Inc.(a) 2,875 79,350 Orion Energy Systems, Inc.* 4,018 13,902 Dril-Quip, Inc.* 6,424 191,371 Plug Power, Inc.*(a) 59,369 487,419 Exterran Corp.* 4,892 26,368 Powell Industries, Inc. 1,599 43,797 Frank's International NV* 30,249 67,455 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 101

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Energy Equipment & Services Equity Real Estate Investment Trusts (REITs) Helix Energy Solutions Group, Clipper Realty, Inc. 3,447 27,921 Inc.*(a) 26,862 93,211 Colony Capital, Inc. 91,477 219,545 Liberty Oilfield Services, Inc., Columbia Property Trust, Inc. 21,468 282,090 Class A(a) 12,538 68,708 Community Healthcare Trust, Matrix Service Co.* 5,359 52,089 Inc. 3,955 161,759 Nabors Industries Ltd.(a) 1,250 46,275 CoreCivic, Inc. 22,570 211,255 National Energy Services CorEnergy Infrastructure Trust, Reunited Corp.* 3,788 26,061 Inc. 3,085 28,228 Newpark Resources, Inc.* 19,638 43,793 CorePoint Lodging, Inc. 6,927 29,163 NexTier Oilfield Solutions, Inc.* 29,273 71,719 DiamondRock Hospitality Co. 36,542 202,077 Oceaneering International, Diversified Healthcare Trust 42,454 187,859 Inc.* 18,456 117,934 Easterly Government Oil States International, Inc.* 12,334 58,587 Properties, Inc. 13,731 317,461 Patterson-UTI Energy, Inc.(a) 14,917 51,762 EastGroup Properties, Inc. 7,064 837,861 ProPetro Holding Corp.* 15,284 78,560 Essential Properties Realty RPC, Inc.*(a) 12,574 38,728 Trust, Inc. 17,124 254,120 SEACOR Holdings, Inc.* 3,693 104,586 Farmland Partners, Inc. 4,621 31,654 Select Energy Services, Inc., Four Corners Property Trust, Class A* 12,069 59,138 Inc. 13,177 321,519 Solaris Oilfield Infrastructure, Franklin Street Properties Inc., Class A(a) 5,267 39,081 Corp. 19,339 98,436 Tidewater, Inc.* 6,677 37,324 Front Yard Residential Corp. 9,013 78,413 Transocean Ltd.* 110,288 201,827 GEO Group, Inc. (The) 21,536 254,771 US Silica Holdings, Inc. 15,154 54,706 Getty Realty Corp. 6,401 189,982 2,335,421 Gladstone Commercial Corp. 6,519 122,231 Gladstone Land Corp. 3,114 49,388 Entertainment 0.3% AMC Entertainment Holdings, Global Medical REIT, Inc. 8,088 91,637 Global Net Lease, Inc. 16,556 276,982 Inc., Class A(a) 9,783 41,969 Healthcare Realty Trust, Inc. 24,561 719,392 Cinemark Holdings, Inc. 20,054 231,624 Hersha Hospitality Trust 6,163 35,499 Eros International plc* 13,984 44,190 Independence Realty Trust, Gaia, Inc.*(a) 1,635 13,701 Glu Mobile, Inc.* 23,694 219,643 Inc. 17,957 206,326 IMAX Corp.* 9,259 103,793 Industrial Logistics Properties Liberty Media Corp.-Liberty Trust 11,517 236,674 Braves, Class C* 6,985 137,884 Innovative Industrial Liberty Media Corp-Liberty Properties, Inc. 3,114 274,094 Braves, Class A*(a) 2,157 43,313 Investors Real Estate Trust 2,157 152,047 LiveXLive Media, Inc.* 5,741 20,782 iStar, Inc. 14,113 173,872 Marcus Corp. (The) 4,596 60,989 Jernigan Capital, Inc. 4,569 62,504 917,888 Kite Realty Group Trust 15,791 182,228 Lexington Realty Trust 47,208 498,044 Equity Real Estate Investment Trusts (REITs) 6.1% LTC Properties, Inc. 7,300 274,991 Acadia Realty Trust 16,043 208,238 Macerich Co. (The) 26,745 239,903 Agree Realty Corp. 9,714 638,307 Mack-Cali Realty Corp. 17,079 261,138 Alexander & Baldwin, Inc. 13,731 167,381 Monmouth Real Estate Alexander's, Inc. 401 96,601 Investment Corp. 17,244 249,866 Alpine Income Property Trust, National Health Investors, Inc. 7,997 485,578 Inc. 1,331 21,642 National Storage Affiliates American Assets Trust, Inc. 9,455 263,227 Trust 11,373 325,950 American Finance Trust, Inc. 20,858 165,508 New Senior Investment Group, Armada Hoffler Properties, Inc. 10,308 102,565 Inc. 16,861 61,037 Bluerock Residential Growth NexPoint Residential Trust, REIT, Inc. 4,973 40,182 Inc. 3,940 139,279 BRT Apartments Corp. 1,701 18,405 Office Properties Income Trust 8,480 220,226 CareTrust REIT, Inc. 17,516 300,575 One Liberty Properties, Inc. 3,244 57,159 CatchMark Timber Trust, Inc., Pebblebrook Hotel Trust 24,337 332,443 Class A 8,740 77,349 Physicians Realty Trust 37,598 658,717 Chatham Lodging Trust 8,846 54,138 Piedmont Office Realty Trust, CIM Commercial Trust Corp. 2,223 23,964 Inc., Class A 23,527 390,783 City Office REIT, Inc. 9,168 92,230 102 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Equity Real Estate Investment Trusts (REITs) Food Products 1.3% Plymouth Industrial REIT, Inc. 2,613 33,446 Alico, Inc. 1,160 36,146 PotlatchDeltic Corp. 12,171 462,863 B&G Foods, Inc.(a) 11,861 289,171 Preferred Apartment Bridgford Foods Corp.*(a) 271 4,488 Communities, Inc., Class A 8,768 66,637 Calavo Growers, Inc.(a) 3,048 191,750 PS Business Parks, Inc. 3,719 492,396 Cal-Maine Foods, Inc.* 5,781 257,139 QTS Realty Trust, Inc., Class A 10,911 699,286 Darling Ingredients, Inc.* 29,608 728,949 Retail Opportunity Investments Farmer Brothers Co.* 3,076 22,578 Corp. 20,839 236,106 Fresh Del Monte Produce, Inc. 5,748 141,516 Retail Properties of America, Freshpet, Inc.* 7,125 596,077 Inc., Class A 40,301 295,003 Hostess Brands, Inc.* 21,955 268,290 Retail Value, Inc. 3,525 43,569 J & J Snack Foods Corp.(a) 2,739 348,209 RLJ Lodging Trust 30,570 288,581 John B Sanfilippo & Son, Inc. 1,613 137,637 RPT Realty 15,740 109,550 Lancaster Colony Corp. 3,472 538,125 Ryman Hospitality Properties, Landec Corp.*(a) 4,386 34,913 Inc. 9,434 326,416 Limoneira Co.(a) 2,649 38,384 Sabra Health Care REIT, Inc. 38,114 549,985 Sanderson Farms, Inc. 3,692 427,866 Safehold, Inc. 3,137 180,346 Seneca Foods Corp., Class A* 1,127 38,104 Saul Centers, Inc. 2,387 77,028 Simply Good Foods Co. (The)* 15,340 285,017 Seritage Growth Properties, Tootsie Roll Industries, Inc. 2,956 101,302 Class A* 6,137 69,962 4,485,661 Service Properties Trust 10,426 73,920 Gas Utilities 1.2% SITE Centers Corp. 28,934 234,365 Brookfield Infrastructure Corp., STAG Industrial, Inc. 27,702 812,223 Class A(a) 5,965 271,646 Summit Hotel Properties, Inc. 18,956 112,409 Chesapeake Utilities Corp. 2,914 244,776 Sunstone Hotel Investors, Inc. 39,702 323,571 New Jersey Resources Corp. Tanger Factory Outlet Centers, (a) 17,669 576,893 Inc. 16,412 117,018 Northwest Natural Holding Terreno Realty Corp. 12,104 637,155 Co.(a) 5,601 312,480 UMH Properties, Inc. 6,766 87,484 ONE Gas, Inc. 9,530 734,286 Uniti Group, Inc. 35,667 333,486 RGC Resources, Inc. 1,192 28,811 Universal Health Realty South Jersey Industries, Inc. Income Trust 2,313 183,860 (a) 17,009 425,055 Urban Edge Properties 21,877 259,680 Southwest Gas Holdings, Inc. 10,117 698,579 Urstadt Biddle Properties, Inc., Spire, Inc. 9,106 598,355 Class A 5,958 70,781 3,890,881 Washington REIT 15,104 335,309 Whitestone REIT 8,246 59,948 Health Care Equipment & Supplies 3.5% Xenia Hotels & Resorts, Inc. 21,454 200,166 Accelerate Diagnostics, 20,554,963 Inc.*(a) 5,503 83,425 Accuray, Inc.*(a) 18,115 36,773 Food & Staples Retailing 0.9% Alphatec Holdings, Inc.* 8,487 39,889 Andersons, Inc. (The) 6,132 84,376 AngioDynamics, Inc.* 6,247 63,532 BJ's Wholesale Club Holdings, Antares Pharma, Inc.* 30,728 84,502 Inc.* 25,173 938,198 Apyx Medical Corp.* 7,002 38,861 Chefs' Warehouse, Inc. (The)* 4,483 60,879 Aspira Women's Health, Inc.* 9,174 35,228 HF Foods Group, Inc.*(a) 6,759 61,169 AtriCure, Inc.* 7,027 315,864 Ingles Markets, Inc., Class Atrion Corp. 263 167,534 A(a) 2,655 114,351 Avanos Medical, Inc.* 8,825 259,367 Natural Grocers by Vitamin Axogen, Inc.* 6,789 62,730 Cottage, Inc. 1,316 19,582 Axonics Modulation Performance Food Group Co.* 24,270 707,228 Technologies, Inc.*(a) 5,572 195,633 PriceSmart, Inc. 4,240 255,799 Bellerophon Therapeutics, Rite Aid Corp.*(a) 10,209 174,165 Inc.* 682 8,559 SpartanNash Co. 6,557 139,336 Beyond Air, Inc.* 1,978 14,340 United Natural Foods, Inc.*(a) 9,570 174,270 BioLife Solutions, Inc.*(a) 1,075 17,576 Village Super Market, Inc., BioSig Technologies, Inc.*(a) 3,371 24,271 Class A 1,765 48,926 Cantel Medical Corp.(a) 7,034 311,114 Weis Markets, Inc.(a) 1,826 91,519 Cardiovascular Systems, Inc.* 6,283 198,229 2,869,798 Cerus Corp.*(a) 28,994 191,360 Chembio Diagnostics, Inc.* 2,606 8,469 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 103

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Health Care Equipment & Supplies Health Care Equipment & Supplies Co-Diagnostics, Inc.*(a) 4,621 89,416 Wright Medical Group NV*(a) 23,473 697,618 CONMED Corp.(a) 4,959 356,998 Zynex, Inc.*(a) 2,942 73,168 CryoLife, Inc.*(a) 6,608 126,675 11,736,337 CryoPort, Inc.*(a) 6,066 183,496 Health Care Providers & Services 2.2% Cutera, Inc.* 3,174 38,628 1Life Healthcare, Inc.* 3,723 135,219 CytoSorbents Corp.*(a) 5,934 58,747 AdaptHealth Corp.* 1,159 18,660 Electromed, Inc.* 1,298 19,976 Addus HomeCare Corp.* 2,486 230,104 FONAR Corp.* 1,129 24,127 American Renal Associates GenMark Diagnostics, Inc.* 12,299 180,918 Holdings, Inc.*(a) 2,984 19,456 Glaukos Corp.*(a) 7,781 298,946 AMN Healthcare Services, Heska Corp.*(a) 1,291 120,282 Inc.*(a) 8,524 385,626 Inogen, Inc.*(a) 3,385 120,235 Apollo Medical Holdings, Integer Holdings Corp.* 5,982 436,985 Inc.*(a) 1,862 30,723 IntriCon Corp.* 1,365 18,455 Avalon GloboCare Corp.* 3,326 6,319 Invacare Corp.(a) 6,434 40,985 BioTelemetry, Inc.*(a) 6,057 273,716 iRadimed Corp.*(a) 833 19,334 Brookdale Senior Living, Inc.* 33,428 98,613 iRhythm Technologies, Inc.*(a) 4,945 573,076 Catasys, Inc.*(a) 1,492 36,912 Lantheus Holdings, Inc.* 9,539 136,408 Community Health Systems, LeMaitre Vascular, Inc. 3,159 83,398 Inc.*(a) 17,133 51,570 LivaNova plc* 8,956 431,052 CorVel Corp.* 1,638 116,118 Meridian Bioscience, Inc.* 7,792 181,476 Covetrus, Inc.* 18,258 326,636 Merit Medical Systems, Cross Country Healthcare, Inc.*(a) 9,942 453,852 Inc.* 6,364 39,202 Mesa Laboratories, Inc.(a) 717 155,446 Ensign Group, Inc. (The) 9,443 395,190 Milestone Scientific, Inc.* 7,483 14,592 Enzo Biochem, Inc.* 10,204 22,857 Misonix, Inc.* 2,700 36,639 Exagen, Inc.*(a) 561 6,962 Natus Medical, Inc.* 6,128 133,713 Five Star Senior Living, Nemaura Medical, Inc.*(a) 1,389 12,848 Inc.*(a) 3,935 15,347 Neogen Corp.*(a) 9,581 743,486 Fulgent Genetics, Inc.* 1,726 27,616 Nevro Corp.* 6,165 736,533 Hanger, Inc.* 6,583 109,014 NuVasive, Inc.*(a) 9,506 529,104 HealthEquity, Inc.*(a) 12,836 753,088 OraSure Technologies, Inc.* 11,561 134,454 InfuSystem Holdings, Inc.* 2,427 28,008 Orthofix Medical, Inc.* 3,334 106,688 Joint Corp. (The)*(a) 2,710 41,382 OrthoPediatrics Corp.*(a) 2,084 91,196 LHC Group, Inc.* 5,535 964,861 PAVmed, Inc.*(a) 4,996 10,542 Magellan Health, Inc.* 4,255 310,530 Pulse Biosciences, Inc.*(a) 2,870 30,020 MEDNAX, Inc.*(a) 15,529 265,546 Quotient Ltd.*(a) 10,921 80,815 National HealthCare Corp. 2,286 145,024 Repro-Med Systems, Inc.* 4,414 39,638 National Research Corp. 2,357 137,201 Retractable Technologies, Inc.* 2,774 19,473 Option Care Health, Inc.* 6,272 87,055 Rockwell Medical, Inc.*(a) 12,140 23,673 Owens & Minor, Inc.(a) 10,566 80,513 RTI Surgical Holdings, Inc.*(a) 11,410 36,284 Patterson Cos., Inc. 15,880 349,360 SeaSpine Holdings Corp.* 4,873 51,020 Pennant Group, Inc. (The)* 4,657 105,248 Shockwave Medical, Inc.* 4,915 232,824 PetIQ, Inc.*(a) 3,677 128,107 SI-BONE, Inc.* 4,672 74,472 Progyny, Inc.*(a) 4,603 118,803 Sientra, Inc.*(a) 9,268 35,867 Providence Service Corp. Silk Road Medical, Inc.*(a) 5,826 244,051 (The)*(a) 2,139 168,789 Soliton, Inc.*(a) 923 7,181 R1 RCM, Inc.*(a) 19,256 214,704 STAAR Surgical Co.* 8,229 506,413 RadNet, Inc.* 8,119 128,849 Stereotaxis, Inc.*(a) 8,400 37,464 Select Medical Holdings Corp.* 20,102 296,102 Surmodics, Inc.* 2,424 104,814 Sharps Compliance Corp.* 2,177 15,304 Tactile Systems Technology, Surgery Partners, Inc.*(a) 4,597 53,187 Inc.*(a) 3,328 137,879 Tenet Healthcare Corp.* 19,381 350,990 Tela Bio, Inc.* 986 12,779 Tivity Health, Inc.*(a) 8,194 92,838 TransMedics Group, Inc.*(a) 3,447 61,770 Triple-S Management Corp., Utah Medical Products, Inc. 624 55,299 Class B*(a) 4,246 80,759 Vapotherm, Inc.* 3,483 142,768 US Physical Therapy, Inc.(a) 2,345 189,992 Varex Imaging Corp.*(a) 6,545 99,157 Viemed Healthcare, Inc.* 6,207 59,587 Venus Concept, Inc.* 3,785 13,210 7,511,687 ViewRay, Inc.*(a) 21,072 47,201 VolitionRX Ltd.*(a) 3,989 15,517 104 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Health Care Technology 1.0% Hotels, Restaurants & Leisure Allscripts Healthcare Solutions, Jack in the Box, Inc.(a) 4,192 310,585 Inc.*(a) 29,552 200,067 Kura Sushi USA, Inc., Class Computer Programs & A*(a) 540 7,711 Systems, Inc. 2,093 47,699 Lindblad Expeditions Holdings, Evolent Health, Inc., Class Inc.* 4,864 37,550 A*(a) 13,648 97,174 Marriott Vacations Worldwide Health Catalyst, Inc.*(a) 5,830 170,061 Corp. 7,488 615,589 HealthStream, Inc.* 4,938 109,278 Monarch Casino & Resort, HMS Holdings Corp.* 16,116 521,997 Inc.* 2,341 79,781 iCAD, Inc.*(a) 3,489 34,855 Nathan's Famous, Inc. 498 28,008 Inovalon Holdings, Inc., Class Noodles & Co.* 6,076 36,760 A*(a) 13,441 258,874 Papa John's International, Inc. Inspire Medical Systems, (a) 5,883 467,169 Inc.*(a) 4,805 418,131 Penn National Gaming, NantHealth, Inc.*(a) 5,112 23,413 Inc.*(a) 24,658 753,055 NextGen Healthcare, Inc.* 10,056 110,415 PlayAGS, Inc.* 6,321 21,365 Omnicell, Inc.* 7,780 549,424 RCI Hospitality Holdings, Inc. OptimizeRx Corp.*(a) 2,566 33,435 (a) 1,532 21,234 Phreesia, Inc.* 5,229 147,876 Red Robin Gourmet Burgers, Schrodinger, Inc.*(a) 2,538 232,405 Inc.*(a) 2,297 23,429 Simulations Plus, Inc. 2,257 135,014 Red Rock Resorts, Inc., Class Tabula Rasa HealthCare, A 12,582 137,270 Inc.*(a) 3,683 201,570 Ruth's Hospitality Group, Inc. 5,090 41,534 Vocera Communications, Scientific Games Corp.*(a) 10,790 166,813 Inc.*(a) 5,840 123,808 SeaWorld Entertainment, 3,415,496 Inc.*(a) 9,445 139,881 Hotels, Restaurants & Leisure 2.7% Shake Shack, Inc., Class A*(a) 6,417 339,973 Accel Entertainment, Inc.* 7,095 68,325 Target Hospitality Corp.* 5,268 8,903 BBX Capital Corp.(a) 9,629 24,458 Texas Roadhouse, Inc.(a) 12,169 639,724 Biglari Holdings, Inc., Class A* 23 7,705 Twin River Worldwide Biglari Holdings, Inc., Class B* 149 10,278 Holdings, Inc. 3,532 78,728 BJ's Restaurants, Inc.(a) 3,369 70,547 Wingstop, Inc.(a) 5,384 748,215 Bloomin' Brands, Inc.(a) 16,537 176,284 8,981,716 Bluegreen Vacations Corp. 1,093 5,924 Household Durables 2.0% Boyd Gaming Corp.(a) 15,207 317,826 Beazer Homes USA, Inc.* 4,885 49,192 Brinker International, Inc.(a) 8,312 199,488 Casper Sleep, Inc.*(a) 1,942 17,420 Carrols Restaurant Group, Cavco Industries, Inc.* 1,580 304,703 Inc.*(a) 7,418 35,903 Century Communities, Inc.* 5,212 159,800 Century Casinos, Inc.* 4,199 17,426 Ethan Allen Interiors, Inc. 4,834 57,186 Cheesecake Factory, Inc. GoPro, Inc., Class A* 24,592 117,058 (The)(a) 8,058 184,689 Green Brick Partners, Inc.* 4,118 48,798 Churchill Downs, Inc.(a) 6,959 926,591 Hamilton Beach Brands Chuy's Holdings, Inc.*(a) 2,959 44,030 Holding Co., Class A 1,769 21,051 Cracker Barrel Old Country Helen of Troy Ltd.* 4,655 877,747 Store, Inc.(a) 4,451 493,660 Hooker Furniture Corp.(a) 2,438 47,419 Dave & Buster's Installed Building Products, Entertainment, Inc.(a) 8,958 119,410 Inc.* 4,284 294,654 Del Taco Restaurants, Inc.* 4,778 28,334 iRobot Corp.*(a) 5,128 430,239 Denny's Corp.*(a) 10,346 104,495 KB Home 16,206 497,200 Dine Brands Global, Inc.(a) 2,874 120,995 La-Z-Boy, Inc. 8,404 227,412 El Pollo Loco Holdings, Inc.* 3,390 50,036 Legacy Housing Corp.*(a) 1,099 15,628 Eldorado Resorts, Inc.*(a) 15,588 624,455 LGI Homes, Inc.*(a) 4,013 353,264 Everi Holdings, Inc.*(a) 15,985 82,483 Lifetime Brands, Inc. 1,965 13,205 Fiesta Restaurant Group, Inc.* 3,482 22,215 Lovesac Co. (The)*(a) 1,596 41,863 GAN Ltd.*(a) 1,440 36,648 M/I Homes, Inc.* 5,093 175,403 Golden Entertainment, Inc.* 3,498 31,202 MDC Holdings, Inc. 9,505 339,328 Hilton Grand Vacations, Inc.* 15,671 306,368 Meritage Homes Corp.* 6,731 512,364 International Game Purple Innovation, Inc.* 2,783 50,094 Technology plc 18,951 168,664 Skyline Champion Corp.* 9,708 236,293 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 105

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Household Durables Insurance Sonos, Inc.*(a) 14,851 217,270 Heritage Insurance Holdings, Taylor Morrison Home Corp.* 23,331 450,055 Inc. 4,542 59,455 TopBuild Corp.* 6,119 696,159 Horace Mann Educators Corp. 7,005 257,294 TRI Pointe Group, Inc.* 24,065 353,515 Independence Holding Co. 852 26,063 Tupperware Brands Corp.(a) 10,411 49,452 Investors Title Co. 252 30,573 Turtle Beach Corp.* 2,717 39,994 James River Group Holdings Universal Electronics, Inc.* 2,453 114,849 Ltd. 5,476 246,420 VOXX International Corp.* 3,733 21,577 Kinsale Capital Group, Inc. 3,810 591,350 6,830,192 MBIA, Inc.*(a) 12,812 92,887 Household Products 0.3% National General Holdings Central Garden & Pet Co.* 1,847 66,473 Corp. 12,807 276,759 Central Garden & Pet Co., National Western Life Group, Class A* 7,219 243,930 Inc., Class A 501 101,798 Oil-Dri Corp. of America 1,006 34,908 NI Holdings, Inc.* 1,981 29,259 WD-40 Co.(a) 2,472 490,198 Palomar Holdings, Inc.* 3,317 284,466 835,509 ProAssurance Corp. 9,603 138,955 ProSight Global, Inc.* 1,462 13,012 Independent Power and Renewable Electricity Producers Protective Insurance Corp., 0.4% Class B 1,595 24,037 Atlantic Power Corp.* 16,718 33,436 RLI Corp.(a) 7,309 600,069 Clearway Energy, Inc., Class A 6,383 133,852 Safety Insurance Group, Inc. 2,625 200,183 Clearway Energy, Inc., Class C 14,697 338,913 Selective Insurance Group, Ormat Technologies, Inc.(a) 7,270 461,572 Inc. 10,965 578,294 Sunnova Energy International, State Auto Financial Corp. 3,105 55,424 Inc.* 5,986 102,181 Stewart Information Services TerraForm Power, Inc., Class A 16,184 298,433 Corp. 3,587 116,613 1,368,387 Third Point Reinsurance Ltd.* 15,240 114,452 Industrial Conglomerates 0.0%† Tiptree, Inc. 5,591 36,062 Raven Industries, Inc. 6,648 142,999 Trupanion, Inc.*(a) 5,519 235,606 United Fire Group, Inc. 3,991 110,591 Insurance 2.2% United Insurance Holdings Ambac Financial Group, Inc.* 8,525 122,078 Corp. 3,629 28,379 American Equity Investment Universal Insurance Holdings, Life Holding Co.(a) 15,059 372,108 Inc.(a) 5,141 91,253 AMERISAFE, Inc. 3,443 210,574 Watford Holdings Ltd.* 3,323 55,461 Argo Group International 7,541,607 Holdings Ltd. 5,912 205,915 Benefytt Technologies, Inc., Interactive Media & Services 0.4% Class A*(a) 1,601 32,756 Cargurus, Inc.* 15,819 401,012 BRP Group, Inc., Class A* 3,612 62,379 Cars.com, Inc.*(a) 12,887 74,229 Citizens, Inc.*(a) 10,162 60,870 DHI Group, Inc.* 8,485 17,818 CNO Financial Group, Inc. 26,692 415,594 Eventbrite, Inc., Class A*(a) 11,804 101,160 Crawford & Co., Class A 2,764 21,808 EverQuote, Inc., Class A* 2,596 150,983 Donegal Group, Inc., Class A 1,894 26,933 Liberty TripAdvisor Holdings, eHealth, Inc.* 4,663 458,093 Inc., Class A* 14,601 31,100 Employers Holdings, Inc. 4,602 138,750 Meet Group, Inc. (The)*(a) 11,088 69,189 Enstar Group Ltd.* 2,247 343,274 QuinStreet, Inc.* 9,047 94,632 FBL Financial Group, Inc., TrueCar, Inc.* 17,758 45,816 Class A 1,781 63,920 Yelp, Inc.* 13,099 302,980 FedNat Holding Co. 2,158 23,889 1,288,919 Fidelity National Financial, Inc. 2,212 67,820 Internet & Direct Marketing Retail 0.6% Genworth Financial, Inc., 1-800-Flowers.com, Inc., Class A*(a) 94,701 218,759 Class A* 4,669 93,473 Global Indemnity Ltd. 1,618 38,735 Duluth Holdings, Inc., Class Goosehead Insurance, Inc., B*(a) 2,928 21,579 Class A*(a) 2,357 177,152 Groupon, Inc.*(a) 4,523 81,957 Greenlight Capital Re Ltd., Lands' End, Inc.*(a) 2,935 23,597 Class A*(a) 5,065 33,024 Liquidity Services, Inc.* 4,815 28,697 HCI Group, Inc.(a) 1,136 52,461 Overstock.com, Inc.* 7,528 214,021 PetMed Express, Inc. 3,633 129,480 106 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Internet & Direct Marketing Retail Leisure Products Quotient Technology, Inc.* 16,628 121,717 Callaway Golf Co. 17,498 306,390 RealReal, Inc. (The)*(a) 11,615 148,556 Clarus Corp. 3,404 39,418 Rubicon Project, Inc. (The)*(a) 19,198 128,051 Escalade, Inc.(a) 1,777 24,807 Shutterstock, Inc. 3,610 126,242 Johnson Outdoors, Inc., Class Stamps.com, Inc.*(a) 3,023 555,295 A 998 90,838 Stitch Fix, Inc., Class A*(a) 10,451 260,648 Malibu Boats, Inc., Class A* 3,703 192,371 US Auto Parts Network, Inc.* 4,306 37,290 Marine Products Corp. 1,809 25,055 Waitr Holdings, Inc.*(a) 13,362 35,142 MasterCraft Boat Holdings, 2,005,745 Inc.* 3,695 70,390 IT Services 2.0% Nautilus, Inc.* 5,769 53,478 Brightcove, Inc.* 6,370 50,196 Smith & Wesson Brands, Cardtronics plc, Class A* 6,753 161,937 Inc.*(a) 9,916 213,392 Cass Information Systems, Sturm Ruger & Co., Inc.(a) 3,154 239,704 Inc. 2,597 101,361 Vista Outdoor, Inc.* 10,591 153,040 Conduent, Inc.* 32,367 77,357 YETI Holdings, Inc.*(a) 13,756 587,794 CSG Systems International, 2,217,802 Inc. 5,848 242,049 Life Sciences Tools & Services 0.6% Endurance International Group Champions Oncology, Inc.* 1,218 11,644 Holdings, Inc.* 13,071 52,676 ChromaDex Corp.* 6,947 31,887 EVERTEC, Inc. 11,091 311,657 Codexis, Inc.*(a) 9,784 111,538 Evo Payments, Inc., Class A* 7,681 175,357 Fluidigm Corp.*(a) 13,315 53,393 ExlService Holdings, Inc.* 6,057 384,014 Harvard Bioscience, Inc.* 6,593 20,438 GreenSky, Inc., Class A* 11,758 57,614 Luminex Corp.(a) 7,721 251,164 Grid Dynamics Holdings, Inc.* 3,523 24,309 Medpace Holdings, Inc.* 4,968 462,123 GTT Communications, Inc.*(a) 6,460 52,714 NanoString Technologies, Hackett Group, Inc. (The) 4,491 60,808 Inc.*(a) 6,889 202,192 I3 Verticals, Inc., Class A*(a) 2,681 81,100 NeoGenomics, Inc.*(a) 18,835 583,508 Information Services Group, Pacific Biosciences of Inc.* 4,839 10,017 California, Inc.*(a) 26,958 93,005 International Money Express, Personalis, Inc.* 3,912 50,739 Inc.* 2,372 29,555 Quanterix Corp.* 3,484 95,427 KBR, Inc. 26,379 594,846 1,967,058 Limelight Networks, Inc.* 21,306 156,812 Machinery 3.5% LiveRamp Holdings, Inc.* 12,077 512,910 Alamo Group, Inc. 1,821 186,907 ManTech International Corp., Albany International Corp., Class A 4,978 340,943 Class A 5,749 337,524 MAXIMUS, Inc. 11,304 796,367 Altra Industrial Motion Corp. 12,033 383,371 MoneyGram International, Astec Industries, Inc.(a) 4,186 193,854 Inc.*(a) 12,486 40,080 Barnes Group, Inc. 8,606 340,453 NIC, Inc. 11,905 273,339 Blue Bird Corp.* 3,160 47,368 Paysign, Inc.*(a) 6,054 58,784 Chart Industries, Inc.* 6,733 326,483 Perficient, Inc.* 5,820 208,240 CIRCOR International, Inc.* 3,945 100,519 Perspecta, Inc. 25,559 593,736 Columbus McKinnon Corp. 4,239 141,795 PFSweb, Inc.* 2,759 18,430 Douglas Dynamics, Inc. 4,301 151,051 Priority Technology Holdings, Eastern Co. (The) 838 14,975 Inc.* 949 2,458 Energy Recovery, Inc.*(a) 7,061 53,628 Repay Holdings Corp.* 6,476 159,504 Enerpac Tool Group Corp. 9,727 171,195 ServiceSource International, EnPro Industries, Inc. 3,931 193,759 Inc.* 15,198 24,013 ESCO Technologies, Inc. 4,613 389,937 StarTek, Inc.* 4,186 21,265 Evoqua Water Technologies Sykes Enterprises, Inc.* 7,178 198,543 Corp.* 15,720 292,392 TTEC Holdings, Inc. 3,252 151,413 ExOne Co. (The)* 2,034 17,391 Tucows, Inc., Class A*(a) 1,643 94,177 Federal Signal Corp. 10,824 321,798 Unisys Corp.*(a) 11,374 124,090 Franklin Electric Co., Inc.(a) 8,360 439,067 Verra Mobility Corp.* 24,602 252,909 Gencor Industries, Inc.* 1,310 16,558 Virtusa Corp.* 5,169 167,837 Gorman-Rupp Co. (The) 3,311 102,906 6,663,417 Graham Corp. 1,825 23,251 Leisure Products 0.7% Greenbrier Cos., Inc. (The)(a) 5,897 134,157 Acushnet Holdings Corp. 6,356 221,125 Helios Technologies, Inc. 5,347 199,176 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 107

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Machinery Media Hillenbrand, Inc. 13,829 374,351 Emerald Holding, Inc.(a) 4,244 13,072 Hurco Cos., Inc. 1,080 30,208 Entercom Communications Hyster-Yale Materials Corp., Class A(a) 22,648 31,254 Handling, Inc. 1,786 69,047 Entravision Communications John Bean Technologies Corp. 5,806 499,432 Corp., Class A 14,508 20,747 Kadant, Inc. 2,062 205,499 EW Scripps Co. (The), Class A 10,312 90,230 Kennametal, Inc. 15,452 443,627 Fluent, Inc.* 6,890 12,264 L B Foster Co., Class A* 1,729 22,079 Gannett Co., Inc.(a) 22,027 30,397 Lindsay Corp.(a) 1,932 178,150 Gray Television, Inc.* 16,500 230,175 Luxfer Holdings plc 5,314 75,193 Hemisphere Media Group, Lydall, Inc.* 3,520 47,731 Inc.* 2,947 28,969 Manitowoc Co., Inc. (The)* 6,692 72,809 iHeartMedia, Inc., Class A*(a) 5,557 46,401 Mayville Engineering Co., Inc.* 1,040 8,216 Loral Space & Meritor, Inc.*(a) 12,647 250,411 Communications, Inc. 2,633 51,396 Miller Industries, Inc. 2,198 65,434 Meredith Corp.(a) 7,329 106,637 Mueller Industries, Inc. 10,347 275,023 MSG Networks, Inc., Class Mueller Water Products, Inc., A*(a) 7,254 72,177 Class A 29,072 274,149 National CineMedia, Inc. 13,423 39,866 Navistar International Corp.* 9,286 261,865 Saga Communications, Inc., NN, Inc.(a) 9,213 43,670 Class A 884 22,630 Omega Flex, Inc. 491 51,948 Scholastic Corp. 5,542 165,928 Park-Ohio Holdings Corp. 1,692 28,070 Sinclair Broadcast Group, Inc., Proto Labs, Inc.* 4,865 547,167 Class A(a) 9,859 181,997 RBC Bearings, Inc.* 4,552 610,150 TechTarget, Inc.* 4,262 127,988 REV Group, Inc. 5,663 34,544 TEGNA, Inc. 40,714 453,554 Rexnord Corp. 19,503 568,512 Tribune Publishing Co. 2,966 29,630 Shyft Group, Inc. (The)(a) 5,918 99,659 WideOpenWest, Inc.*(a) 10,209 53,802 SPX Corp.* 7,989 328,747 2,500,118 SPX FLOW, Inc.* 7,958 297,948 Standex International Corp. 2,239 128,854 Metals & Mining 1.4% Alcoa Corp.* 34,890 392,164 Tennant Co. 3,313 215,378 Allegheny Technologies, Inc.* 23,865 243,184 Terex Corp. 12,684 238,079 Arconic Corp.*(a) 18,657 259,892 TriMas Corp.* 7,778 186,283 Caledonia Mining Corp. plc 1,888 32,700 Wabash National Corp. 10,361 110,034 Carpenter Technology Corp. 8,969 217,767 Watts Water Technologies, Century Aluminum Co.*(a) 9,669 68,940 Inc., Class A 5,067 410,427 Cleveland-Cliffs, Inc.(a) 73,553 406,013 Welbilt, Inc.* 24,461 148,968 Coeur Mining, Inc.*(a) 44,351 225,303 11,781,177 Commercial Metals Co.(a) 22,118 451,207 Marine 0.1% Compass Minerals Costamare, Inc.(a) 10,331 57,440 International, Inc. 6,229 303,664 Eagle Bulk Shipping, Inc.*(a) 10,384 22,741 Gold Resource Corp. 10,281 42,255 Genco Shipping & Trading Ltd. Haynes International, Inc.(a) 2,455 57,349 (a) 3,746 23,525 Hecla Mining Co.(a) 94,998 310,643 Matson, Inc. 7,806 227,154 Kaiser Aluminum Corp. 2,884 212,320 Pangaea Logistics Solutions Materion Corp. 3,634 223,455 Ltd. 3,243 8,140 Novagold Resources, Inc.* 43,151 396,126 Safe Bulkers, Inc.* 8,372 10,214 Olympic Steel, Inc. 1,562 18,353 Scorpio Bulkers, Inc.(a) 1,363 20,854 Ryerson Holding Corp.* 2,740 15,426 370,068 Schnitzer Steel Industries, Media 0.7% Inc., Class A 5,062 89,294 AMC Networks, Inc., Class SunCoke Energy, Inc. 15,035 44,504 A*(a) 7,223 168,946 TimkenSteel Corp.* 8,625 33,551 Boston Omaha Corp., Class United States Steel Corp. 40,977 295,854 A*(a) 2,124 33,984 Warrior Met Coal, Inc.(a) 9,584 147,498 Cardlytics, Inc.*(a) 4,817 337,094 Worthington Industries, Inc. 6,897 257,258 Central European Media 4,744,720 Enterprises Ltd., Class A* 16,604 58,778 Mortgage Real Estate Investment Trusts (REITs) 1.3% comScore, Inc.* 12,149 37,662 Anworth Mortgage Asset Corp. 21,573 36,674 Daily Journal Corp.*(a) 202 54,540 108 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Mortgage Real Estate Investment Trusts (REITs) Oil, Gas & Consumable Fuels Apollo Commercial Real Arch Resources, Inc.(a) 2,760 78,412 Estate Finance, Inc. 28,848 282,999 Ardmore Shipping Corp.(a) 5,585 24,239 Arbor Realty Trust, Inc. 19,579 180,910 Berry Corp. 13,693 66,137 Ares Commercial Real Estate Bonanza Creek Energy, Inc.* 3,401 50,403 Corp. 5,738 52,331 Brigham Minerals, Inc., Class Arlington Asset Investment A 5,466 67,505 Corp., Class A 6,231 18,506 California Resources Corp.*(a) 9,310 11,358 ARMOUR Residential REIT, Clean Energy Fuels Corp.* 25,767 57,203 Inc. 12,198 114,539 CNX Resources Corp.* 34,027 294,334 Blackstone Mortgage Trust, Comstock Resources, Inc.* 2,430 10,644 Inc., Class A 25,136 605,526 CONSOL Energy, Inc.*(a) 4,452 22,572 Broadmark Realty Capital, Inc. 23,690 224,344 Contango Oil & Gas Co.*(a) 16,100 36,869 Capstead Mortgage Corp. 17,304 94,999 CVR Energy, Inc. 5,371 108,011 Cherry Hill Mortgage Delek US Holdings, Inc.(a) 11,800 205,438 Investment Corp. 2,618 23,614 DHT Holdings, Inc.(a) 19,708 101,102 Chimera Investment Corp. 35,845 344,471 Diamond S Shipping, Inc.*(a) 5,137 41,045 Colony Credit Real Estate, Inc. 16,006 112,362 Dorian LPG Ltd.* 5,916 45,790 Dynex Capital, Inc. 4,071 58,215 Earthstone Energy, Inc., Class Ellington Financial, Inc. 8,052 94,853 A*(a) 6,155 17,480 Ellington Residential Mortgage Energy Fuels, Inc.*(a) 20,345 30,721 REIT 1,601 16,490 Evolution Petroleum Corp. 7,500 21,000 Granite Point Mortgage Trust, Falcon Minerals Corp.(a) 9,225 29,520 Inc. 10,171 73,028 Frontline Ltd. 21,283 148,555 Great Ajax Corp. 4,073 37,472 Golar LNG Ltd.*(a) 17,080 123,659 Hannon Armstrong Goodrich Petroleum Corp.* 1,267 9,122 Sustainable Infrastructure Green Plains, Inc.*(a) 6,845 69,922 Capital, Inc. 12,965 368,984 Gulfport Energy Corp.*(a) 27,128 29,570 Invesco Mortgage Capital, Inc. 26,742 100,015 International Seaways, Inc. 4,257 69,559 KKR Real Estate Finance Kosmos Energy Ltd.(a) 77,352 128,404 Trust, Inc. 5,030 83,397 Magnolia Oil & Gas Corp., Ladder Capital Corp. 19,655 159,206 Class A*(a) 23,278 141,065 MFA Financial, Inc. 85,766 213,557 Matador Resources Co.*(a) 20,658 175,593 New York Mortgage Trust, Inc. 71,881 187,609 Montage Resources Corp.*(a) 3,467 13,695 Orchid Island Capital, Inc. 12,852 60,533 NACCO Industries, Inc., Class PennyMac Mortgage A 590 13,747 Investment Trust 17,808 312,174 NextDecade Corp.*(a) 2,175 4,698 Ready Capital Corp. 6,665 57,919 Nordic American Tankers Ltd. Redwood Trust, Inc. 21,643 151,501 (a) 25,538 103,684 TPG RE Finance Trust, Inc. 11,500 98,900 Overseas Shipholding Group, Two Harbors Investment Corp. 51,480 259,459 Inc., Class A* 12,144 22,588 Western Asset Mortgage Ovintiv, Inc. 48,615 464,273 Capital Corp. 11,774 32,261 Par Pacific Holdings, Inc.* 7,660 68,863 4,456,848 PBF Energy, Inc., Class A(a) 18,213 186,501 PDC Energy, Inc.*(a) 18,739 233,113 Multiline Retail 0.1% Peabody Energy Corp.(a) 11,706 33,713 Big Lots, Inc.(a) 7,388 310,296 Penn Virginia Corp.* 2,512 23,939 Dillard's, Inc., Class A(a) 1,426 36,777 PrimeEnergy Resources Macy's, Inc. 17,681 121,645 Corp.* 81 5,758 468,718 Range Resources Corp. 39,355 221,569 Multi-Utilities 0.5% Renewable Energy Group, Avista Corp. 12,260 446,142 Inc.*(a) 7,053 174,773 Black Hills Corp. 11,648 659,976 REX American Resources NorthWestern Corp. 9,193 501,202 Corp.* 1,047 72,630 Unitil Corp. 2,688 120,476 Scorpio Tankers, Inc.(a) 8,986 115,111 1,727,796 SFL Corp. Ltd. 16,530 153,564 Oil, Gas & Consumable Fuels 1.5% SM Energy Co.(a) 21,106 79,148 Adams Resources & Energy, Southwestern Energy Co.*(a) 101,159 258,967 Inc. 473 12,662 Talos Energy, Inc.*(a) 2,607 23,984 Antero Resources Corp.*(a) 45,268 114,981 Tellurian, Inc.*(a) 29,042 33,398 Uranium Energy Corp.*(a) 37,112 32,573 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 109

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Oil, Gas & Consumable Fuels Pharmaceuticals W&T Offshore, Inc.*(a) 19,008 43,338 Durect Corp.* 35,628 82,657 Whiting Petroleum Corp.*(a) 15,410 17,413 Eloxx Pharmaceuticals, World Fuel Services Corp. 11,679 300,851 Inc.*(a) 4,261 12,911 5,044,766 Endo International plc*(a) 40,423 138,651 Eton Pharmaceuticals, Inc.*(a) 2,795 15,233 Paper & Forest Products 0.5% Boise Cascade Co. 7,223 271,657 Evofem Biosciences, Inc.*(a) 7,432 21,033 Clearwater Paper Corp.*(a) 2,978 107,595 Evolus, Inc.*(a) 4,532 24,020 Domtar Corp. 10,368 218,869 Fulcrum Therapeutics, Inc.*(a) 2,492 45,579 Louisiana-Pacific Corp. 20,940 537,111 Harrow Health, Inc.* 4,440 23,132 Neenah, Inc. 3,044 150,556 IMARA, Inc.* 971 26,829 P H Glatfelter Co. 7,951 127,614 Innoviva, Inc.*(a) 11,622 162,476 Schweitzer-Mauduit Intersect ENT, Inc.* 6,341 85,857 International, Inc. 5,908 197,386 Intra-Cellular Therapies, Verso Corp., Class A 6,519 77,967 Inc.*(a) 10,088 258,959 1,688,755 Kala Pharmaceuticals, Inc.*(a) 6,937 72,908 Kaleido Biosciences, Inc.*(a) 1,924 14,295 Personal Products 0.4% Lannett Co., Inc.*(a) 6,566 47,669 BellRing Brands, Inc., Class A* 7,235 144,266 Liquidia Technologies, Inc.*(a) 3,656 30,784 Edgewell Personal Care Co.* 9,797 305,274 Lyra Therapeutics, Inc.*(a) 883 10,013 elf Beauty, Inc.* 4,867 92,814 Mallinckrodt plc*(a) 16,401 43,955 Inter Parfums, Inc. 3,397 163,565 Marinus Pharmaceuticals, Inc.* 17,154 43,571 Lifevantage Corp.* 2,228 30,123 Menlo Therapeutics, Inc.*(a) 20,779 35,948 Medifast, Inc.(a) 2,125 294,886 MyoKardia, Inc.* 9,111 880,305 Nature's Sunshine Products, NGM Biopharmaceuticals, Inc.* 1,586 14,290 Inc.* 4,259 84,073 Revlon, Inc., Class A*(a) 1,213 12,009 Ocular Therapeutix, Inc.* 9,419 78,460 USANA Health Sciences, Odonate Therapeutics, Inc.* 2,407 101,912 Inc.*(a) 2,104 154,497 Omeros Corp.*(a) 9,276 136,543 Veru, Inc.* 7,425 24,799 Optinose, Inc.*(a) 5,581 41,523 1,236,523 Osmotica Pharmaceuticals Pharmaceuticals 2.1% plc*(a) 2,808 18,898 AcelRx Pharmaceuticals, Inc.* 12,634 15,287 Pacira BioSciences, Inc.*(a) 7,556 396,463 Aerie Pharmaceuticals, Inc.*(a) 6,719 99,172 Paratek Pharmaceuticals, Inc.* 6,806 35,527 Agile Therapeutics, Inc.* 11,745 32,651 Phathom Pharmaceuticals, AMAG Pharmaceuticals, Inc.* 2,013 66,248 Inc.*(a) 6,036 46,175 Phibro Animal Health Corp., Amneal Pharmaceuticals, Class A 3,727 97,908 Inc.*(a) 19,120 91,011 Prestige Consumer Amphastar Pharmaceuticals, Healthcare, Inc.* 9,148 343,599 Inc.* 6,457 145,024 Provention Bio, Inc.* 7,768 109,606 ANI Pharmaceuticals, Inc.* 1,548 50,062 Recro Pharma, Inc.* 3,324 15,124 Aquestive Therapeutics, Relmada Therapeutics, Inc.* 2,577 115,321 Inc.*(a) 2,942 14,298 Revance Therapeutics, Inc.* 10,379 253,455 Arvinas, Inc.*(a) 5,246 175,951 Satsuma Pharmaceuticals, Avenue Therapeutics, Inc.* 993 10,695 Inc.* 1,706 49,065 Axsome Therapeutics, Inc.*(a) 5,098 419,463 scPharmaceuticals, Inc.* 1,065 7,838 Aytu BioScience, Inc.* 5,334 7,574 SIGA Technologies, Inc.* 8,870 52,422 BioDelivery Sciences Strongbridge Biopharma plc* 6,841 25,859 International, Inc.*(a) 16,618 72,454 Supernus Pharmaceuticals, Cara Therapeutics, Inc.*(a) 7,558 129,242 Inc.*(a) 9,043 214,771 Cassava Sciences, Inc.*(a) 4,682 14,421 TherapeuticsMD, Inc.*(a) 44,514 55,642 Cerecor, Inc.*(a) 6,501 16,903 Theravance Biopharma, Chiasma, Inc.*(a) 6,774 36,444 Inc.*(a) 8,406 176,442 Collegium Pharmaceutical, Tricida, Inc.* 5,089 139,846 Inc.*(a) 6,330 110,775 Verrica Pharmaceuticals, Corcept Therapeutics, Inc.*(a) 17,588 295,830 Inc.*(a) 2,273 25,026 CorMedix, Inc.*(a) 5,281 33,270 WaVe Life Sciences Ltd.*(a) 3,673 38,236 Cymabay Therapeutics, Xeris Pharmaceuticals, Inc.*(a) 7,869 20,932 Inc.*(a) 13,110 45,754 110 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Pharmaceuticals Real Estate Management & Development Zogenix, Inc.* 10,216 275,934 Transcontinental Realty 6,915,914 Investors, Inc.* 231 6,935 2,426,680 Professional Services 1.3% Acacia Research Corp.* 7,232 29,579 Road & Rail 0.6% Akerna Corp.*(a) 1,932 17,002 ArcBest Corp. 4,652 123,324 ASGN, Inc.* 9,383 625,658 Avis Budget Group, Inc.*(a) 9,918 227,023 Barrett Business Services, Inc. 1,407 74,754 Covenant Transportation BG Staffing, Inc. 1,650 18,678 Group, Inc., Class A* 2,660 38,384 CBIZ, Inc.* 9,134 218,942 Daseke, Inc.* 10,256 40,306 CRA International, Inc. 1,433 56,603 Heartland Express, Inc. 8,072 168,059 Exponent, Inc. 9,410 761,551 Hertz Global Holdings, Inc.*(a) 18,251 25,734 Forrester Research, Inc.*(a) 1,821 58,345 Marten Transport Ltd. 7,230 181,907 Franklin Covey Co.* 2,389 51,125 PAM Transportation Services, GP Strategies Corp.*(a) 2,243 19,245 Inc.* 334 10,270 Heidrick & Struggles Saia, Inc.* 4,864 540,780 International, Inc. 3,648 78,870 Universal Logistics Holdings, Huron Consulting Group, Inc.* 4,039 178,726 Inc. 1,585 27,547 ICF International, Inc. 3,355 217,505 US Xpress Enterprises, Inc., Insperity, Inc. 6,680 432,396 Class A*(a) 4,986 29,916 Kelly Services, Inc., Class A 6,598 104,347 Werner Enterprises, Inc. 11,113 483,749 Kforce, Inc. 3,638 106,411 1,896,999 Korn Ferry 10,281 315,935 Semiconductors & Semiconductor Equipment 2.7% Mastech Digital, Inc.* 814 21,107 Advanced Energy Industries, Mistras Group, Inc.* 3,322 13,122 Inc.* 6,963 472,022 Red Violet, Inc.* 1,045 18,434 Alpha & Omega Resources Connection, Inc. 5,849 70,013 Semiconductor Ltd.* 3,600 39,168 TriNet Group, Inc.* 7,661 466,861 Ambarella, Inc.* 6,008 275,166 TrueBlue, Inc.* 6,610 100,935 Amkor Technology, Inc.* 18,838 231,896 Upwork, Inc.*(a) 17,035 245,985 Atomera, Inc.*(a) 2,660 23,940 Willdan Group, Inc.*(a) 1,679 41,992 Axcelis Technologies, Inc.* 5,921 164,900 4,344,121 AXT, Inc.* 6,522 31,045 Real Estate Management & Development 0.7% Brooks Automation, Inc. 13,432 594,232 Altisource Portfolio Solutions Cabot Microelectronics Corp. 5,316 741,795 SA* 1,085 15,993 CEVA, Inc.* 3,999 149,642 American Realty Investors, Cohu, Inc. 7,321 126,946 Inc.*(a) 423 3,803 CyberOptics Corp.* 1,306 42,066 CTO Realty Growth, Inc. 829 32,745 Diodes, Inc.* 7,797 395,308 Cushman & Wakefield plc*(a) 20,568 256,277 DSP Group, Inc.* 3,736 59,328 eXp World Holdings, Inc.*(a) 4,370 74,509 FormFactor, Inc.* 13,988 410,268 Forestar Group, Inc.* 3,097 46,703 GSI Technology, Inc.* 2,388 17,146 FRP Holdings, Inc.* 1,232 49,995 Ichor Holdings Ltd.* 3,924 104,300 Griffin Industrial Realty, Inc.(a) 355 19,230 Impinj, Inc.*(a) 3,197 87,822 Kennedy-Wilson Holdings, Inc. Lattice Semiconductor Corp.* 24,625 699,104 (a) 22,821 347,336 MACOM Technology Solutions Marcus & Millichap, Inc.* 4,290 123,809 Holdings, Inc.*(a) 8,519 292,628 Maui Land & Pineapple Co., MaxLinear, Inc.*(a) 12,371 265,482 Inc.* 983 10,911 NeoPhotonics Corp.* 8,876 78,819 Newmark Group, Inc., Class A 27,531 133,801 NVE Corp. 875 54,101 Rafael Holdings, Inc., Class B* 1,686 24,228 Onto Innovation, Inc.* 8,657 294,684 RE/MAX Holdings, Inc., Class PDF Solutions, Inc.* 5,399 105,604 A 3,465 108,905 Photronics, Inc.* 10,326 114,928 Realogy Holdings Corp.(a) 21,882 162,146 Pixelworks, Inc.* 6,376 20,594 Redfin Corp.*(a) 17,684 741,136 Power Integrations, Inc.(a) 5,351 632,114 RMR Group, Inc. (The), Class Rambus, Inc.* 20,358 309,442 A 2,869 84,549 Semtech Corp.* 11,864 619,538 St Joe Co. (The)*(a) 5,807 112,772 Silicon Laboratories, Inc.* 7,881 790,228 Stratus Properties, Inc.* 994 19,691 SiTime Corp.* 967 45,845 Tejon Ranch Co.* 3,556 51,206 SMART Global Holdings, Inc.* 2,626 71,375 SunPower Corp.*(a) 13,467 103,157 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 111

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Semiconductors & Semiconductor Equipment Software Synaptics, Inc.*(a) 6,301 378,816 Rosetta Stone, Inc.* 4,196 70,745 Ultra Clean Holdings, Inc.* 7,171 162,280 SailPoint Technologies Veeco Instruments, Inc.*(a) 8,844 119,305 Holdings, Inc.* 16,216 429,238 9,125,034 Sapiens International Corp. Software 5.3% NV 4,703 131,590 8x8, Inc.* 18,430 294,880 SeaChange International, Inc.* 4,305 6,501 A10 Networks, Inc.* 11,277 76,796 SecureWorks Corp., Class A* 1,334 15,248 ACI Worldwide, Inc.* 20,787 561,041 ShotSpotter, Inc.*(a) 1,664 41,933 Agilysys, Inc.* 3,392 60,852 Smith Micro Software, Inc.*(a) 5,952 26,546 Alarm.com Holdings, Inc.* 8,349 541,099 Sprout Social, Inc., Class A*(a) 1,659 44,793 Altair Engineering, Inc., Class SPS Commerce, Inc.* 6,497 488,055 A*(a) 7,570 300,907 SVMK, Inc.* 21,937 516,397 American Software, Inc., Class Synchronoss Technologies, A 5,525 87,074 Inc.* 8,177 28,865 Appfolio, Inc., Class A*(a) 2,925 475,927 Telenav, Inc.* 6,587 36,163 Appian Corp.*(a) 6,084 311,805 Tenable Holdings, Inc.* 11,144 332,203 Asure Software, Inc.* 1,839 11,825 Upland Software, Inc.*(a) 4,111 142,898 Avaya Holdings Corp.*(a) 17,322 214,100 Varonis Systems, Inc.* 5,768 510,353 Benefitfocus, Inc.*(a) 5,719 61,536 Verint Systems, Inc.* 11,820 534,028 Blackbaud, Inc. 9,171 523,481 Veritone, Inc.*(a) 4,454 66,186 Blackline, Inc.*(a) 9,227 765,011 VirnetX Holding Corp.(a) 11,591 75,341 Bottomline Technologies DE, Workiva, Inc.* 7,059 377,586 Inc.* 7,977 404,992 Xperi Holding Corp. 19,810 292,396 Box, Inc., Class A* 27,098 562,554 Yext, Inc.*(a) 18,628 309,411 Cerence, Inc.*(a) 6,821 278,570 Zix Corp.*(a) 9,871 68,110 ChannelAdvisor Corp.*(a) 4,957 78,519 Zuora, Inc., Class A* 18,212 232,203 Cloudera, Inc.*(a) 38,064 484,174 17,996,077 CommVault Systems, Inc.* 7,649 296,016 Specialty Retail 2.3% Cornerstone OnDemand, Inc.* 11,211 432,296 Aaron's, Inc. 12,510 567,954 Digimarc Corp.*(a) 2,460 39,335 Abercrombie & Fitch Co., Digital Turbine, Inc.*(a) 15,239 191,554 Class A(a) 11,878 126,382 Domo, Inc., Class B*(a) 4,761 153,161 American Eagle Outfitters, Inc. Ebix, Inc.(a) 5,118 114,438 (a) 27,824 303,282 eGain Corp.* 3,388 37,641 America's Car-Mart, Inc.* 1,118 98,239 Envestnet, Inc.* 9,771 718,559 Asbury Automotive Group, ForeScout Technologies, Inc.* 3,617 279,703 Inc.*(a) 8,749 185,479 At Home Group, Inc.* 9,264 60,123 GlobalSCAPE, Inc. 2,759 26,900 Bed Bath & Beyond, Inc.(a) 23,902 253,361 GTY Technology Holdings, Boot Barn Holdings, Inc.*(a) 5,448 117,459 Inc.*(a) 8,361 34,824 Buckle, Inc. (The)(a) 5,714 89,596 Intelligent Systems Corp.*(a) 1,334 45,463 Caleres, Inc. 7,504 62,583 J2 Global, Inc.*(a) 8,427 532,671 Camping World Holdings, Inc., LivePerson, Inc.*(a) 11,103 459,997 Class A(a) 6,198 168,338 Majesco* 1,044 8,206 Cato Corp. (The), Class A 3,795 31,043 MicroStrategy, Inc., Class A* 1,427 168,800 Chico's FAS, Inc.(a) 22,008 30,371 Mimecast Ltd.* 10,337 430,639 Children's Place, Inc. (The)(a) 2,747 102,793 Mitek Systems, Inc.* 4,713 45,292 Citi Trends, Inc. 1,925 38,923 MobileIron, Inc.* 16,751 82,582 Conn's, Inc.*(a) 3,386 34,165 Model N, Inc.* 6,132 213,148 Container Store Group, Inc. OneSpan, Inc.* 6,008 167,803 (The)*(a) 5,056 16,381 Park City Group, Inc.* 1,860 7,868 Designer Brands, Inc., Class Ping Identity Holding Corp.*(a) 2,998 96,206 A(a) 11,524 78,017 Progress Software Corp. 8,171 316,626 Envela Corp.* 1,899 11,584 PROS Holdings, Inc.* 7,343 326,249 Express, Inc.*(a) 12,256 18,874 Q2 Holdings, Inc.*(a) 9,016 773,483 GameStop Corp., Class A*(a) 11,293 49,012 QAD, Inc., Class A 2,142 88,422 Genesco, Inc.* 2,626 56,879 Qualys, Inc.*(a) 6,196 644,508 Group 1 Automotive, Inc. 3,292 217,173 Rapid7, Inc.*(a) 9,207 469,741 GrowGeneration Corp.* 5,091 34,822 Rimini Street, Inc.* 3,153 16,238 Guess?, Inc.(a) 8,169 78,994 112 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Specialty Retail Thrifts & Mortgage Finance 1.7% Haverty Furniture Cos., Inc. 3,453 55,248 Axos Financial, Inc.*(a) 10,276 226,894 Hibbett Sports, Inc.*(a) 2,948 61,731 Bogota Financial Corp.* 1,775 15,513 Hudson Ltd., Class A* 6,944 33,817 Bridgewater Bancshares, Inc.* 3,935 40,334 Lithia Motors, Inc., Class A(a) 4,058 614,097 Capitol Federal Financial, Inc. 24,436 269,040 Lumber Liquidators Holdings, Columbia Financial, Inc.* 9,118 127,242 Inc.*(a) 5,580 77,339 ESSA Bancorp, Inc. 1,831 25,487 MarineMax, Inc.* 4,015 89,896 Essent Group Ltd. 18,214 660,622 Michaels Cos., Inc. (The)*(a) 13,537 95,707 Federal Agricultural Mortgage Monro, Inc.(a) 6,141 337,387 Corp., Class C 1,660 106,257 Murphy USA, Inc.* 5,112 575,560 Flagstar Bancorp, Inc. 6,533 192,266 National Vision Holdings, FS Bancorp, Inc. 664 25,610 Inc.*(a) 14,841 452,947 Greene County Bancorp, Inc. 804 17,929 Office Depot, Inc. 97,671 229,527 Hingham Institution for OneWater Marine, Inc., Class Savings 287 48,153 A*(a) 821 19,934 Home Bancorp, Inc. 1,676 44,833 Rent-A-Center, Inc. 8,830 245,651 HomeStreet, Inc. 3,111 76,562 Restoration Hardware Kearny Financial Corp. 14,080 115,174 Holdings, Inc.*(a) 3,091 769,350 Luther Burbank Corp. 3,310 33,100 Sally Beauty Holdings, Inc.*(a) 20,828 260,975 Merchants Bancorp 1,541 28,493 Shoe Carnival, Inc.(a) 1,667 48,793 Meridian Bancorp, Inc. 8,505 98,658 Signet Jewelers Ltd.(a) 10,106 103,789 Meta Financial Group, Inc.(a) 5,980 108,657 Sleep Number Corp.*(a) 5,121 213,238 MMA Capital Holdings, Inc.* 767 17,733 Sonic Automotive, Inc., Class Mr. Cooper Group, Inc.*(a) 14,395 179,074 A(a) 4,331 138,202 NMI Holdings, Inc., Class A* 12,622 202,962 Sportsman's Warehouse Northfield Bancorp, Inc. 8,708 100,316 Holdings, Inc.* 8,068 114,969 Northwest Bancshares, Inc. 21,489 219,725 Tilly's, Inc., Class A 4,152 23,542 Oconee Federal Financial Urban Outfitters, Inc.*(a) 12,964 197,312 Corp. 303 7,808 Winmark Corp. 518 88,702 OP Bancorp 2,329 16,070 Zumiez, Inc.* 4,066 111,327 PCSB Financial Corp. 3,228 40,931 7,885,091 PDL Community Bancorp* 1,297 13,203 PennyMac Financial Services, Technology Hardware, Storage & Peripherals 0.2% Inc. 8,368 349,699 3D Systems Corp.*(a) 21,171 147,985 Pioneer Bancorp, Inc.*(a) 2,799 25,611 Avid Technology, Inc.* 5,700 41,439 Premier Financial Corp. 6,963 123,036 Diebold Nixdorf, Inc.*(a) 13,129 79,562 Provident Bancorp, Inc. 1,307 10,273 Eastman Kodak Co.* 3,891 8,677 Provident Financial Holdings, Immersion Corp.*(a) 3,677 22,908 Inc. 1,586 21,268 Intevac, Inc.* 3,715 20,284 Provident Financial Services, Quantum Corp.*(a) 5,729 22,114 Super Micro Computer, Inc.* 8,296 235,523 Inc. 10,849 156,768 578,492 Prudential Bancorp, Inc. 1,380 16,615 Radian Group, Inc. 35,507 550,714 Textiles, Apparel & Luxury Goods 0.8% Riverview Bancorp, Inc. 5,172 29,222 Crocs, Inc.* 12,306 453,107 Security National Financial Deckers Outdoor Corp.* 5,163 1,013,962 Corp., Class A* 2,128 14,353 Fossil Group, Inc.*(a) 8,914 41,450 Southern Missouri Bancorp, G-III Apparel Group Ltd.*(a) 8,258 109,749 Inc. 1,677 40,751 Kontoor Brands, Inc. 9,799 174,520 Standard AVB Financial Corp. 910 21,112 Lakeland Industries, Inc.*(a) 1,346 30,191 Sterling Bancorp, Inc. 2,706 9,687 Movado Group, Inc. 2,805 30,406 Territorial Bancorp, Inc. 1,673 39,801 Oxford Industries, Inc.(a) 3,072 135,199 Timberland Bancorp, Inc. 1,742 31,722 Rocky Brands, Inc. 1,288 26,481 TrustCo Bank Corp. 17,133 108,452 Steven Madden Ltd. 15,263 376,843 Walker & Dunlop, Inc. 5,155 261,926 Superior Group of Cos., Inc. 2,431 32,575 Washington Federal, Inc. 14,002 375,814 Unifi, Inc.* 2,599 33,475 Waterstone Financial, Inc. 4,538 67,299 Vera Bradley, Inc.*(a) 5,093 22,613 Western New England Wolverine World Wide, Inc. 14,918 355,198 Bancorp, Inc. 4,014 23,241 2,835,769 WSFS Financial Corp. 9,384 269,321 5,605,331 NVIT Small Cap Index Fund - June 30, 2020 (Unaudited) - Statement of Investments - 113

Common Stocks Common Stocks

Shares Value ($) Shares Value ($) Tobacco 0.1% Wireless Telecommunication Services Turning Point Brands, Inc.(a) 1,686 41,998 Shenandoah Universal Corp. 4,471 190,062 Telecommunications Co.(a) 8,806 434,048 Vector Group Ltd.(a) 24,982 251,319 Spok Holdings, Inc. 2,885 26,975 483,379 609,197 Trading Companies & Distributors 1.4% Total Common Stocks Alta Equipment Group, Inc.* 3,306 25,688 (cost $320,658,043) 325,119,121 Applied Industrial Rights 0.0%† Technologies, Inc. 7,193 448,771 Beacon Roofing Supply, Inc.* 10,236 269,923 Number of BMC Stock Holdings, Inc.* 12,495 314,124 Rights † CAI International, Inc.* 2,717 45,265 Biotechnology 0.0% DXP Enterprises, Inc.* 3,184 63,393 Oncternal Therapeutics, Inc., EVI Industries, Inc.*(a) 725 15,740 CVR*∞ 97 199 Foundation Building Materials, Total Rights Inc.* 4,060 63,377 (cost $–) 199 GATX Corp.(a) 6,474 394,785 General Finance Corp.* 2,166 14,534 Repurchase Agreements 13.1% GMS, Inc.* 7,860 193,277 Principal H&E Equipment Services, Inc. Amount ($) (a) 5,979 110,492 Bank of America NA, Herc Holdings, Inc.* 4,439 136,411 0.09%, dated 6/30/2020, Kaman Corp.(a) 5,111 212,618 due 7/1/2020, repurchase Lawson Products, Inc.* 707 22,808 price $7,190,195, MRC Global, Inc.* 14,536 85,908 collateralized by U.S. Nesco Holdings, Inc.* 2,921 11,742 Government Agency NOW, Inc.* 20,842 179,867 Securities, 3.00%, Rush Enterprises, Inc., Class A 4,886 202,574 maturing 7/20/2049; total Rush Enterprises, Inc., Class market value $7,333,981. B 785 27,993 (c)(d) 7,190,177 7,190,177 SiteOne Landscape Supply, BofA Securities, Inc., Inc.* 7,695 876,999 0.09%, dated 6/30/2020, Systemax, Inc. 2,547 52,315 due 7/1/2020, repurchase Textainer Group Holdings Ltd.* 9,227 75,477 price $4,000,010, Titan Machinery, Inc.* 3,208 34,839 collateralized by U.S. Transcat, Inc.* 1,170 30,256 Government Agency Triton International Ltd. 9,538 288,429 Securities, 0.15%, Veritiv Corp.* 2,674 45,351 maturing 12/14/2020; total WESCO International, Inc.* 9,164 321,748 market value $4,080,378. Willis Lease Finance Corp.* 498 12,091 (c)(d) 4,000,000 4,000,000 4,576,795 CF Secured, LLC, Water Utilities 0.5% 0.09%, dated 6/30/2020, American States Water Co. 6,705 527,214 due 7/1/2020, repurchase Artesian Resources Corp., price $3,000,008, Class A 1,355 49,173 collateralized by U.S. Cadiz, Inc.*(a) 3,078 31,272 Government Agency California Water Service and Treasury Securities, Group 8,891 424,101 ranging from 0.00% - Consolidated Water Co. Ltd. 2,443 35,253 5.00%, maturing 9/8/2020 Global Water Resources, Inc. 2,176 22,935 - 7/20/2069; total market Middlesex Water Co. 3,123 209,803 value $3,060,008.(c)(d) 3,000,000 3,000,000 Pure Cycle Corp.* 3,121 28,682 SJW Group 4,787 297,321 York Water Co. (The) 2,364 113,377 1,739,131 Wireless Telecommunication Services 0.2% Boingo Wireless, Inc.* 8,066 107,439 Gogo, Inc.*(a) 12,891 40,735 114 - Statement of Investments - June 30, 2020 (Unaudited) - NVIT Small Cap Index Fund

Repurchase Agreements * Denotes a non-income producing security. ^ Value determined using significant unobservable inputs. Principal ∞ Fair valued security. Amount ($) Value ($) † Amount rounds to less than 0.1%. NatWest Markets Securities, (a) The security or a portion of this security is on loan at June Inc., 30, 2020. The total value of securities on loan at June 30, 0.08%, dated 6/30/2020, 2020 was $74,094,227, which was collateralized by cash due 7/7/2020, repurchase used to purchase repurchase agreements with a total value price $10,000,156, of $44,190,177 and by $31,289,095 of collateral in the form collateralized by U.S. of U.S. Government Treasury Securities, interest rates Government Treasury ranging from 0.00% – 8.75%, and maturity dates ranging Securities, ranging from from 7/9/2020 – 2/15/2050, a total value of $75,479,272. 0.13% - 4.25%, maturing (b) Rule 144A, Section 4(2), or other security which is restricted 1/15/2021 - 2/15/2042; as to sale to institutional investors. These securities were total market value deemed liquid pursuant to procedures approved by the Board $10,200,027.(c)(d) 10,000,000 10,000,000 of Trustees. The liquidity determination is unaudited. The Nomura Securities aggregate value of these securities at June 30, 2020 was International, Inc., $317,856 which represents 0.09% of net assets. 0.07%, dated 6/30/2020, (c) Security was purchased with cash collateral held from due 7/1/2020, repurchase securities on loan. The total value of securities purchased price $6,000,012, with cash collateral as of June 30, 2020 was $44,190,177. collateralized by U.S. (d) Please refer to Note 2 for additional information on the joint Government Treasury repurchase agreement. Securities, ranging from CVR Contingent Value Rights 0.00% - 2.50%, maturing Reg. S Regulation S - Security was purchased pursuant 8/31/2021 - 5/15/2050; to Regulation S under the Securities Act of total market value 1933, which exempts from registration securities $6,120,000.(c)(d) 6,000,000 6,000,000 offered and sold outside of the United States. Pershing LLC, Such security cannot be sold in the United States 0.14%, dated 6/30/2020, without either an effective registration statement due 7/1/2020, repurchase filed pursuant to the Securities Act of 1933 or price $14,000,055, pursuant to an exemption from registration. collateralized by U.S. Currently there is no restriction on trading this Government Agency security. and Treasury Securities, REIT Real Estate Investment Trust ranging from 0.00% - 10.00%, maturing 7/23/2020 - 12/20/2069; total market value $14,280,005.(c)(d) 14,000,000 14,000,000 Total Repurchase Agreements (cost $44,190,177) 44,190,177 Total Investments (cost $364,848,220) — 109.6% 369,309,497 Liabilities in excess of other assets — (9.6)% (32,207,201) NET ASSETS — 100.0% $ 337,102,296

Futures contracts outstanding as of June 30, 2020: Value and Unrealized Number of Expiration Trading Notional Appreciation Description Contracts Date Currency Amount ($) (Depreciation) ($) Long Contracts Russell 2000 E-Mini Index 167 9/2020 USD 12,003,960 273,895 273,895 At June 30, 2020, the Fund had $1,080,400 segregated as collateral with the broker for open futures contracts. Currency: USD United States Dollar

The accompanying notes are an integral part of these financial statements. This page intentionally left blank 116 - Statements of Assets and Liabilities - June 30, 2020 (Unaudited) - Index Funds

NVIT International Index NVIT Bond Index Fund Fund NVIT Mid Cap Index Fund NVIT S&P 500 Index Fund NVIT Small Cap Index Fund Assets: Investment securities of affiliated issuers, at value $ 116,771‌ $ —‌ $ —‌ $ —‌ $ —‌ Investment securities of unaffiliated issuers, at value* 2,409,580,662‌ 1,824,653,250‌ 1,189,360,967‌ 3,874,146,317‌ 325,119,320‌ Repurchase agreement, at value 45,574,931‌ 40,054,771‌ 64,561,206‌ 24,450,957‌ 44,190,177‌ Cash 133,305,917‌ 627,744‌ 24,376,330‌ 63,775,544‌ 10,910,721‌ Deposits with broker for futures contracts —‌ 2,710,632‌ 2,167,000‌ 5,770,000‌ 1,080,400‌ Foreign currencies, at value —‌ 16,261,066‌ —‌ —‌ —‌ Interest and dividends receivable 13,105,996‌ 2,249,308‌ 1,224,790‌ 3,046,492‌ 289,765‌ Security lending income receivable 9,454‌ 31,826‌ 27,528‌ 43,969‌ 42,365‌ Receivable for investments sold 28,339,143‌ —‌ —‌ —‌ 211,243‌ Receivable for capital shares issued 2,832,176‌ 408,154‌ 402,844‌ 1,937,852‌ 171,621‌ Reclaims receivable —‌ 5,231,430‌ —‌ —‌ —‌ Receivable for variation margin on futures contracts —‌ —‌ 330,572‌ 1,000,661‌ 120,235‌ Receivable for reimbursement from investment adviser (Note 3) —‌ —‌ —‌ —‌ 237‌ Prepaid expenses 13,791‌ 9,979‌ 6,556‌ 20,820‌ 1,788‌ Total Assets 2,632,878,841‌ 1,892,238,160‌ 1,282,457,793‌ 3,974,192,612‌ 382,137,872‌ Liabilities: Payable for investments purchased 156,576,580‌ —‌ 2,831,685‌ —‌ 372,646‌ Payable for capital shares redeemed 485,847‌ 662,351‌ 512,133‌ 1,202,645‌ 103,145‌ Payable for variation margin on futures contracts —‌ 80,673‌ —‌ —‌ —‌ TBA Sale Commitments, at value 80,371‌ —‌ —‌ —‌ —‌ Payable upon return of securities loaned (Note 2) 45,574,931‌ 40,054,771‌ 64,561,206‌ 24,450,957‌ 44,190,177‌ Accrued expenses and other payables: Investment advisory fees 357,588‌ 363,564‌ 205,144‌ 356,870‌ 52,044‌ Fund administration fees 73,505‌ 63,693‌ 45,375‌ 117,437‌ 19,268‌ Distribution fees —‌ 35,633‌ 4,040‌ 191,639‌ 30,255‌ Administrative servicing fees 55,678‌ 28,899‌ 74,228‌ 73,138‌ 5,461‌ Accounting and transfer agent fees 19,281‌ 392‌ 408‌ 644‌ 3,341‌ Trustee fees 3,551‌ 3,371‌ 2,080‌ 5,585‌ 537‌ Due to custodian —‌ —‌ —‌ —‌ 171,154‌ Custodian fees 14,489‌ 16,358‌ 22,651‌ 5,242‌ 11,774‌ Compliance program costs (Note 3) 2,606‌ 2,125‌ 1,461‌ 4,391‌ 378‌ Professional fees 22,432‌ 11,859‌ 15,446‌ 16,033‌ 14,250‌ Printing fees 9,147‌ 7,068‌ 13,010‌ 10,145‌ 7,189‌ Other 6,120‌ 55,084‌ 4,868‌ 46,861‌ 53,957‌ Total Liabilities 203,282,126‌ 41,385,841‌ 68,293,735‌ 26,481,587‌ 45,035,576‌ Net Assets $ 2,429,596,715‌ $ 1,850,852,319‌ $ 1,214,164,058‌ $ 3,947,711,025‌ $ 337,102,296‌ * Includes value of securities on loan (Note 2) 150,488,317‌ 89,130,394‌ 162,592,459‌ 247,925,716‌ 74,094,227‌ Cost of investment securities of affiliated issuers 66,156‌ —‌ —‌ —‌ —‌ Cost of investment securities of unaffiliated issuers 2,212,619,929‌ 1,674,390,927‌ 1,046,029,716‌ 1,852,377,298‌ 320,658,043‌ Cost of repurchase agreement 45,574,931‌ 40,054,771‌ 64,561,206‌ 24,450,957‌ 44,190,177‌ Cost of foreign currencies —‌ 16,250,648‌ —‌ —‌ —‌ Represented by: Capital $ 2,197,357,001‌ $ 1,747,595,023‌ $ 989,104,990‌ $ 1,857,940,135‌ $ 310,628,626‌ Total distributable earnings (loss) 232,239,714‌ 103,257,296‌ 225,059,068‌ 2,089,770,890‌ 26,473,670‌ Net Assets $ 2,429,596,715‌ $ 1,850,852,319‌ $ 1,214,164,058‌ $ 3,947,711,025‌ $ 337,102,296‌

The accompanying notes are an integral part of these financial statements. Index Funds - June 30, 2020 (Unaudited) - Statements of Assets and Liabilities - 117

NVIT International Index NVIT Bond Index Fund Fund NVIT Mid Cap Index Fund NVIT S&P 500 Index Fund NVIT Small Cap Index Fund Assets: Investment securities of affiliated issuers, at value $ 116,771‌ $ —‌ $ —‌ $ —‌ $ —‌ Investment securities of unaffiliated issuers, at value* 2,409,580,662‌ 1,824,653,250‌ 1,189,360,967‌ 3,874,146,317‌ 325,119,320‌ Repurchase agreement, at value 45,574,931‌ 40,054,771‌ 64,561,206‌ 24,450,957‌ 44,190,177‌ Cash 133,305,917‌ 627,744‌ 24,376,330‌ 63,775,544‌ 10,910,721‌ Deposits with broker for futures contracts —‌ 2,710,632‌ 2,167,000‌ 5,770,000‌ 1,080,400‌ Foreign currencies, at value —‌ 16,261,066‌ —‌ —‌ —‌ Interest and dividends receivable 13,105,996‌ 2,249,308‌ 1,224,790‌ 3,046,492‌ 289,765‌ Security lending income receivable 9,454‌ 31,826‌ 27,528‌ 43,969‌ 42,365‌ Receivable for investments sold 28,339,143‌ —‌ —‌ —‌ 211,243‌ Receivable for capital shares issued 2,832,176‌ 408,154‌ 402,844‌ 1,937,852‌ 171,621‌ Reclaims receivable —‌ 5,231,430‌ —‌ —‌ —‌ Receivable for variation margin on futures contracts —‌ —‌ 330,572‌ 1,000,661‌ 120,235‌ Receivable for reimbursement from investment adviser (Note 3) —‌ —‌ —‌ —‌ 237‌ Prepaid expenses 13,791‌ 9,979‌ 6,556‌ 20,820‌ 1,788‌ Total Assets 2,632,878,841‌ 1,892,238,160‌ 1,282,457,793‌ 3,974,192,612‌ 382,137,872‌ Liabilities: Payable for investments purchased 156,576,580‌ —‌ 2,831,685‌ —‌ 372,646‌ Payable for capital shares redeemed 485,847‌ 662,351‌ 512,133‌ 1,202,645‌ 103,145‌ Payable for variation margin on futures contracts —‌ 80,673‌ —‌ —‌ —‌ TBA Sale Commitments, at value 80,371‌ —‌ —‌ —‌ —‌ Payable upon return of securities loaned (Note 2) 45,574,931‌ 40,054,771‌ 64,561,206‌ 24,450,957‌ 44,190,177‌ Accrued expenses and other payables: Investment advisory fees 357,588‌ 363,564‌ 205,144‌ 356,870‌ 52,044‌ Fund administration fees 73,505‌ 63,693‌ 45,375‌ 117,437‌ 19,268‌ Distribution fees —‌ 35,633‌ 4,040‌ 191,639‌ 30,255‌ Administrative servicing fees 55,678‌ 28,899‌ 74,228‌ 73,138‌ 5,461‌ Accounting and transfer agent fees 19,281‌ 392‌ 408‌ 644‌ 3,341‌ Trustee fees 3,551‌ 3,371‌ 2,080‌ 5,585‌ 537‌ Due to custodian —‌ —‌ —‌ —‌ 171,154‌ Custodian fees 14,489‌ 16,358‌ 22,651‌ 5,242‌ 11,774‌ Compliance program costs (Note 3) 2,606‌ 2,125‌ 1,461‌ 4,391‌ 378‌ Professional fees 22,432‌ 11,859‌ 15,446‌ 16,033‌ 14,250‌ Printing fees 9,147‌ 7,068‌ 13,010‌ 10,145‌ 7,189‌ Other 6,120‌ 55,084‌ 4,868‌ 46,861‌ 53,957‌ Total Liabilities 203,282,126‌ 41,385,841‌ 68,293,735‌ 26,481,587‌ 45,035,576‌ Net Assets $ 2,429,596,715‌ $ 1,850,852,319‌ $ 1,214,164,058‌ $ 3,947,711,025‌ $ 337,102,296‌ * Includes value of securities on loan (Note 2) 150,488,317‌ 89,130,394‌ 162,592,459‌ 247,925,716‌ 74,094,227‌ Cost of investment securities of affiliated issuers 66,156‌ —‌ —‌ —‌ —‌ Cost of investment securities of unaffiliated issuers 2,212,619,929‌ 1,674,390,927‌ 1,046,029,716‌ 1,852,377,298‌ 320,658,043‌ Cost of repurchase agreement 45,574,931‌ 40,054,771‌ 64,561,206‌ 24,450,957‌ 44,190,177‌ Cost of foreign currencies —‌ 16,250,648‌ —‌ —‌ —‌ Represented by: Capital $ 2,197,357,001‌ $ 1,747,595,023‌ $ 989,104,990‌ $ 1,857,940,135‌ $ 310,628,626‌ Total distributable earnings (loss) 232,239,714‌ 103,257,296‌ 225,059,068‌ 2,089,770,890‌ 26,473,670‌ Net Assets $ 2,429,596,715‌ $ 1,850,852,319‌ $ 1,214,164,058‌ $ 3,947,711,025‌ $ 337,102,296‌ 118 - Statements of Assets and Liabilities - June 30, 2020 (Unaudited) - Index Funds

NVIT International Index NVIT Bond Index Fund Fund NVIT Mid Cap Index Fund NVIT S&P 500 Index Fund NVIT Small Cap Index Fund Net Assets: Class I Shares $ 486,755,949‌ $ 129,617,521‌ $ 565,728,149‌ $ 332,569,305‌ $ —‌ Class II Shares —‌ 16,763,064‌ 19,490,784‌ 941,474,525‌ 150,100,191‌ Class IV Shares —‌ —‌ —‌ 184,675,578‌ —‌ Class VIII Shares —‌ 97,442,621‌ —‌ —‌ —‌ Class Y Shares 1,942,840,766‌ 1,607,029,113‌ 628,945,125‌ 2,488,991,617‌ 187,002,105‌ Total $ 2,429,596,715‌ $ 1,850,852,319‌ $ 1,214,164,058‌ $ 3,947,711,025‌ $ 337,102,296‌ Shares Outstanding (unlimited number of shares authorized): Class I Shares 43,074,448‌ 14,315,927‌ 30,155,954‌ 17,498,612‌ —‌ Class II Shares —‌ 1,854,832‌ 1,052,017‌ 49,880,347‌ 21,458,788‌ Class IV Shares —‌ —‌ —‌ 9,696,491‌ —‌ Class VIII Shares —‌ 10,849,333‌ —‌ —‌ —‌ Class Y Shares 171,497,188‌ 177,056,573‌ 33,454,610‌ 130,683,728‌ 26,324,316‌ Total 214,571,636‌ 204,076,665‌ 64,662,581‌ 207,759,178‌ 47,783,104‌ Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively): Class I Shares $ 11.30‌ $ 9.05‌ $ 18.76‌ $ 19.01‌ $ —‌ Class II Shares $ —‌ $ 9.04‌ $ 18.53‌ $ 18.87‌ $ 6.99‌ Class IV Shares $ —‌ $ —‌ $ —‌ $ 19.05‌ $ —‌ Class VIII Shares $ —‌ $ 8.98‌ $ —‌ $ —‌ $ —‌ Class Y Shares $ 11.33‌ $ 9.08‌ $ 18.80‌ $ 19.05‌ $ 7.10‌

Amounts designated as "—" are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements. Index Funds - June 30, 2020 (Unaudited) - Statements of Assets and Liabilities - 119

NVIT International Index NVIT Bond Index Fund Fund NVIT Mid Cap Index Fund NVIT S&P 500 Index Fund NVIT Small Cap Index Fund Net Assets: Class I Shares $ 486,755,949‌ $ 129,617,521‌ $ 565,728,149‌ $ 332,569,305‌ $ —‌ Class II Shares —‌ 16,763,064‌ 19,490,784‌ 941,474,525‌ 150,100,191‌ Class IV Shares —‌ —‌ —‌ 184,675,578‌ —‌ Class VIII Shares —‌ 97,442,621‌ —‌ —‌ —‌ Class Y Shares 1,942,840,766‌ 1,607,029,113‌ 628,945,125‌ 2,488,991,617‌ 187,002,105‌ Total $ 2,429,596,715‌ $ 1,850,852,319‌ $ 1,214,164,058‌ $ 3,947,711,025‌ $ 337,102,296‌ Shares Outstanding (unlimited number of shares authorized): Class I Shares 43,074,448‌ 14,315,927‌ 30,155,954‌ 17,498,612‌ —‌ Class II Shares —‌ 1,854,832‌ 1,052,017‌ 49,880,347‌ 21,458,788‌ Class IV Shares —‌ —‌ —‌ 9,696,491‌ —‌ Class VIII Shares —‌ 10,849,333‌ —‌ —‌ —‌ Class Y Shares 171,497,188‌ 177,056,573‌ 33,454,610‌ 130,683,728‌ 26,324,316‌ Total 214,571,636‌ 204,076,665‌ 64,662,581‌ 207,759,178‌ 47,783,104‌ Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively): Class I Shares $ 11.30‌ $ 9.05‌ $ 18.76‌ $ 19.01‌ $ —‌ Class II Shares $ —‌ $ 9.04‌ $ 18.53‌ $ 18.87‌ $ 6.99‌ Class IV Shares $ —‌ $ —‌ $ —‌ $ 19.05‌ $ —‌ Class VIII Shares $ —‌ $ 8.98‌ $ —‌ $ —‌ $ —‌ Class Y Shares $ 11.33‌ $ 9.08‌ $ 18.80‌ $ 19.05‌ $ 7.10‌

Amounts designated as "—" are zero or have been rounded to zero. 120 - Statements of Operations - For the Six Months Ended June 30, 2020 (Unaudited) - Index Funds

NVIT Bond Index NVIT International Fund Index Fund NVIT Mid Cap Index Fund NVIT S&P 500 Index Fund NVIT Small Cap Index Fund INVESTMENT INCOME: Interest income from unaffiliated issuers $ 30,377,704‌ $ —‌ $ 117,436‌ $ 119,640‌ $ 43,910‌ Income from securities lending (Note 2) 73,234‌ 165,684‌ 174,099‌ 171,192‌ 237,737‌ Interest income from affiliated issuers 3,534‌ —‌ —‌ —‌ —‌ Dividend income from unaffiliated issuers —‌ 30,243,026‌ 10,818,618‌ 39,033,686‌ 2,307,098‌ Foreign tax withholding —‌ (2,867,512‌) (1,219‌) —‌ (1,578‌) Total Income 30,454,472‌ 27,541,198‌ 11,108,934‌ 39,324,518‌ 2,587,167‌ EXPENSES: Investment advisory fees 2,157,800‌ 2,165,506‌ 1,221,957‌ 2,106,697‌ 302,521‌ Fund administration fees 355,935‌ 284,161‌ 195,175‌ 556,881‌ 75,266‌ Distribution fees Class II Shares —‌ 21,588‌ 25,920‌ 1,062,152‌ 175,441‌ Distribution fees Class VIII Shares —‌ 188,019‌ —‌ —‌ —‌ Administrative servicing fees Class I Shares 338,245‌ 96,994‌ 415,072‌ 237,150‌ —‌ Administrative servicing fees Class II Shares —‌ 8,635‌ 10,732‌ 637,298‌ 105,265‌ Administrative servicing fees Class IV Shares —‌ —‌ —‌ 90,408‌ —‌ Administrative servicing fees Class VIII Shares —‌ 70,508‌ —‌ —‌ —‌ Professional fees 80,002‌ 72,131‌ 43,224‌ 108,859‌ 22,839‌ Printing fees 1,781‌ 5,351‌ 12,887‌ 13,707‌ 6,269‌ Trustee fees 42,043‌ 31,873‌ 20,895‌ 65,828‌ 5,531‌ Custodian fees 43,702‌ 44,290‌ 26,936‌ 73,911‌ 8,148‌ Accounting and transfer agent fees 43,720‌ 4,614‌ 752‌ 1,310‌ 130‌ Compliance program costs (Note 3) 5,304‌ 4,001‌ 2,604‌ 8,229‌ 694‌ Index licensing fee —‌ —‌ —‌ —‌ 32,095‌ Other 27,282‌ 144,608‌ 15,596‌ 231,724‌ 3,805‌ Total expenses before fees waived and expenses reimbursed 3,095,814‌ 3,142,279‌ 1,991,750‌ 5,194,154‌ 738,004‌ Administrative servicing fees waived - Class I (Note 3) —‌ —‌ —‌ (110,671‌) —‌ Administrative servicing fees waived - Class II (Note 3) —‌ —‌ —‌ (297,408‌) (49,124‌) Expenses reimbursed by adviser (Note 3) —‌ —‌ —‌ —‌ (9,507‌) Net Expenses 3,095,814‌ 3,142,279‌ 1,991,750‌ 4,786,075‌ 679,373‌ NET INVESTMENT INCOME 27,358,658‌ 24,398,919‌ 9,117,184‌ 34,538,443‌ 1,907,794‌ REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS: Net realized gains (losses) from: Transactions in investment securities of unaffiliated issuers 14,881,384‌ (49,496,038‌) 18,494,480‌ (8,676,918‌) 5,492,610‌ Expiration or closing of futures contracts (Note 2) —‌ (1,020,462‌) (3,067,868‌) 1,052,404‌ (516,383‌) Foreign currency transactions (Note 2) —‌ 1,176,633‌ —‌ —‌ —‌ TBA Sale Commitments (1,505‌) —‌ —‌ —‌ —‌ Net realized gains (losses) 14,879,879‌ (49,339,867‌) 15,426,612‌ (7,624,514‌) 4,976,227‌ Net change in unrealized appreciation/depreciation in the value of: Investment securities of affiliated issuers (5,256‌) —‌ —‌ —‌ —‌ Investment securities of unaffiliated issuers 101,642,864‌ (211,130,987‌) (204,904,288‌) (163,635,682‌) (55,168,263‌) Futures contracts (Note 2) —‌ 23,547‌ (132,615‌) 212,414‌ 116,673‌ Translation of assets and liabilities denominated in foreign currencies —‌ (23,525‌) —‌ —‌ —‌ TBA Sale Commitments (23‌) —‌ —‌ —‌ —‌ Net change in unrealized appreciation/depreciation 101,637,585‌ (211,130,965‌) (205,036,903‌) (163,423,268‌) (55,051,590‌) Net realized/unrealized gains (losses) 116,517,464‌ (260,470,832‌) (189,610,291‌) (171,047,782‌) (50,075,363‌) CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $ 143,876,122‌ $ (236,071,913‌) $ (180,493,107‌) $ (136,509,339‌) $ (48,167,569‌)

Amounts designated as "—" are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements. Index Funds - For the Six Months Ended June 30, 2020 (Unaudited) - Statements of Operations - 121

NVIT Bond Index NVIT International Fund Index Fund NVIT Mid Cap Index Fund NVIT S&P 500 Index Fund NVIT Small Cap Index Fund INVESTMENT INCOME: Interest income from unaffiliated issuers $ 30,377,704‌ $ —‌ $ 117,436‌ $ 119,640‌ $ 43,910‌ Income from securities lending (Note 2) 73,234‌ 165,684‌ 174,099‌ 171,192‌ 237,737‌ Interest income from affiliated issuers 3,534‌ —‌ —‌ —‌ —‌ Dividend income from unaffiliated issuers —‌ 30,243,026‌ 10,818,618‌ 39,033,686‌ 2,307,098‌ Foreign tax withholding —‌ (2,867,512‌) (1,219)‌ —‌ (1,578‌) Total Income 30,454,472‌ 27,541,198‌ 11,108,934‌ 39,324,518‌ 2,587,167‌ EXPENSES: Investment advisory fees 2,157,800‌ 2,165,506‌ 1,221,957‌ 2,106,697‌ 302,521‌ Fund administration fees 355,935‌ 284,161‌ 195,175‌ 556,881‌ 75,266‌ Distribution fees Class II Shares —‌ 21,588‌ 25,920‌ 1,062,152‌ 175,441‌ Distribution fees Class VIII Shares —‌ 188,019‌ —‌ —‌ —‌ Administrative servicing fees Class I Shares 338,245‌ 96,994‌ 415,072‌ 237,150‌ —‌ Administrative servicing fees Class II Shares —‌ 8,635‌ 10,732‌ 637,298‌ 105,265‌ Administrative servicing fees Class IV Shares —‌ —‌ —‌ 90,408‌ —‌ Administrative servicing fees Class VIII Shares —‌ 70,508‌ —‌ —‌ —‌ Professional fees 80,002‌ 72,131‌ 43,224‌ 108,859‌ 22,839‌ Printing fees 1,781‌ 5,351‌ 12,887‌ 13,707‌ 6,269‌ Trustee fees 42,043‌ 31,873‌ 20,895‌ 65,828‌ 5,531‌ Custodian fees 43,702‌ 44,290‌ 26,936‌ 73,911‌ 8,148‌ Accounting and transfer agent fees 43,720‌ 4,614‌ 752‌ 1,310‌ 130‌ Compliance program costs (Note 3) 5,304‌ 4,001‌ 2,604‌ 8,229‌ 694‌ Index licensing fee —‌ —‌ —‌ —‌ 32,095‌ Other 27,282‌ 144,608‌ 15,596‌ 231,724‌ 3,805‌ Total expenses before fees waived and expenses reimbursed 3,095,814‌ 3,142,279‌ 1,991,750‌ 5,194,154‌ 738,004‌ Administrative servicing fees waived - Class I (Note 3) —‌ —‌ —‌ (110,671‌) —‌ Administrative servicing fees waived - Class II (Note 3) —‌ —‌ —‌ (297,408‌) (49,124‌) Expenses reimbursed by adviser (Note 3) —‌ —‌ —‌ —‌ (9,507‌) Net Expenses 3,095,814‌ 3,142,279‌ 1,991,750‌ 4,786,075‌ 679,373‌ NET INVESTMENT INCOME 27,358,658‌ 24,398,919‌ 9,117,184‌ 34,538,443‌ 1,907,794‌ REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS: Net realized gains (losses) from: Transactions in investment securities of unaffiliated issuers 14,881,384‌ (49,496,038‌) 18,494,480‌ (8,676,918‌) 5,492,610‌ Expiration or closing of futures contracts (Note 2) —‌ (1,020,462‌) (3,067,868‌) 1,052,404‌ (516,383‌) Foreign currency transactions (Note 2) —‌ 1,176,633‌ —‌ —‌ —‌ TBA Sale Commitments (1,505‌) —‌ —‌ —‌ —‌ Net realized gains (losses) 14,879,879‌ (49,339,867‌) 15,426,612‌ (7,624,514‌) 4,976,227‌ Net change in unrealized appreciation/depreciation in the value of: Investment securities of affiliated issuers (5,256‌) —‌ —‌ —‌ —‌ Investment securities of unaffiliated issuers 101,642,864‌ (211,130,987‌) (204,904,288‌) (163,635,682‌) (55,168,263‌) Futures contracts (Note 2) —‌ 23,547‌ (132,615‌) 212,414‌ 116,673‌ Translation of assets and liabilities denominated in foreign currencies —‌ (23,525‌) —‌ —‌ —‌ TBA Sale Commitments (23‌) —‌ —‌ —‌ —‌ Net change in unrealized appreciation/depreciation 101,637,585‌ (211,130,965‌) (205,036,903‌) (163,423,268‌) (55,051,590‌) Net realized/unrealized gains (losses) 116,517,464‌ (260,470,832‌) (189,610,291‌) (171,047,782‌) (50,075,363‌) CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $ 143,876,122‌ $ (236,071,913‌) $ (180,493,107‌) $ (136,509,339‌) $ (48,167,569‌)

Amounts designated as "—" are zero or have been rounded to zero. 122 - Statements of Changes in Net Assets - June 30, 2020 (Unaudited) - Index Funds

NVIT Bond Index Fund NVIT International Index Fund NVIT Mid Cap Index Fund Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 OPERATIONS: Net investment income $ 27,358,658‌ $ 60,383,742‌ $ 24,398,919‌ $ 61,259,477‌ $ 9,117,184‌ $ 17,527,568‌ Net realized gains (losses) 14,879,879‌ 6,198,946‌ (49,339,867‌) 57,241,298‌ 15,426,612‌ 64,945,885‌ Net change in unrealized appreciation/depreciation 101,637,585‌ 123,488,358‌ (211,130,965‌) 287,144,125‌ (205,036,903‌) 214,083,737‌ Change in net assets resulting from operations 143,876,122‌ 190,071,046‌ (236,071,913‌) 405,644,900‌ (180,493,107‌) 296,557,190‌ Distributions to Shareholders From: Distributable earnings: Class I —‌ (9,733,745‌) —‌ (5,207,949‌) —‌ (105,063,856‌) Class II —‌ —‌ —‌ (617,950‌) —‌ (4,243,891‌) Class VIII —‌ —‌ —‌ (3,307,483‌) —‌ —‌ Class Y —‌ (53,397,446‌) —‌ (64,285,072‌) —‌ (116,643,475‌) Change in net assets from shareholder distributions —‌ (63,131,191‌) —‌ (73,418,454‌) —‌ (225,951,222‌) Change in net assets from capital transactions (89,438,702‌) 40,588,909‌ 2,278,259‌ (190,569,481‌) 9,454,697‌ 152,694,888‌ Change in net assets 54,437,420‌ 167,528,764‌ (233,793,654‌) 141,656,965‌ (171,038,410‌) 223,300,856‌ Net Assets: Beginning of period 2,375,159,295‌ 2,207,630,531‌ 2,084,645,973‌ 1,942,989,008‌ 1,385,202,468‌ 1,161,901,612‌ End of period $ 2,429,596,715‌ $ 2,375,159,295‌ $ 1,850,852,319‌ $ 2,084,645,973‌ $ 1,214,164,058‌ $ 1,385,202,468‌ CAPITAL TRANSACTIONS: Class I Shares Proceeds from shares issued $ 129,325,076‌ $ 166,609,273‌ $ 20,501,243‌ $ 44,307,911‌ $ 62,343,836‌ $ 81,180,353‌ Dividends reinvested —‌ 9,733,745‌ —‌ 5,207,949‌ —‌ 105,063,856‌ Cost of shares redeemed (57,651,609‌) (46,597,408‌) (29,743,502‌) (45,126,046‌) (60,499,273‌) (104,865,548‌) Total Class I Shares 71,673,467‌ 129,745,610‌ (9,242,259‌) 4,389,814‌ 1,844,563‌ 81,378,661‌ Class II Shares Proceeds from shares issued —‌ —‌ 5,491,056‌ 1,231,369‌ 1,439,149‌ 2,487,459‌ Dividends reinvested —‌ —‌ —‌ 617,950‌ —‌ 4,243,891‌ Cost of shares redeemed —‌ —‌ (5,690,262‌) (1,952,581‌) (4,213,157‌) (3,511,673‌) Total Class II Shares —‌ —‌ (199,206‌) (103,262‌) (2,774,008‌) 3,219,677‌ Class VIII Shares Proceeds from shares issued —‌ —‌ 7,366,134‌ 12,551,434‌ —‌ —‌ Dividends reinvested —‌ —‌ —‌ 3,307,483‌ —‌ —‌ Cost of shares redeemed —‌ —‌ (5,460,487‌) (6,885,326‌) —‌ —‌ Total Class VIII Shares —‌ —‌ 1,905,647‌ 8,973,591‌ —‌ —‌ Class Y Shares Proceeds from shares issued 59,665,955‌ 115,034,174‌ 115,238,392‌ 70,641,880‌ 65,461,205‌ 45,813,547‌ Dividends reinvested —‌ 53,397,446‌ —‌ 64,285,072‌ —‌ 116,643,475‌ Cost of shares redeemed (220,778,124‌) (257,588,321‌) (105,424,315‌) (338,756,576‌) (55,077,063‌) (94,360,472‌) Total Class Y Shares (161,112,169‌) (89,156,701‌) 9,814,077‌ (203,829,624‌) 10,384,142‌ 68,096,550‌ Change in net assets from capital transactions $ (89,438,702‌) $ 40,588,909‌ $ 2,278,259‌ $ (190,569,481‌) $ 9,454,697‌ $ 152,694,888‌

The accompanying notes are an integral part of these financial statements. Index Funds - June 30, 2020 (Unaudited) - Statements of Changes in Net Assets - 123

NVIT Bond Index Fund NVIT International Index Fund NVIT Mid Cap Index Fund Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 OPERATIONS: Net investment income $ 27,358,658‌ $ 60,383,742‌ $ 24,398,919‌ $ 61,259,477‌ $ 9,117,184‌ $ 17,527,568‌ Net realized gains (losses) 14,879,879‌ 6,198,946‌ (49,339,867‌) 57,241,298‌ 15,426,612‌ 64,945,885‌ Net change in unrealized appreciation/depreciation 101,637,585‌ 123,488,358‌ (211,130,965‌) 287,144,125‌ (205,036,903‌) 214,083,737‌ Change in net assets resulting from operations 143,876,122‌ 190,071,046‌ (236,071,913‌) 405,644,900‌ (180,493,107‌) 296,557,190‌ Distributions to Shareholders From: Distributable earnings: Class I —‌ (9,733,745‌) —‌ (5,207,949‌) —‌ (105,063,856‌) Class II —‌ —‌ —‌ (617,950‌) —‌ (4,243,891‌) Class VIII —‌ —‌ —‌ (3,307,483‌) —‌ —‌ Class Y —‌ (53,397,446‌) —‌ (64,285,072‌) —‌ (116,643,475‌) Change in net assets from shareholder distributions —‌ (63,131,191‌) —‌ (73,418,454‌) —‌ (225,951,222‌) Change in net assets from capital transactions (89,438,702‌) 40,588,909‌ 2,278,259‌ (190,569,481‌) 9,454,697‌ 152,694,888‌ Change in net assets 54,437,420‌ 167,528,764‌ (233,793,654‌) 141,656,965‌ (171,038,410‌) 223,300,856‌ Net Assets: Beginning of period 2,375,159,295‌ 2,207,630,531‌ 2,084,645,973‌ 1,942,989,008‌ 1,385,202,468‌ 1,161,901,612‌ End of period $ 2,429,596,715‌ $ 2,375,159,295‌ $ 1,850,852,319‌ $ 2,084,645,973‌ $ 1,214,164,058‌ $ 1,385,202,468‌ CAPITAL TRANSACTIONS: Class I Shares Proceeds from shares issued $ 129,325,076‌ $ 166,609,273‌ $ 20,501,243‌ $ 44,307,911‌ $ 62,343,836‌ $ 81,180,353‌ Dividends reinvested —‌ 9,733,745‌ —‌ 5,207,949‌ —‌ 105,063,856‌ Cost of shares redeemed (57,651,609‌) (46,597,408‌) (29,743,502‌) (45,126,046‌) (60,499,273‌) (104,865,548‌) Total Class I Shares 71,673,467‌ 129,745,610‌ (9,242,259‌) 4,389,814‌ 1,844,563‌ 81,378,661‌ Class II Shares Proceeds from shares issued —‌ —‌ 5,491,056‌ 1,231,369‌ 1,439,149‌ 2,487,459‌ Dividends reinvested —‌ —‌ —‌ 617,950‌ —‌ 4,243,891‌ Cost of shares redeemed —‌ —‌ (5,690,262‌) (1,952,581‌) (4,213,157‌) (3,511,673‌) Total Class II Shares —‌ —‌ (199,206‌) (103,262‌) (2,774,008‌) 3,219,677‌ Class VIII Shares Proceeds from shares issued —‌ —‌ 7,366,134‌ 12,551,434‌ —‌ —‌ Dividends reinvested —‌ —‌ —‌ 3,307,483‌ —‌ —‌ Cost of shares redeemed —‌ —‌ (5,460,487‌) (6,885,326‌) —‌ —‌ Total Class VIII Shares —‌ —‌ 1,905,647‌ 8,973,591‌ —‌ —‌ Class Y Shares Proceeds from shares issued 59,665,955‌ 115,034,174‌ 115,238,392‌ 70,641,880‌ 65,461,205‌ 45,813,547‌ Dividends reinvested —‌ 53,397,446‌ —‌ 64,285,072‌ —‌ 116,643,475‌ Cost of shares redeemed (220,778,124‌) (257,588,321‌) (105,424,315‌) (338,756,576‌) (55,077,063‌) (94,360,472‌) Total Class Y Shares (161,112,169‌) (89,156,701‌) 9,814,077‌ (203,829,624‌) 10,384,142‌ 68,096,550‌ Change in net assets from capital transactions $ (89,438,702‌) $ 40,588,909‌ $ 2,278,259‌ $ (190,569,481‌) $ 9,454,697‌ $ 152,694,888‌ 124 - Statements of Changes in Net Assets - June 30, 2020 (Unaudited) - Index Funds

NVIT Bond Index Fund NVIT International Index Fund NVIT Mid Cap Index Fund Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 SHARE TRANSACTIONS: Class I Shares Issued 11,897,815‌ 15,854,403‌ 2,272,324‌ 4,598,372‌ 3,524,371‌ 3,632,898‌ Reinvested —‌ 909,782‌ —‌ 525,196‌ —‌ 5,203,378‌ Redeemed (5,306,801‌) (4,373,303‌) (3,198,509‌) (4,693,224‌) (3,273,810‌) (4,636,323‌) Total Class I Shares 6,591,014‌ 12,390,882‌ (926,185‌) 430,344‌ 250,561‌ 4,199,953‌ Class II Shares Issued —‌ —‌ 662,089‌ 129,042‌ 79,077‌ 108,589‌ Reinvested —‌ —‌ —‌ 62,449‌ —‌ 212,922‌ Redeemed —‌ —‌ (676,196‌) (206,864‌) (249,821‌) (156,668‌) Total Class II Shares —‌ —‌ (14,107‌) (15,373‌) (170,744‌) 164,843‌ Class VIII Shares Issued —‌ —‌ 877,084‌ 1,311,170‌ —‌ —‌ Reinvested —‌ —‌ —‌ 336,090‌ —‌ —‌ Redeemed —‌ —‌ (637,898‌) (715,926‌) —‌ —‌ Total Class VIII Shares —‌ —‌ 239,186‌ 931,334‌ —‌ —‌ Class Y Shares Issued 5,392,042‌ 10,970,940‌ 12,735,683‌ 7,510,414‌ 3,440,638‌ 2,096,635‌ Reinvested —‌ 4,980,588‌ —‌ 6,474,406‌ —‌ 5,761,310‌ Redeemed (19,967,404‌) (24,343,437‌) (11,898,188‌) (34,661,767‌) (3,011,417‌) (4,113,119‌) Total Class Y Shares (14,575,362‌) (8,391,909‌) 837,495‌ (20,676,947‌) 429,221‌ 3,744,826‌ Total change in shares (7,984,348‌) 3,998,973‌ 136,389‌ (19,330,642‌) 509,038‌ 8,109,622‌

Amounts designated as "—" are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements. Index Funds - June 30, 2020 (Unaudited) - Statements of Changes in Net Assets - 125

NVIT Bond Index Fund NVIT International Index Fund NVIT Mid Cap Index Fund Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 SHARE TRANSACTIONS: Class I Shares Issued 11,897,815‌ 15,854,403‌ 2,272,324‌ 4,598,372‌ 3,524,371‌ 3,632,898‌ Reinvested —‌ 909,782‌ —‌ 525,196‌ —‌ 5,203,378‌ Redeemed (5,306,801‌) (4,373,303‌) (3,198,509‌) (4,693,224‌) (3,273,810‌) (4,636,323‌) Total Class I Shares 6,591,014‌ 12,390,882‌ (926,185‌) 430,344‌ 250,561‌ 4,199,953‌ Class II Shares Issued —‌ —‌ 662,089‌ 129,042‌ 79,077‌ 108,589‌ Reinvested —‌ —‌ —‌ 62,449‌ —‌ 212,922‌ Redeemed —‌ —‌ (676,196‌) (206,864‌) (249,821‌) (156,668‌) Total Class II Shares —‌ —‌ (14,107‌) (15,373‌) (170,744‌) 164,843‌ Class VIII Shares Issued —‌ —‌ 877,084‌ 1,311,170‌ —‌ —‌ Reinvested —‌ —‌ —‌ 336,090‌ —‌ —‌ Redeemed —‌ —‌ (637,898‌) (715,926‌) —‌ —‌ Total Class VIII Shares —‌ —‌ 239,186‌ 931,334‌ —‌ —‌ Class Y Shares Issued 5,392,042‌ 10,970,940‌ 12,735,683‌ 7,510,414‌ 3,440,638‌ 2,096,635‌ Reinvested —‌ 4,980,588‌ —‌ 6,474,406‌ —‌ 5,761,310‌ Redeemed (19,967,404‌) (24,343,437‌) (11,898,188‌) (34,661,767‌) (3,011,417‌) (4,113,119‌) Total Class Y Shares (14,575,362‌) (8,391,909‌) 837,495‌ (20,676,947‌) 429,221‌ 3,744,826‌ Total change in shares (7,984,348‌) 3,998,973‌ 136,389‌ (19,330,642‌) 509,038‌ 8,109,622‌

Amounts designated as "—" are zero or have been rounded to zero. 126 - Statements of Changes in Net Assets - June 30, 2020 (Unaudited) - Index Funds

NVIT S&P 500 Index Fund NVIT Small Cap Index Fund Six Months Ended Year Ended Six Months Ended Year Ended June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 OPERATIONS: Net investment income $ 34,538,443‌ $ 71,236,424‌ $ 1,907,794‌ $ 3,925,021‌ Net realized gains (losses) (7,624,514‌) 81,224,523‌ 4,976,227‌ 16,098,441‌ Net change in unrealized appreciation/depreciation (163,423,268‌) 836,376,166‌ (55,051,590‌) 51,927,658‌ Change in net assets resulting from operations (136,509,339‌) 988,837,113‌ (48,167,569‌) 71,951,120‌ Distributions to Shareholders From: Distributable earnings: Class I —‌ (18,236,205‌) —‌ —‌ Class II —‌ (48,105,962‌) —‌ (55,964,689‌) Class IV —‌ (11,569,240‌) —‌ —‌ Class Y —‌ (161,171,760‌) —‌ (69,692,264‌) Change in net assets from shareholder distributions —‌ (239,083,167‌) —‌ (125,656,953‌) Change in net assets from capital transactions (94,318,091‌) 369,337,672‌ 17,847,142‌ 144,187,990‌ Change in net assets (230,827,430‌) 1,119,091,618‌ (30,320,427‌) 90,482,157‌ Net Assets: Beginning of period 4,178,538,455‌ 3,059,446,837‌ 367,422,723‌ 276,940,566‌ End of period $ 3,947,711,025‌ $ 4,178,538,455‌ $ 337,102,296‌ $ 367,422,723‌ CAPITAL TRANSACTIONS: Class I Shares Proceeds from shares issued $ 42,893,549‌ $ 105,870,610‌ $ —‌ $ —‌ Dividends reinvested —‌ 18,236,205‌ —‌ —‌ Cost of shares redeemed (38,173,114‌) (53,414,325‌) —‌ —‌ Total Class I Shares 4,720,435‌ 70,692,490‌ —‌ —‌ Class II Shares Proceeds from shares issued 102,733,750‌ 100,078,886‌ 16,607,736‌ 27,249,771‌ Dividends reinvested —‌ 48,105,962‌ —‌ 55,964,689‌ Cost of shares redeemed (29,669,454‌) (60,210,132‌) (8,918,975‌) (14,277,264‌) Total Class II Shares 73,064,296‌ 87,974,716‌ 7,688,761‌ 68,937,196‌ Class IV Shares Proceeds from shares issued 1,666,575‌ 3,266,401‌ —‌ —‌ Dividends reinvested —‌ 11,569,240‌ —‌ —‌ Cost of shares redeemed (10,567,031‌) (16,935,271‌) —‌ —‌ Total Class IV Shares (8,900,456‌) (2,099,630‌) —‌ —‌ Class Y Shares Proceeds from shares issued 58,904,715‌ 437,610,252‌ 23,683,053‌ 29,979,243‌ Dividends reinvested —‌ 161,171,760‌ —‌ 69,692,264‌ Cost of shares redeemed (222,107,081‌) (386,011,916‌) (13,524,672‌) (24,420,713‌) Total Class Y Shares (163,202,366‌) 212,770,096‌ 10,158,381‌ 75,250,794‌ Change in net assets from capital transactions $ (94,318,091‌) $ 369,337,672‌ $ 17,847,142‌ $ 144,187,990‌

The accompanying notes are an integral part of these financial statements. Index Funds - June 30, 2020 (Unaudited) - Statements of Changes in Net Assets - 127

NVIT S&P 500 Index Fund NVIT Small Cap Index Fund Six Months Ended Year Ended Six Months Ended Year Ended June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 OPERATIONS: Net investment income $ 34,538,443‌ $ 71,236,424‌ $ 1,907,794‌ $ 3,925,021‌ Net realized gains (losses) (7,624,514‌) 81,224,523‌ 4,976,227‌ 16,098,441‌ Net change in unrealized appreciation/depreciation (163,423,268‌) 836,376,166‌ (55,051,590‌) 51,927,658‌ Change in net assets resulting from operations (136,509,339‌) 988,837,113‌ (48,167,569‌) 71,951,120‌ Distributions to Shareholders From: Distributable earnings: Class I —‌ (18,236,205‌) —‌ —‌ Class II —‌ (48,105,962‌) —‌ (55,964,689‌) Class IV —‌ (11,569,240‌) —‌ —‌ Class Y —‌ (161,171,760‌) —‌ (69,692,264‌) Change in net assets from shareholder distributions —‌ (239,083,167‌) —‌ (125,656,953‌) Change in net assets from capital transactions (94,318,091‌) 369,337,672‌ 17,847,142‌ 144,187,990‌ Change in net assets (230,827,430‌) 1,119,091,618‌ (30,320,427‌) 90,482,157‌ Net Assets: Beginning of period 4,178,538,455‌ 3,059,446,837‌ 367,422,723‌ 276,940,566‌ End of period $ 3,947,711,025‌ $ 4,178,538,455‌ $ 337,102,296‌ $ 367,422,723‌ CAPITAL TRANSACTIONS: Class I Shares Proceeds from shares issued $ 42,893,549‌ $ 105,870,610‌ $ —‌ $ —‌ Dividends reinvested —‌ 18,236,205‌ —‌ —‌ Cost of shares redeemed (38,173,114‌) (53,414,325‌) —‌ —‌ Total Class I Shares 4,720,435‌ 70,692,490‌ —‌ —‌ Class II Shares Proceeds from shares issued 102,733,750‌ 100,078,886‌ 16,607,736‌ 27,249,771‌ Dividends reinvested —‌ 48,105,962‌ —‌ 55,964,689‌ Cost of shares redeemed (29,669,454‌) (60,210,132‌) (8,918,975‌) (14,277,264‌) Total Class II Shares 73,064,296‌ 87,974,716‌ 7,688,761‌ 68,937,196‌ Class IV Shares Proceeds from shares issued 1,666,575‌ 3,266,401‌ —‌ —‌ Dividends reinvested —‌ 11,569,240‌ —‌ —‌ Cost of shares redeemed (10,567,031‌) (16,935,271‌) —‌ —‌ Total Class IV Shares (8,900,456‌) (2,099,630‌) —‌ —‌ Class Y Shares Proceeds from shares issued 58,904,715‌ 437,610,252‌ 23,683,053‌ 29,979,243‌ Dividends reinvested —‌ 161,171,760‌ —‌ 69,692,264‌ Cost of shares redeemed (222,107,081‌) (386,011,916‌) (13,524,672‌) (24,420,713‌) Total Class Y Shares (163,202,366‌) 212,770,096‌ 10,158,381‌ 75,250,794‌ Change in net assets from capital transactions $ (94,318,091‌) $ 369,337,672‌ $ 17,847,142‌ $ 144,187,990‌ 128 - Statements of Changes in Net Assets - June 30, 2020 (Unaudited) - Index Funds

NVIT S&P 500 Index Fund NVIT Small Cap Index Fund Six Months Ended Year Ended Six Months Ended Year Ended June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 SHARE TRANSACTIONS: Class I Shares Issued 2,343,060‌ 5,795,958‌ —‌ —‌ Reinvested —‌ 984,688‌ —‌ —‌ Redeemed (2,160,031‌) (2,924,857‌) —‌ —‌ Total Class I Shares 183,029‌ 3,855,789‌ —‌ —‌ Class II Shares Issued 5,855,873‌ 5,472,246‌ 2,546,035‌ 2,658,225‌ Reinvested —‌ 2,619,337‌ —‌ 7,653,873‌ Redeemed (1,620,584‌) (3,383,161‌) (1,371,840‌) (1,387,253‌) Total Class II Shares 4,235,289‌ 4,708,422‌ 1,174,195‌ 8,924,845‌ Class IV Shares Issued 93,572‌ 176,290‌ —‌ —‌ Reinvested —‌ 623,882‌ —‌ —‌ Redeemed (584,681‌) (918,415‌) —‌ —‌ Total Class IV Shares (491,109‌) (118,243‌) —‌ —‌ Class Y Shares Issued 3,311,793‌ 24,467,155‌ 3,366,619‌ 3,027,806‌ Reinvested —‌ 8,688,628‌ —‌ 9,372,345‌ Redeemed (12,317,150‌) (20,840,974‌) (1,966,591‌) (2,318,182‌) Total Class Y Shares (9,005,357‌) 12,314,809‌ 1,400,028‌ 10,081,969‌ Total change in shares (5,078,148‌) 20,760,777‌ 2,574,223‌ 19,006,814‌

Amounts designated as "—" are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements. Index Funds - June 30, 2020 (Unaudited) - Statements of Changes in Net Assets - 129

NVIT S&P 500 Index Fund NVIT Small Cap Index Fund Six Months Ended Year Ended Six Months Ended Year Ended June 30, 2020 (Unaudited) December 31, 2019 June 30, 2020 (Unaudited) December 31, 2019 SHARE TRANSACTIONS: Class I Shares Issued 2,343,060‌ 5,795,958‌ —‌ —‌ Reinvested —‌ 984,688‌ —‌ —‌ Redeemed (2,160,031‌) (2,924,857‌) —‌ —‌ Total Class I Shares 183,029‌ 3,855,789‌ —‌ —‌ Class II Shares Issued 5,855,873‌ 5,472,246‌ 2,546,035‌ 2,658,225‌ Reinvested —‌ 2,619,337‌ —‌ 7,653,873‌ Redeemed (1,620,584‌) (3,383,161‌) (1,371,840‌) (1,387,253‌) Total Class II Shares 4,235,289‌ 4,708,422‌ 1,174,195‌ 8,924,845‌ Class IV Shares Issued 93,572‌ 176,290‌ —‌ —‌ Reinvested —‌ 623,882‌ —‌ —‌ Redeemed (584,681‌) (918,415‌) —‌ —‌ Total Class IV Shares (491,109‌) (118,243‌) —‌ —‌ Class Y Shares Issued 3,311,793‌ 24,467,155‌ 3,366,619‌ 3,027,806‌ Reinvested —‌ 8,688,628‌ —‌ 9,372,345‌ Redeemed (12,317,150‌) (20,840,974‌) (1,966,591‌) (2,318,182‌) Total Class Y Shares (9,005,357‌) 12,314,809‌ 1,400,028‌ 10,081,969‌ Total change in shares (5,078,148‌) 20,760,777‌ 2,574,223‌ 19,006,814‌

Amounts designated as "—" are zero or have been rounded to zero. 130 - Financial Highlights - June 30, 2020 (Unaudited) - Index Funds (e) 49.09% 82.79% 49.09% 82.79% Portfolio 155.75% 204.04% 167.32% 283.08% 155.75% 204.04% 167.32% 283.08% Turnover(b)

0.38% 0.38% 0.38% 0.38% 0.38% 0.38% 0.23% 0.23% 0.23% 0.23% 0.23% 0.23% (Prior to Assets(d) to Average to Average Net Reimbursements) Ratio of Expenses Net Ratio of Net 2.11% 2.15% 2.46% 2.46% 2.13% 2.03% 1.96% 2.31% 2.62% 2.61% 2.28% 2.18% Average Average Assets(d) Income to Investment Ratios/Supplemental Data Net 0.38% 0.38% 0.38% 0.38% 0.38% 0.38% 0.23% 0.23% 0.23% 0.23% 0.23% 0.23% Ratio of Assets(d) Expenses to Average to Average 486,755,949 388,761,740 243,014,363 252,173,721 165,391,094 138,704,554 Net Assets at 1,942,840,766 1,986,397,555 1,964,616,168 2,146,361,266 2,089,838,225 2,188,545,481 End of Period $ $ $ $ $ $ $ $ $ $ $ $

% % % % % % % % % % % % ) ) .00 .40 .12 .26 .14 .09 .62 .33 .40 .35 .36 .31 6 8 3 2 0 6 8 3 2 0 0 0 ( ( Total Total Return(b)(c)

.30 .66 .09 .41 .34 .37 .33 .68 .10 .43 .35 .38 11 11 10 10 10 10 10 10 10 10 10 10

of Period Net Asset Value, End Value, $ $ $ $ $ $ $ $ $ $ $ $

— — Total (0.28) (0.28) (0.26) (0.26) (0.33) (0.29) (0.30) (0.27) (0.28) (0.34) Distributions — — — — Net Gains (0.01) (0.02) (0.02) (0.12) (0.01) (0.02) (0.02) (0.12) Realized Distributions — — Net (0.28) (0.27) (0.24) (0.24) (0.21) (0.29) (0.29) (0.25) (0.26) (0.22) Income Investment 0.64 0.85 0.33 0.23 0.01 0.65 0.87 0.35 0.25 0.03 (0.04) (0.03) Total from Total Operations

and 0.11 0.11 0.52 0.59 0.01 0.52 0.59 0.02 from Gains (0.29) (0.20) (0.30) (0.20) (Losses) Unrealized Operations Investments Net Realized Net 0.12 0.26 0.25 0.22 0.22 0.21 0.13 0.28 0.27 0.24 0.23 0.23 Income(a) Investment .66 .09 .41 .34 .37 .69 .68 .10 .43 .35 .38 .69 10 10 10 10 10 10 10 10 10 10 10 10 Value, Value,

of Period Net Asset Beginning $ $ $ $ $ $ $ $ $ $ $ $

Annualized for periods less than one year. Portfolio turnover is calculated on the basis of Fund as a whole without distinguishing among classes shares. Amounts designated as "—" are zero or have been rounded to zero. Per share calculations were performed using average shares method. Not annualized for periods less than one year. The total returns do not include charges that are imposed by variable insurance contracts. If these were reflected, would be lower than those shown. (d) (e) The accompanying notes are an integral part of these financial statements. NVIT Bond Index Fund Class I Shares Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Shares Class Y Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year (a) (b) (c) Index Funds - June 30, 2020 (Unaudited) - Financial Highlights - 131 (e) 5.87% 5.50% 4.26% 4.72% 4.88% 4.35% 5.87% 5.50% 4.26% 4.72% 4.88% 4.35% 5.87% 5.50% 4.26% 4.72% 4.88% 4.35% 5.87% 5.50% 4.26% 4.72% 4.88% 4.35% Portfolio Turnover(b)

0.45% 0.44% 0.44% 0.44% 0.45% 0.45% 0.65% 0.64% 0.64% 0.69% 0.70% 0.67% 0.85% 0.84% 0.84% 0.84% 0.85% 0.84% 0.30% 0.29% 0.29% 0.29% 0.30% 0.30% (Prior to Assets(d) to Average to Average Net Reimbursements) Ratio of Expenses Net Ratio of Net 2.56% 2.85% 2.67% 2.48% 2.76% 2.40% 2.41% 2.68% 2.43% 2.18% 2.66% 2.47% 2.16% 2.46% 2.22% 2.08% 2.44% 2.24% 2.72% 3.07% 2.74% 2.71% 3.00% 2.79% Average Average Assets(d) Income to Investment Ratios/Supplemental Data Net 0.45% 0.44% 0.44% 0.44% 0.45% 0.45% 0.65% 0.64% 0.64% 0.69% 0.70% 0.67% 0.85% 0.84% 0.84% 0.84% 0.85% 0.84% 0.30% 0.29% 0.29% 0.29% 0.30% 0.30% Ratio of Assets(d) Expenses to Average to Average 9,213,339 11,918,143 85,775,861 57,974,996 16,763,064 19,064,824 16,365,648 17,831,979 97,442,621 83,675,329 86,101,860 58,248,441 54,681,371 129,617,521 155,627,159 128,761,485 149,692,499 107,674,830 Net Assets at 1,607,029,113 1,802,279,160 1,714,186,546 1,763,862,961 1,736,455,901 1,699,931,064 End of Period $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

% % % % % % % % % % % % % % % % % % % % % % % % ) ) ) ) ) ) ) ) ) ) ) ) .92 .75 .52 .03 .77 .88 .42 .56 .20 .46 .89 .13 .96 .26 .39 .74 .36 .81 .37 .90 .53 .13 .24 .63 0 0 0 1 0 1 1 0 ( ( ( ( 21 24 21 24 21 24 21 25 11 11 11 11 Total Total 13 13 14 13 ( ( ( ( ( ( ( ( Return(b)(c)

.05 .69 .54 .70 .04 .69 .54 .69 .98 .65 .50 .66 .08 .71 .55 .71 .21 .38 .20 .37 .15 .33 .23 .40 9 8 8 8 9 8 8 8 8 8 8 8 9 8 8 8 10 10 10 10 10 10 10 10

of Period Net Asset Value, End Value, $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

— — — — Total (0.36) (0.27) (0.28) (0.24) (0.23) (0.34) (0.25) (0.26) (0.22) (0.19) (0.32) (0.23) (0.24) (0.21) (0.18) (0.37) (0.28) (0.29) (0.25) (0.23) Distributions — — — — — — — — — — — — — — — — — — — — Net Gains (0.02) (0.02) (0.02) (0.02) Realized Distributions — — — — Net (0.34) (0.27) (0.28) (0.24) (0.23) (0.32) (0.25) (0.26) (0.22) (0.19) (0.30) (0.23) (0.24) (0.21) (0.18) (0.35) (0.28) (0.29) (0.25) (0.23) Income Investment 1.88 2.12 0.08 1.85 2.09 0.07 1.82 2.07 0.05 1.89 2.14 0.09 (1.16) (1.42) (0.09) (1.16) (1.43) (0.12) (1.17) (1.45) (0.13) (1.15) (1.41) (0.07) Total from Total Operations

and 1.60 1.88 1.59 1.88 1.58 1.87 1.59 1.88 from Gains (1.27) (1.69) (0.16) (0.31) (1.27) (1.67) (0.16) (0.35) (1.27) (1.67) (0.16) (0.34) (1.27) (1.69) (0.17) (0.33) (Losses) Unrealized Operations Investments Net Realized Net 0.11 0.11 0.28 0.27 0.24 0.24 0.22 0.26 0.24 0.21 0.23 0.23 0.10 0.24 0.22 0.20 0.21 0.21 0.12 0.30 0.28 0.26 0.26 0.26 Income(a) Investment .69 .54 .70 .02 .69 .54 .69 .00 .65 .50 .66 .97 .71 .55 .71 .01 .21 .38 .20 .37 .15 .33 .23 .40 8 8 8 9 8 8 8 9 8 8 8 8 8 8 8 9 10 10 10 10 10 10 10 10 Value, Value,

of Period Net Asset Beginning $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Annualized for periods less than one year. Portfolio turnover is calculated on the basis of Fund as a whole without distinguishing among classes shares. Amounts designated as "—" are zero or have been rounded to zero. Per share calculations were performed using average shares method. Not annualized for periods less than one year. The total returns do not include charges that are imposed by variable insurance contracts. If these were reflected, would be lower than those shown. (d) (e) The accompanying notes are an integral part of these financial statements. NVIT International Index Fund Class I Shares Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Class II Shares Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Class VIII Shares Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Shares Class Y Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year (a) (b) (c) 132 - Financial Highlights - June 30, 2020 (Unaudited) - Index Funds (e) 7.40% 7.40% 7.40% 15.94% 14.81% 20.12% 18.74% 17.89% 15.94% 14.81% 20.12% 18.74% 17.89% 15.94% 14.81% 20.12% 18.74% 17.89% Portfolio Turnover(b)

0.41% 0.40% 0.40% 0.40% 0.40% 0.40% 0.61% 0.62% 0.62% 0.60% 0.61% 0.61% 0.26% 0.25% 0.25% 0.25% 0.25% 0.25% (Prior to Assets(d) to Average to Average Net Reimbursements) Ratio of Expenses Net Ratio of Net 1.45% 1.26% 1.28% 1.01% 1.34% 1.13% 1.25% 1.04% 1.06% 0.81% 1.13% 0.91% 1.61% 1.40% 1.38% 1.16% 1.48% 1.27% Average Average Assets(d) Income to Investment Ratios/Supplemental Data Net 0.41% 0.40% 0.40% 0.40% 0.40% 0.40% 0.61% 0.62% 0.62% 0.60% 0.61% 0.61% 0.26% 0.25% 0.25% 0.25% 0.25% 0.25% Ratio of Assets(d) Expenses to Average to Average 17,683,011 19,490,784 26,087,930 21,725,560 26,690,581 23,771,694 511,054,118 565,728,149 645,393,550 532,759,354 602,298,980 409,272,000 628,945,125 713,720,988 607,416,698 956,566,543 879,389,084 Net Assets at 1,075,034,497 End of Period $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

% % % % % % % % % % % % % % % % % % ) ) ) ) ) ) ) ) ) .65 .78 .29 .41 .57 .01 .89 .97 .47 .53 .77 .43 .07 .38 .17 .57 .00 .29 2 2 2 ( ( ( 25 15 20 25 15 20 25 15 20 11 11 11 Total Total 13 13 13 ( ( ( ( ( ( Return(b)(c)

.76 .58 .73 .02 .24 .45 .53 .34 .54 .80 .05 .31 .80 .61 .74 .04 .25 .45 18 21 20 26 24 22 18 21 20 25 24 22 18 21 20 26 24 22

of Period Net Asset Value, End Value, $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

— — — Total (4.13) (2.78) (1.86) (2.56) (2.00) (4.09) (2.73) (1.81) (2.52) (1.95) (4.16) (2.82) (1.90) (2.59) (2.04) Distributions — — — Net Gains (3.85) (2.46) (1.59) (2.28) (1.74) (3.85) (2.46) (1.59) (2.28) (1.74) (3.85) (2.46) (1.59) (2.28) (1.74) Realized Distributions — — — Net (0.28) (0.32) (0.27) (0.28) (0.26) (0.24) (0.27) (0.22) (0.24) (0.21) (0.31) (0.36) (0.31) (0.31) (0.30) Income Investment 4.98 3.64 4.35 4.89 3.56 4.26 5.03 3.69 4.39 (2.82) (2.51) (0.64) (2.81) (2.53) (0.69) (2.81) (2.48) (0.61) Total from Total Operations

and 4.70 3.38 4.04 4.66 3.36 4.00 4.71 3.40 4.05 from Gains (2.95) (2.84) (0.92) (2.92) (2.80) (0.92) (2.96) (2.84) (0.93) (Losses) Unrealized Operations Investments Net Realized Net 0.11 0.13 0.28 0.33 0.26 0.31 0.28 0.23 0.27 0.20 0.26 0.23 0.15 0.32 0.36 0.29 0.34 0.32 Income(a) Investment .58 .73 .02 .24 .45 .09 .34 .54 .80 .05 .31 .95 .61 .74 .04 .25 .45 .10 21 20 26 24 22 25 21 20 25 24 22 24 21 20 26 24 22 25 Value, Value,

of Period Net Asset Beginning $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Annualized for periods less than one year. Portfolio turnover is calculated on the basis of Fund as a whole without distinguishing among classes shares. Amounts designated as "—" are zero or have been rounded to zero. Per share calculations were performed using average shares method. Not annualized for periods less than one year. The total returns do not include charges that are imposed by variable insurance contracts. If these were reflected, would be lower than those shown. (d) (e) The accompanying notes are an integral part of these financial statements. NVIT Mid Cap Index Fund Class I Shares Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Class II Shares Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Shares Class Y Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year (a) (b) (c) Index Funds - June 30, 2020 (Unaudited) - Financial Highlights - 133 (f) 1.43% 5.53% 3.87% 2.66% 3.70% 4.27% 1.43% 5.53% 3.87% 2.66% 3.70% 4.27% 1.43% 5.53% 3.87% 2.66% 3.70% 4.27% 1.43% 5.53% 3.87% 2.66% 3.70% 4.27% Portfolio Turnover(b)

0.32% 0.31% 0.32% 0.31% 0.32% 0.32% 0.57% 0.56% 0.57% 0.56% 0.57% 0.57% 0.27% 0.27% 0.27% 0.26% 0.27% 0.26% 0.17% 0.17% 0.17% 0.16% 0.17% 0.17% (Prior to Assets(d)(e) to Average to Average Net Reimbursements) Ratio of Expenses Net Ratio of Net 1.82% 1.91% 2.02% 1.75% 1.94% 2.04% 1.57% 1.65% 1.76% 1.50% 1.69% 1.73% 1.80% 1.88% 1.99% 1.73% 1.92% 1.92% 1.90% 1.96% 2.09% 1.83% 2.02% 2.01% Average Average Assets(d) Income to Investment Ratios/Supplemental Data Net 0.25% 0.24% 0.25% 0.24% 0.25% 0.25% 0.50% 0.49% 0.50% 0.49% 0.50% 0.50% 0.27% 0.27% 0.27% 0.26% 0.27% 0.26% 0.17% 0.17% 0.17% 0.16% 0.17% 0.17% Ratio of Assets(d) Expenses to Average to Average 48,560,784 113,040,951 332,569,305 339,938,104 214,388,337 191,953,126 941,474,525 891,042,925 648,796,869 640,450,407 438,477,876 300,494,037 184,675,578 200,443,869 164,483,964 186,993,685 166,977,207 164,510,877 Net Assets at 2,488,991,617 2,747,113,557 2,031,777,667 2,482,427,944 2,404,706,055 2,490,275,545 End of Period $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

% % % % % % % % % % % % % % % % % % % % % % % % ) ) ) ) ) ) ) ) .16 .94 .17 .28 .16 .53 .66 .84 .22 .40 .19 .53 .59 .33 .57 .78 .16 .62 .33 .87 .20 .64 .15 .54 1 0 1 1 3 4 3 4 3 4 3 4 ( ( ( ( ( ( ( ( 11 11 11 11 31 21 30 21 31 21 31 21 Total Total Return(b)(c)

.01 .63 .93 .54 .05 .98 .87 .52 .85 .46 .99 .93 .05 .68 .96 .57 .07 .00 .05 .67 .95 .56 .07 .99 19 19 15 17 15 13 18 19 15 17 14 13 19 19 15 17 15 14 19 19 15 17 15 13

of Period Net Asset Value, End Value, $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

— — — — Total (1.17) (0.89) (0.71) (0.55) (0.48) (1.13) (0.84) (0.67) (0.51) (0.45) (1.17) (0.88) (0.70) (0.54) (0.47) (1.19) (0.90) (0.72) (0.55) (0.49) Distributions — — — — Net Gains (0.79) (0.58) (0.41) (0.27) (0.21) (0.79) (0.58) (0.41) (0.27) (0.21) (0.79) (0.58) (0.41) (0.27) (0.21) (0.79) (0.58) (0.41) (0.27) (0.21) Realized Distributions — — — — Net (0.38) (0.31) (0.30) (0.28) (0.27) (0.34) (0.26) (0.26) (0.24) (0.24) (0.38) (0.30) (0.29) (0.27) (0.26) (0.40) (0.32) (0.31) (0.28) (0.28) Income Investment 4.87 3.20 1.62 0.15 4.80 3.14 1.57 0.12 4.89 3.20 1.61 0.15 4.91 3.21 1.63 0.17 (0.62) (0.72) (0.65) (0.77) (0.63) (0.73) (0.62) (0.71) Total from Total Operations

and 4.52 2.91 1.34 4.50 2.89 1.33 4.54 2.92 1.33 4.55 2.91 1.34 from Gains (0.79) (1.08) (0.14) (0.79) (1.08) (0.13) (0.79) (1.09) (0.13) (0.79) (1.09) (0.12) (Losses) Unrealized Operations Investments Net Realized Net 0.17 0.35 0.36 0.29 0.28 0.29 0.14 0.30 0.31 0.25 0.24 0.25 0.16 0.35 0.36 0.28 0.28 0.28 0.17 0.36 0.38 0.30 0.29 0.29 Income(a) Investment .63 .93 .54 .05 .98 .31 .52 .85 .46 .99 .93 .26 .68 .96 .57 .07 .00 .32 .67 .95 .56 .07 .99 .31 19 15 17 15 13 14 19 15 17 14 13 14 19 15 17 15 14 14 19 15 17 15 13 14 Value, Value,

of Period Net Asset Beginning $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Annualized for periods less than one year. During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, ratios would as indicated. Portfolio turnover is calculated on the basis of Fund as a whole without distinguishing among classes shares. Amounts designated as "—" are zero or have been rounded to zero. Per share calculations were performed using average shares method. Not annualized for periods less than one year. The total returns do not include charges that are imposed by variable insurance contracts. If these were reflected, would be lower than those shown. (d) (e) (f) The accompanying notes are an integral part of these financial statements. NVIT S&P 500 Index Fund NVIT S&P Class I Shares Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Class II Shares Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Class IV Shares Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Shares Class Y Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year (a) (b) (c) 134 - Financial Highlights - June 30, 2020 (Unaudited) - Index Funds (f) 14.66% 15.35% 16.54% 18.00% 17.32% 21.66% 14.66% 15.35% 16.54% 18.00% 17.32% 21.66% Portfolio Turnover(b)

0.69% 0.68% 0.69% 0.66% 0.67% 0.67% 0.29% 0.28% 0.28% 0.26% 0.28% 0.27% (Prior to Assets(d)(e) to Average to Average Net Reimbursements) Ratio of Expenses Net Ratio of Net 1.01% 1.01% 0.87% 0.88% 1.12% 1.03% 1.34% 1.34% 1.12% 1.19% 1.43% 1.32% Average Average Assets(d) Income to Investment Ratios/Supplemental Data Net 0.61% 0.61% 0.61% 0.59% 0.60% 0.60% 0.28% 0.28% 0.28% 0.26% 0.28% 0.27% Ratio of Assets(d) Expenses to Average to Average 77,556,189 46,201,177 119,577,417 411,899,977 150,100,191 163,601,416 125,904,270 187,002,105 203,821,307 157,363,149 466,406,890 463,282,596 Net Assets at

End of Period $ $ $ $ $ $ $ $ $ $ $ $

% % % % % % % % % % % % ) ) ) ) ) ) .96 .18 .87 .40 .56 .22 .88 .54 .38 .34 .20 .09 4 4 ( ( 24 14 20 25 14 21 11 11 Total Total 13 13 ( ( ( ( Return(b)(c)

.99 .07 .10 .18 .53 .53 .45 .95 .60 .61 .51 .99 6 8 7 8 11 11 10 13 12 10 13 12

of Period Net Asset Value, End Value, $ $ $ $ $ $ $ $ $ $ $ $

— — Total (4.57) (1.83) (0.63) (1.80) (1.24) (4.59) (1.87) (0.67) (1.83) (1.27) Distributions — — Net Gains (4.49) (1.69) (0.52) (1.68) (1.10) (4.49) (1.69) (0.52) (1.68) (1.10) Realized Distributions — — Net (0.11) (0.08) (0.14) (0.12) (0.14) (0.10) (0.18) (0.15) (0.15) (0.17) Income Investment 2.11 1.71 2.30 2.17 1.77 2.35 (1.08) (1.17) (0.67) (1.08) (1.14) (0.63) Total from Total Operations

and 2.01 1.60 2.17 2.03 1.62 2.18 from (1.11) Gains (1.29) (0.81) (1.13) (1.29) (0.81) (Losses) Unrealized Operations Investments Net Realized Net 0.11 0.03 0.10 0.12 0.13 0.14 0.05 0.14 0.15 0.15 0.17 0.18 Income(a) Investment .07 .18 .53 .53 .45 .95 .86 .60 .61 .51 .99 .89 8 8 11 11 10 13 12 13 10 13 12 13 Value, Value,

of Period Net Asset Beginning $ $ $ $ $ $ $ $ $ $ $ $

Annualized for periods less than one year. During the period, certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, ratios would as indicated. Portfolio turnover is calculated on the basis of Fund as a whole without distinguishing among classes shares. Amounts designated as "—" are zero or have been rounded to zero. Per share calculations were performed using average shares method. Not annualized for periods less than one year. The total returns do not include charges that are imposed by variable insurance contracts. If these were reflected, would be lower than those shown. (d) (e) (f) The accompanying notes are an integral part of these financial statements. NVIT Small Cap Index Fund Class II Shares Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Shares Class Y Six Months Ended June 30, 2020 (Unaudited) Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year (a) (b) (c) Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 135

1. Organization Nationwide Fund Advisors (“NFA”) serves as investment adviser to the Funds. NFA is a wholly owned subsidiary of Nationwide Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) Financial Services, Inc. (“NFS”), a holding company which is is registered under the Investment Company Act of 1940, a direct wholly owned subsidiary of Nationwide Corporation. as amended (the “1940 Act”), as an open-end management Nationwide Corporation, in turn, is owned by Nationwide Mutual investment company, organized as a statutory trust under the Insurance Company and Nationwide Mutual Fire Insurance laws of the State of Delaware. The Trust has authorized an Company. unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life Shares of the Funds are held by separate accounts established insurance company separate accounts to fund the benefits by Nationwide Life Insurance Company (“NLIC”), a wholly payable under variable life insurance policies and variable owned subsidiary of NFS, Nationwide Life and Annuity annuity contracts. As of June 30, 2020, the Trust operates sixty- Insurance Company, a wholly owned subsidiary of NLIC, other eight (68) separate series, or mutual funds, each with its own unaffiliated insurance companies, and other series of the Trust objective(s) and investment strategies. This report contains the that operate as a fund-of-funds, such as the NVIT Investor financial statements and financial highlights for the– series Destinations Funds. listed below (each, a “Fund”; collectively, the “Funds”).

-- NVIT Bond Index Fund ("Bond Index") -- NVIT International Index Fund ("International Index") -- NVIT Mid Cap Index Fund ("Mid Cap Index") -- NVIT S&P 500 Index Fund ("S&P 500 Index") -- NVIT Small Cap Index Fund ("Small Cap Index")

The Funds, as applicable, currently offer Class I, Class II, Class Trustees of the Trust (the “Board of Trustees”), NFA assigns a IV, Class VIII and Class Y shares. Each share class of a Fund fair value, as defined by U.S. GAAP, to a Fund’s investments represents interests in the same portfolio of investments of that in accordance with a hierarchy that prioritizes the various types Fund and the classes are identical except for any differences of inputs used to measure fair value. The hierarchy gives the in the distribution or service fees, administrative services fees, highest priority to readily available unadjusted quoted prices class specific expenses, certain voting rights, and class names in active markets for identical assets (Level 1 measurements) or designations. and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available Each of the Funds is a diversified fund, as defined in the 1940 or reliable. Act. The three levels of the hierarchy are summarized as follows. 2. Summary of Significant Accounting Policies ●●Level 1 — Quoted prices in active markets for identical The following is a summary of significant accounting policies assets followed by the Funds in the accounting and the preparation ●●Level 2 — Other significant observable inputs (including of their financial statements. The Funds are investment quoted prices of similar securities, interest rates, companies and follow accounting and reporting guidance in the prepayment speeds, credit risk, etc.) Financial Accounting Standards Board (“FASB”) Accounting ●●Level 3 — Significant unobservable inputs (including a Standards Codification Topic 946 (“ASC 946”). The policies are Fund’s own assumptions in determining the fair value of in conformity with accounting principles generally accepted in investments) the United States of America (“U.S. GAAP”), including, but not limited to, ASC 946. The preparation of financial statements Changes in valuation techniques may result in transfers into or requires fund management to make estimates and assumptions out of an investment’s assigned level within the hierarchy. that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and An investment’s categorization within the hierarchy is based expenses for the period. The Funds utilize various methods to on the lowest level of any input that is significant to the fair measure the value of their investments on a recurring basis. valuation in its entirety. The inputs or methodology used to value Amounts received upon the sale of such investments could investments are not intended to indicate the risk associated differ from those estimated values and those differences could with investing in those investments. be material. Securities for which market-based quotations are readily (a) Security Valuation available are valued at the current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the U.S. GAAP defines fair value as the price that a Fund would New York Stock Exchange (usually 4:00 p.m. Eastern time). receive to sell an asset or pay to transfer a liability in an orderly Equity securities are generally valued at the last quoted sale transaction between market participants at the measurement price or official closing price, or, if there is no such price, the last date. Pursuant to procedures approved by the Board of 136 - Notes to Financial Statements - June 30, 2020 (Unaudited) - Index Funds

quoted bid price provided by an independent pricing service Securities may be fair valued in certain circumstances, such as approved by the Board of Trustees. Prices are taken from the where (i) market-based quotations are not readily available; (ii) primary market or exchange on which each security trades. an independent pricing service does not provide a value or the Shares of registered open-end management investment value provided by an independent pricing service is determined companies are valued at net asset value (“NAV”) as reported to be unreliable in the judgment of NFA/NFM or its designee; by such company. Shares of exchange traded funds are (iii) a significant event has occurred that affects the value of generally valued at the last quoted sale price or official closing a Fund’s securities after trading has stopped (e.g., earnings price, or, if there is no such price, the last quoted bid price announcements or news relating to natural disasters affecting provided by an independent pricing service. Master limited an issuer’s operations); (iv) the securities are illiquid; (v) the partnerships (“MLPs”) are publicly traded partnerships and are securities have defaulted or been delisted from an exchange treated as partnerships for U.S. federal income tax purposes. and are no longer trading; or (vi) any other circumstance in Investments in MLPs are valued at the last quoted sale price which the FVC believes that market-based quotations do not or official closing price, or, if there is no such price, thelast accurately reflect the value of a security. quoted bid price provided by an independent pricing service. Equity securities, shares of registered open-end management The FVC will assign a fair value according to fair value investment companies, shares of exchange traded funds and methodologies. Information utilized by the FVC to obtain a fair MLPs valued in this manner are generally categorized as Level value may include, among others, the following: (i) a multiple of 1 investments within the hierarchy. Repurchase agreements earnings; (ii) the discount from market value of a similar, freely are valued at amortized cost, which approximates fair value, traded security; (iii) the yield-to-maturity for debt issues; or (iv) and are generally categorized as Level 2 investments within a combination of these and other methods. Fair valuations the hierarchy. may also take into account significant events that occur before Valuation Time but after the close of the principal market on Debt and other fixed-income securities are generally valued which a security trades that materially affect the value of such at the bid evaluation price provided by an independent pricing security. To arrive at the appropriate methodology, the FVC service as approved by the Board of Trustees. Evaluations may consider a non-exclusive list of factors, which are specific provided by independent pricing service providers may be to the security, as well as whether the security is traded on the determined without exclusive reliance on quoted prices and may domestic or foreign markets. The FVC monitors the results of use broker-dealer quotations, individual trading characteristics fair valuation determinations and regularly reports the results to and other market data, reported trades or valuation estimates the Board of Trustees. Each Fund attempts to establish a price from their internal pricing models. The independent pricing that it might reasonably expect to receive upon the current sale service providers’ internal models use inputs that are observable of that security. That said, there can be no assurance that the such as issuer details, interest rates, yield curves, prepayment fair value assigned to a security is the price at which a security speeds, credit risks/spreads, default rates, anticipated timing could have been sold during the period in which the particular of principal repayments, and quoted prices for similar assets fair value was used to value the security. To the extent the and are generally categorized as Level 2 investments within significant inputs used are observable, these securities are the hierarchy. Debt obligations generally involve some risk of classified as Level 2 investments; otherwise, they are classified default with respect to interest and/or principal payments. as Level 3 investments within the hierarchy.

Municipal securities are valued as determined by an independent Equity securities listed on a non-U.S. exchange (“non-U.S. pricing service. The independent pricing service utilizes internal securities”) are generally fair valued daily by an independent models and uses observable inputs such as: (i) yields or prices fair value pricing service approved by the Board of Trustees. of municipal securities of comparable quality, coupon, maturity The fair valuations for non-U.S. securities may not be the same and type; (ii) indications as to values from dealers; and (iii) as quoted or published prices of the securities on the exchange general market conditions. Municipal securities are generally on which such securities trade. Such securities are categorized categorized as Level 2 investments within the hierarchy. as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not The Board of Trustees has delegated authority to NFA, and available, such non-U.S. securities are generally valued at the the Trust’s administrator, Nationwide Fund Management LLC last quoted sale price at the close of an exchange on which (“NFM”), to assign a fair value under certain circumstances, as the security is traded and categorized as Level 1 investments described below, pursuant to valuation procedures approved by within the hierarchy. Values of foreign securities, currencies, the Board of Trustees. NFA and NFM have established a Fair and other assets and liabilities denominated in foreign Valuation Committee (“FVC”) to assign these fair valuations. currencies are translated into U.S. dollars at the exchange rate The fair value of a security may differ from its quoted or of said currencies against the U.S. dollar, as of Valuation Time, published price. Fair valuation of portfolio securities may occur as provided by an independent pricing service approved by the on a daily basis. Board of Trustees. Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 137

The following tables provide a summary of the inputs used to value the Funds’ net assets as of June 30, 2020. Please refer to the Statements of Investments for additional information on portfolio holdings.

Bond Index Level 1 Level 2 Level 3 Total Assets: Asset-Backed Securities $ –‌ $ 9,889,728‌ $ –‌ $ 9,889,728‌ Commercial Mortgage-Backed Securities –‌ 54,708,829‌ –‌ 54,708,829‌ Corporate Bonds –‌ 673,839,617‌ –‌ 673,839,617‌ Foreign Government Securities –‌ 45,137,176‌ –‌ 45,137,176‌ Mortgage-Backed Securities –‌ 647,740,269‌ –‌ 647,740,269‌ Municipal Bonds –‌ 17,948,276‌ –‌ 17,948,276‌ Repurchase Agreements –‌ 45,574,931‌ –‌ 45,574,931‌ Supranational –‌ 33,791,299‌ –‌ 33,791,299‌ U.S. Government Agency Securities –‌ 26,349,816‌ –‌ 26,349,816‌ U.S. Treasury Obligations –‌ 900,292,423‌ –‌ 900,292,423‌ Total Assets $ –‌ $ 2,455,272,364‌ $ –‌ $ 2,455,272,364‌ Liabilities: Mortgage-Backed Securities $ –‌ $ (80,371‌) $ –‌ $ (80,371‌) Total Liabilities $ –‌ $ (80,371‌) $ –‌ $ (80,371‌) Total $ –‌ $ 2,455,191,993‌ $ –‌ $ 2,455,191,993‌

International Index Level 1 Level 2 Level 3 Total Assets: Common Stocks Aerospace & Defense $ –‌ $ 18,073,405‌ $ –‌ $ 18,073,405‌ Air Freight & Logistics –‌ 10,228,153‌ –‌ 10,228,153‌ Airlines –‌ 1,775,496‌ –‌ 1,775,496‌ Auto Components –‌ 15,303,627‌ –‌ 15,303,627‌ Automobiles –‌ 51,547,308‌ –‌ 51,547,308‌ Banks –‌ 138,497,253‌ –‌ 138,497,253‌ Beverages 1,068,155‌ 36,804,626‌ –‌ 37,872,781‌ Biotechnology 959,521‌ 18,608,382‌ –‌ 19,567,903‌ Building Products –‌ 17,998,864‌ –‌ 17,998,864‌ Capital Markets –‌ 50,546,242‌ –‌ 50,546,242‌ Chemicals –‌ 64,885,591‌ –‌ 64,885,591‌ Commercial Services & Supplies –‌ 8,472,328‌ –‌ 8,472,328‌ Communications Equipment –‌ 7,177,750‌ –‌ 7,177,750‌ Construction & Engineering –‌ 16,500,214‌ –‌ 16,500,214‌ Construction Materials –‌ 9,635,110‌ –‌ 9,635,110‌ Consumer Finance –‌ 228,320‌ –‌ 228,320‌ Containers & Packaging –‌ 1,062,757‌ –‌ 1,062,757‌ Distributors –‌ 182,203‌ –‌ 182,203‌ Diversified Consumer Services –‌ 298,494‌ –‌ 298,494‌ Diversified Financial Services –‌ 12,908,141‌ –‌ 12,908,141‌ Diversified Telecommunication Services –‌ 37,500,147‌ –‌ 37,500,147‌ Electric Utilities –‌ 41,682,203‌ –‌ 41,682,203‌ Electrical Equipment –‌ 30,201,135‌ –‌ 30,201,135‌ Electronic Equipment, Instruments & Components –‌ 33,757,818‌ –‌ 33,757,818‌ Energy Equipment & Services –‌ 422,311‌ –‌ 422,311‌ Entertainment –‌ 14,517,877‌ –‌ 14,517,877‌ Equity Real Estate Investment Trusts (REITs) –‌ 25,644,273‌ –‌ 25,644,273‌ Food & Staples Retailing –‌ 28,881,925‌ –‌ 28,881,925‌ Food Products –‌ 71,574,837‌ –‌ 71,574,837‌ Gas Utilities –‌ 9,289,053‌ –‌ 9,289,053‌ Health Care Equipment & Supplies –‌ 41,188,253‌ –‌ 41,188,253‌ Health Care Providers & Services –‌ 10,467,786‌ –‌ 10,467,786‌ Health Care Technology –‌ 2,666,399‌ –‌ 2,666,399‌ Hotels, Restaurants & Leisure 458,926‌ 22,895,061‌ –‌ 23,353,987‌ 138 - Notes to Financial Statements - June 30, 2020 (Unaudited) - Index Funds

Level 1 Level 2 Level 3 Total Assets: Household Durables $ –‌ $ 24,370,100‌ $ –‌ $ 24,370,100‌ Household Products –‌ 19,007,510‌ –‌ 19,007,510‌ Independent Power and Renewable Electricity Producers –‌ 1,794,747‌ –‌ 1,794,747‌ Industrial Conglomerates 1,743,563‌ 21,003,238‌ –‌ 22,746,801‌ Insurance –‌ 91,479,642‌ –‌ 91,479,642‌ Interactive Media & Services –‌ 5,987,798‌ –‌ 5,987,798‌ Internet & Direct Marketing Retail –‌ 14,753,531‌ –‌ 14,753,531‌ IT Services 1,700,276‌ 28,021,254‌ –‌ 29,721,530‌ Leisure Products –‌ 4,620,271‌ –‌ 4,620,271‌ Life Sciences Tools & Services –‌ 8,994,244‌ –‌ 8,994,244‌ Machinery –‌ 55,002,326‌ –‌ 55,002,326‌ Marine –‌ 3,055,701‌ –‌ 3,055,701‌ Media –‌ 8,073,658‌ –‌ 8,073,658‌ Metals & Mining –‌ 51,004,633‌ –‌ 51,004,633‌ Multiline Retail –‌ 8,496,731‌ –‌ 8,496,731‌ Multi-Utilities –‌ 18,784,990‌ –‌ 18,784,990‌ Oil, Gas & Consumable Fuels –‌ 61,251,917‌ –‌ 61,251,917‌ Paper & Forest Products –‌ 6,010,842‌ –‌ 6,010,842‌ Personal Products –‌ 42,694,852‌ –‌ 42,694,852‌ Pharmaceuticals 1,928,967‌ 178,871,475‌ –‌ 180,800,442‌ Professional Services –‌ 29,301,266‌ –‌ 29,301,266‌ Real Estate Management & Development 617,792‌ 31,769,202‌ –‌ 32,386,994‌ Road & Rail –‌ 18,321,342‌ –‌ 18,321,342‌ Semiconductors & Semiconductor Equipment –‌ 39,121,769‌ –‌ 39,121,769‌ Software 2,268,532‌ 31,587,824‌ –‌ 33,856,356‌ Specialty Retail –‌ 15,783,573‌ –‌ 15,783,573‌ Technology Hardware, Storage & Peripherals –‌ 8,082,207‌ –‌ 8,082,207‌ Textiles, Apparel & Luxury Goods –‌ 47,803,183‌ –‌ 47,803,183‌ Tobacco –‌ 19,432,499‌ –‌ 19,432,499‌ Trading Companies & Distributors 549,164‌ 22,737,729‌ –‌ 23,286,893‌ Transportation Infrastructure –‌ 9,478,188‌ –‌ 9,478,188‌ Water Utilities –‌ 2,110,158‌ –‌ 2,110,158‌ Wireless Telecommunication Services 360,253‌ 32,487,761‌ –‌ 32,848,014‌ Total Common Stocks $ 11,655,149‌ $ 1,812,719,503‌ $ –‌ $ 1,824,374,652‌ Futures Contracts 78,809‌ –‌ –‌ 78,809‌ Repurchase Agreements –‌ 40,054,771‌ –‌ 40,054,771‌ Rights 278,598‌ –‌ –‌ 278,598‌ Total Assets $ 12,012,556‌ $ 1,852,774,274‌ $ –‌ $ 1,864,786,830‌ Liabilities: Futures Contracts $ (163,884‌) $ –‌ $ –‌ $ (163,884‌) Total Liabilities $ (163,884‌) $ –‌ $ –‌ $ (163,884‌) Total $ 11,848,672‌ $ 1,852,774,274‌ $ –‌ $ 1,864,622,946‌

Mid Cap Index Level 1 Level 2 Level 3 Total Assets: Common Stocks $ 1,189,360,967‌ $ –‌ $ –‌ $ 1,189,360,967‌ Futures Contracts 143,421‌ –‌ –‌ 143,421‌ Repurchase Agreements –‌ 64,561,206‌ –‌ 64,561,206‌ Total $ 1,189,504,388‌ $ 64,561,206‌ $ –‌ $ 1,254,065,594‌

S&P 500 Index Level 1 Level 2 Level 3 Total Assets: Common Stocks $ 3,874,136,530‌ $ –‌ $ –‌ $ 3,874,136,530‌ Futures Contracts 892,279‌ –‌ –‌ 892,279‌ Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 139

Level 1 Level 2 Level 3 Total Assets: Repurchase Agreements $ –‌ $ 24,450,957‌ $ –‌ $ 24,450,957‌ Right 9,787‌ –‌ –‌ 9,787‌ Total $ 3,875,038,596‌ $ 24,450,957‌ $ –‌ $ 3,899,489,553‌

Small Cap Index Level 1 Level 2 Level 3 Total Assets: Common Stocks Aerospace & Defense $ 2,747,390‌ $ –‌ $ –‌ $ 2,747,390‌ Air Freight & Logistics 1,123,332‌ –‌ –‌ 1,123,332‌ Airlines 988,768‌ –‌ –‌ 988,768‌ Auto Components 4,125,627‌ –‌ –‌ 4,125,627‌ Automobiles 386,463‌ –‌ –‌ 386,463‌ Banks 27,719,694‌ –‌ –‌ 27,719,694‌ Beverages 940,710‌ –‌ –‌ 940,710‌ Biotechnology 35,230,279‌ –‌ –‌ 35,230,279‌ Building Products 5,020,547‌ –‌ –‌ 5,020,547‌ Capital Markets 4,894,399‌ –‌ –‌ 4,894,399‌ Chemicals 5,601,217‌ –‌ –‌ 5,601,217‌ Commercial Services & Supplies 7,431,214‌ –‌ –‌ 7,431,214‌ Communications Equipment 3,066,384‌ –‌ –‌ 3,066,384‌ Construction & Engineering 3,849,864‌ –‌ –‌ 3,849,864‌ Construction Materials 492,613‌ –‌ –‌ 492,613‌ Consumer Finance 2,270,384‌ –‌ –‌ 2,270,384‌ Containers & Packaging 666,013‌ –‌ –‌ 666,013‌ Distributors 281,272‌ –‌ –‌ 281,272‌ Diversified Consumer Services 2,394,327‌ –‌ –‌ 2,394,327‌ Diversified Financial Services 811,060‌ –‌ –‌ 811,060‌ Diversified Telecommunication Services 2,907,755‌ –‌ –‌ 2,907,755‌ Electric Utilities 3,020,834‌ –‌ –‌ 3,020,834‌ Electrical Equipment 3,018,246‌ –‌ –‌ 3,018,246‌ Electronic Equipment, Instruments & Components 7,531,747‌ –‌ –‌ 7,531,747‌ Energy Equipment & Services 2,335,421‌ –‌ –‌ 2,335,421‌ Entertainment 917,888‌ –‌ –‌ 917,888‌ Equity Real Estate Investment Trusts (REITs) 20,554,963‌ –‌ –‌ 20,554,963‌ Food & Staples Retailing 2,869,798‌ –‌ –‌ 2,869,798‌ Food Products 4,485,661‌ –‌ –‌ 4,485,661‌ Gas Utilities 3,890,881‌ –‌ –‌ 3,890,881‌ Health Care Equipment & Supplies 11,736,337‌ –‌ –‌ 11,736,337‌ Health Care Providers & Services 7,511,687‌ –‌ –‌ 7,511,687‌ Health Care Technology 3,415,496‌ –‌ –‌ 3,415,496‌ Hotels, Restaurants & Leisure 8,981,716‌ –‌ –‌ 8,981,716‌ Household Durables 6,830,192‌ –‌ –‌ 6,830,192‌ Household Products 835,509‌ –‌ –‌ 835,509‌ Independent Power and Renewable Electricity Producers 1,368,387‌ –‌ –‌ 1,368,387‌ Industrial Conglomerates 142,999‌ –‌ –‌ 142,999‌ Insurance 7,541,607‌ –‌ –‌ 7,541,607‌ Interactive Media & Services 1,288,919‌ –‌ –‌ 1,288,919‌ Internet & Direct Marketing Retail 2,005,745‌ –‌ –‌ 2,005,745‌ IT Services 6,663,417‌ –‌ –‌ 6,663,417‌ Leisure Products 2,217,802‌ –‌ –‌ 2,217,802‌ Life Sciences Tools & Services 1,967,058‌ –‌ –‌ 1,967,058‌ Machinery 11,781,177‌ –‌ –‌ 11,781,177‌ Marine 370,068‌ –‌ –‌ 370,068‌ Media 2,500,118‌ –‌ –‌ 2,500,118‌ Metals & Mining 4,744,720‌ –‌ –‌ 4,744,720‌ Mortgage Real Estate Investment Trusts (REITs) 4,456,848‌ –‌ –‌ 4,456,848‌ 140 - Notes to Financial Statements - June 30, 2020 (Unaudited) - Index Funds

Level 1 Level 2 Level 3 Total Assets: Multiline Retail $ 468,718‌ $ –‌ $ –‌ $ 468,718‌ Multi-Utilities 1,727,796‌ –‌ –‌ 1,727,796‌ Oil, Gas & Consumable Fuels 5,044,766‌ –‌ –‌ 5,044,766‌ Paper & Forest Products 1,688,755‌ –‌ –‌ 1,688,755‌ Personal Products 1,236,523‌ –‌ –‌ 1,236,523‌ Pharmaceuticals 6,915,914‌ –‌ –‌ 6,915,914‌ Professional Services 4,344,121‌ –‌ –‌ 4,344,121‌ Real Estate Management & Development 2,426,680‌ –‌ –‌ 2,426,680‌ Road & Rail 1,896,999‌ –‌ –‌ 1,896,999‌ Semiconductors & Semiconductor Equipment 9,125,034‌ –‌ –‌ 9,125,034‌ Software 17,996,077‌ –‌ –‌ 17,996,077‌ Specialty Retail 7,885,091‌ –‌ –‌ 7,885,091‌ Technology Hardware, Storage & Peripherals 578,492‌ –‌ –‌ 578,492‌ Textiles, Apparel & Luxury Goods 2,835,769‌ –‌ –‌ 2,835,769‌ Thrifts & Mortgage Finance 5,605,331‌ –‌ –‌ 5,605,331‌ Tobacco 483,379‌ –‌ –‌ 483,379‌ Trading Companies & Distributors 4,576,795‌ –‌ –‌ 4,576,795‌ Water Utilities 1,739,131‌ –‌ –‌ 1,739,131‌ Wireless Telecommunication Services 609,197‌ –‌ –‌ 609,197‌ Total Common Stocks $ 325,119,121‌ $ –‌ $ –‌ $ 325,119,121‌ Futures Contracts 273,895‌ –‌ –‌ 273,895‌ Repurchase Agreements –‌ 44,190,177‌ –‌ 44,190,177‌ Right –‌ 199‌ –‌ 199‌ Total $ 325,393,016‌ $ 44,190,376‌ $ –‌ $ 369,583,392‌ Amounts designated as "— ", which may include fair valued securities, are zero or have been rounded to zero.

During the six months ended June 30, 2020, International Index held one common stock investment that was categorized as a Level 3 investment which was valued at $0.

During the six months ended June 30, 2020, Small Cap Index held one common stock investment that was categorized as Level 3 investment which was valued at $0.

The FVC continues to evaluate any information that could (c) Foreign Currency Transactions cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory The accounting records of the Funds are maintained in U.S. proceedings, and subadviser recommendations. dollars. The Funds may, nevertheless, engage in foreign currency transactions. In those instances, a Fund will convert foreign currency amounts into U.S. dollars at the current rate of (b) Cash Overdraft exchange between the foreign currency and the U.S. dollar in Certain Funds may have overdrawn U.S. dollar and/or foreign order to determine the value of the Fund’s investments, assets, currency balances with the Funds' custodian bank, JPMorgan and liabilities. Chase Bank, N.A. (“JPMorgan”). To offset the overdraft, JPMorgan advanced an amount equal to the overdraft. Purchases and sales of securities, receipts of income, and Consistent with the Funds' borrowing policy, the advance is payments of expenses are converted at the prevailing rate of deemed a temporary loan to the Funds. Such loans are payable exchange on the respective date of such transactions. The upon demand and bear interest from the date of such advance accounting records of a Fund do not differentiate that portion to the date of payment at the rate agreed upon with JPMorgan of the results of operations resulting from changes in foreign under the custody agreement. These advances are separate exchange rates from those resulting from changes in the market from, and were not made pursuant to, the credit agreement prices of the relevant securities. Each portion contributes to the discussed in Note 5. A Fund with an overdraft is subject to a net realized gains or losses from transactions in investment lien by JPMorgan on the Fund’s account and JPMorgan may securities and net change in unrealized appreciation/ charge the Fund’s account for any amounts owed to JPMorgan. depreciation in the value of investment securities. Net currency JPMorgan also has the right to set off as appropriate and apply gains or losses, realized and unrealized, that are a result all deposits and credits held by or owing to JPMorgan against of differences between the amount recorded on a Fund’s such amount, subject to the terms of the custody agreement. accounting records, and the U.S. dollar equivalent amount actually received or paid for interest or dividends, receivables At June 30, 2020, the Funds did not have overdrawn balances. and payables for investments sold or purchased, and foreign Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 141

cash, are included in the Statements of Operations under “Net are generally valued daily at their settlement price as provided realized gains (losses) from foreign currency transactions” by an independent pricing service approved by the Board of and “Net change in unrealized appreciation/depreciation in Trustees, and are generally categorized as Level 1 investments the value of translation of assets and liabilities denominated in within the hierarchy. foreign currencies,” if applicable. A “sale” of a futures contract means a contractual obligation (d) Futures Contracts to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the Certain Funds are subject to equity price and/or interest rate risk future. A “purchase” of a futures contract means a contractual in the normal course of pursuing their objectives. Certain Funds obligation to acquire the securities or foreign currency at a fixed entered into financial futures contracts (“futures contracts”) price at a specified time in the future. When a futures contract to manage currency risk, to equitize cash balances, to more is closed, the Fund records a realized gain or loss equal to the efficiently manage the portfolio, to modify exposure to volatility, difference between the value of the futures contract at the time to increase or decrease the baseline equity exposure, to gain it was opened and its value at the time it was closed. exposure to and/or hedge against changes in interest rates, for the purpose of reducing active risk in the portfolio, to gain Should market conditions change unexpectedly, a Fund may exposure to and/or hedge against the value of equities and/ not achieve the anticipated benefits of futures contracts and or to gain exposure to foreign currencies, as applicable, to may realize a loss. The use of futures contracts for hedging meet each Fund's stated investment strategies as shown in the purposes involves the risk of imperfect correlation in the Fund's Prospectus. Futures contracts are contracts for delayed movements in the price of the futures contracts and the delivery of securities or currencies at a specific future date and underlying assets. A Fund’s investments in futures contracts at a specific price or currency amount. entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled Upon entering into a futures contract, a Fund is required through the exchange and whose fulfillment is guaranteed by to segregate an initial margin deposit of cash and/or other the credit of the exchange. assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, a Fund agrees to The Funds' futures contracts are reflected in the Statements of receive from or pay to a broker an amount of cash equal to the Assets and Liabilities under “Receivable/Payable for variation daily fluctuation in value of the futures contract. Subsequent margin on futures contracts,” in a table in the Statement of receipts or payments, known as “variation margin” receipts or Investments and in the Statements of Operations under “Net payments, are made each day, depending on the fluctuation realized gains (losses) from expiration or closing of futures in the fair value of the futures contract, and are recognized contracts” and “Net change in unrealized appreciation/ by a Fund as unrealized gains or losses. Futures contracts depreciation in the value of futures contracts.”, as applicable.

The following is a summary of the Funds’ derivative instruments categorized by risk exposure as of June 30, 2020:

Fair Values of Derivatives not Accounted for as Hedging Instruments as of June 30, 2020:

International Index Assets: Statements of Assets and Liabilities Fair Value Futures Contracts(a) Equity risk Payable for variation margin on futures contracts $ 78,809‌ Total $ 78,809‌ Liabilities: Futures Contracts(a) Equity risk Payable for variation margin on futures contracts (163,884‌) Total $ (163,884‌)

Mid Cap Index Assets: Statements of Assets and Liabilities Fair Value Futures Contracts(a) Equity risk Receivable for variation margin on futures contracts $ 143,421‌ Total $ 143,421‌

S&P 500 Index Assets: Statements of Assets and Liabilities Fair Value Futures Contracts(a) Equity risk Receivable for variation margin on futures contracts $ 892,279‌ Total $ 892,279‌ 142 - Notes to Financial Statements - June 30, 2020 (Unaudited) - Index Funds

Small Cap Index Assets: Statements of Assets and Liabilities Fair Value Futures Contracts(a) Equity risk Receivable for variation margin on futures contracts $ 273,895‌ Total $ 273,895‌

(a) Includes cumulative appreciation/(depreciation) of futures contracts as reported in the Statement of Investments. Only current day's variation margin is reported within the Statements of Asset and Liabilities.

The Effect of Derivative Instruments on the Statements of Operations for the Six Months Ended June 30, 2020

International Index Realized Gains (Losses): Total Futures Contracts Equity risk $ (1,020,462‌) Total $ (1,020,462‌)

Mid Cap Index Realized Gains (Losses): Total Futures Contracts Equity risk $ (3,067,868‌) Total $ (3,067,868‌)

S&P 500 Index Realized Gains (Losses): Total Futures Contracts Equity risk $ 1,052,404‌ Total $ 1,052,404‌

Small Cap Index Realized Gains (Losses): Total Futures Contracts Equity risk $ (516,383‌) Total $ (516,383‌)

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in the Statements of Operations for the Six Months Ended June 30, 2020

International Index Unrealized Appreciation/Depreciation: Total Futures Contracts Equity risk $ 23,547‌ Total $ 23,547‌

Mid Cap Index Unrealized Appreciation/Depreciation: Total Futures Contracts Equity risk $ (132,615‌) Total $ (132,615‌)

S&P 500 Index Unrealized Appreciation/Depreciation: Total Futures Contracts Equity risk $ 212,414‌ Total $ 212,414‌ Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 143

Small Cap Index Unrealized Appreciation/Depreciation: Total Futures Contracts Equity risk $ 116,673‌ Total $ 116,673‌

The following is a summary of the Funds' average volume of derivative instruments held during the six months ended June 30, 2020:

International Index Futures Contracts: Average Notional Balance Long $23,726,283

Mid Cap Index Futures Contracts: Average Notional Balance Long $28,972,106

S&P 500 Index Futures Contracts: Average Notional Balance Long $50,004,069

Small Cap Index Futures Contracts: Average Notional Balance Long $11,995,841

The Funds are required to disclose information about offsetting commitment date are held as “cover” for the transaction, or and related arrangements to enable users of the financial other liquid assets in an amount equal to the notional value statements to understand the effect of those arrangements on of the TBA sale commitment are segregated. If the TBA sale the Funds’ financial position. At June 30, 2020, certain Funds commitment is closed through the acquisition of an offsetting have entered into futures contracts. The futures contracts TBA purchase commitment, a Fund realizes a gain or loss agreement does not provide for a netting arrangement. based upon the unit price of the acquisition. If a Fund delivers securities under the commitment, the Fund realizes a gain or (e) TBA a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. The Funds may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the (f) Securities Lending purchase or sale of mortgage-backed securities to be delivered at a future agreed-upon date; however, the specific mortgage During the six months ended June 30, 2020, certain pool numbers or the number of pools that will be delivered to funds entered into securities lending transactions. To generate fulfill the trade obligation or terms of the contract are unknown additional income, the Funds lent their portfolio securities, up to at the time of the trade. Mortgage pools (including fixed-rate 33 1/3% of the total assets of a Fund, to brokers, dealers, and or variable-rate mortgages) guaranteed by the Government other financial institutions. National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan JPMorgan serves as securities lending agent for the securities Mortgage Corporation, or FHLMC, are subsequently allocated lending program for the Funds. Securities lending transactions to the TBA transactions. TBAs involve a risk of loss if the value are considered to be overnight and continuous and can be of the security to be purchased or sold declines or increases, terminated by a Fund or the borrower at any time. respectively, prior to the settlement date. TBAs are valued at the bid evaluation price as provided by an independent pricing The Funds receive payments from JPMorgan equivalent to service approved by the Board. any dividends and/or interest while on loan, in lieu of income which is included as “Dividend income” and/or “Interest The Funds may also enter into TBA sale commitments to income”, as applicable, on the Statements of Operations. The hedge its portfolio positions, to sell mortgage-backed securities Funds also receive interest that would have been earned on it owns under delayed delivery arrangements or to take a short the securities loaned while simultaneously seeking to earn position in mortgage-backed securities. Proceeds of TBA sale income on the investment of cash collateral or receiving a fee commitments are not received until the contractual settlement with respect to the receipt of non-cash collateral. Securities date. During the time a TBA sale commitment is outstanding, lending income includes any fees charged to borrowers less either equivalent deliverable securities or an offsetting TBA expenses associated with the loan. Income from the securities purchase commitment deliverable on or before the sale lending program is recorded when earned from JPMorgan and 144 - Notes to Financial Statements - June 30, 2020 (Unaudited) - Index Funds

reflected in the Statements of Operations under “Income from standing and creditworthy. Loans are subject to termination by securities lending.” There may be risks of delay or restrictions the Funds or the borrower at any time, and, therefore, are not in recovery of the securities or disposal of collateral should considered to be illiquid investments. JPMorgan receives a fee the borrower of the securities fail financially. Loans are made, based on a percentage of earnings derived from the investment however, only to borrowers deemed by JPMorgan to be of good of cash collateral.

In accordance with guidance presented in FASB Accounting Standards Update 2014-11, Balance Sheet (Topic) 860: Repurchase- to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of June 30, 2020, which were comprised of repurchase agreements purchased with cash collateral, were as follows:

Amounts of Liabilities Presented in the Statements of Assets Fund and Liabilities Bond Index $ 45,574,931‌ International Index 40,054,771‌ Mid Cap Index 64,561,206‌ S&P 500 Index 24,450,957‌ Small Cap Index 44,190,177‌

The Trust’s securities lending policies and procedures At June 30, 2020, the Securities Lending Agreement does not require that the borrower (i) deliver cash or U.S. Government permit the Funds to enforce a netting arrangement. securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio (g) Joint Repurchase Agreements securities loaned, and with respect to each new loan of non- U.S. securities, collateral of at least 105% of the value of the During the six months ended June 30, 2020, certain Funds, portfolio securities loaned; and (ii) at all times thereafter mark- along with other series of the Trust, pursuant to procedures to-market the collateral on a daily basis so that the market value adopted by the Board of Trustees and applicable guidance from of such collateral is at least 100% of the value of securities the Securities and Exchange Commission ("SEC"), transferred loaned. Cash collateral received is generally invested in cash collateral received from securities lending transactions, joint repurchase agreements and shown in the Statement of through a joint account at JPMorgan, the Funds' custodian, the Investments and included in calculating the Fund’s total assets. daily aggregate balance of which is invested in one or more U.S. Government securities received as collateral, if any, are joint repurchase agreements (“repo” or collectively “repos”) held in safe-keeping by JPMorgan or The Bank of New York collateralized by U.S. Treasury or federal agency obligations. Mellon and cannot be sold or repledged by the Funds and For repos, each Fund participates on a pro rata basis with other accordingly are not reflected in the Fund’s total assets. For clients of JPMorgan in its share of the underlying collateral additional information on the non-cash collateral received, if under such repos and in its share of proceeds from any any, please refer to the Statement of Investments. repurchase or other disposition of the underlying collateral. In repos, the seller of a security agrees to repurchase the security The Securities Lending Agency Agreement between the Trust at a mutually agreed-upon time and price, which reflects the and JPMorgan provides that in the event of a default by a effective rate of return for the term of the agreement. For repos, borrower with respect to any loan, the Fund may terminate The Bank of New York Mellon or JPMorgan takes possession the loan and JPMorgan will exercise any and all remedies of the collateral pledged for investments in such repos. The provided under the applicable borrower agreement to underlying collateral is valued daily on a mark-to-market basis to make the Fund whole. These remedies include purchasing ensure that the value is equal to or greater than the repurchase replacement securities by applying the collateral held from price, including accrued interest. In the event of default of the the defaulting borrower against the purchase cost of the obligation to repurchase, the Funds have the right to liquidate replacement securities. If, despite such efforts by JPMorgan to the collateral and apply the proceeds in satisfaction of the exercise these remedies, the Fund sustains losses as a result obligation. If the seller defaults and the value of the collateral of a borrower’s default, JPMorgan indemnifies the Fund by declines or if bankruptcy proceedings are commenced with purchasing replacement securities at JPMorgan’s expense, or respect to the seller of the security, realization of the collateral paying the Fund an amount equal to the market value of the by the Funds may be delayed or limited. replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agency Agreement between the Fund and JPMorgan.

Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 145

At June 30, 2020, the joint repos on a gross basis were as follows:

Bank of America NA, 0.09%, dated 6/30/2020, due 7/1/2020, repurchase price $147,421,822, collateralized by U.S. Government Agency Securities, 3.00%, maturing 7/20/2049; total market value $150,369,883.

BofA Securities, Inc., 0.09%, dated 6/30/2020, due 7/1/2020, repurchase price $32,000,080, collateralized by U.S. Government Agency Securities, 0.15%, maturing 12/14/2020; total market value $32,643,027.

CF Secured, LLC, 0.09%, dated 6/30/2020, due 7/1/2020, repurchase price $42,960,808, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 5.00%, maturing 9/8/2020 - 7/20/2069; total market value $43,820,027.

NatWest Markets Securities, Inc., 0.08%, dated 6/30/2020, due 7/7/2020, repurchase price $150,002,333, collateralized by U.S. Government Treasury Securities, ranging from 0.13% - 4.25%, maturing 1/15/2021 - 2/15/2042; total market value $153,000,412.

Nomura Securities International, Inc., 0.07%, dated 6/30/2020, due 7/1/2020, repurchase price $86,100,167, collateralized by U.S. Government Treasury Securities, ranging from 0.00% - 2.50%, maturing 8/31/2021 - 5/15/2050; total market value $87,822,005.

Pershing LLC, 0.14%, dated 6/30/2020, due 7/1/2020, repurchase price $69,200,269, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 10.00%, maturing 7/23/2020 - 12/20/2069; total market value $70,584,025.

At June 30, 2020, certain Funds' investment in joint repos was subject to an enforceable netting arrangement. The Funds' proportionate holding in joint repos was as follows:

Gross Amounts not Offset in the Statements of Assets and Liabilities Gross Amounts Offset in the Net Amounts of Gross Statements Assets Presented Amounts of of in the Statements of Net Recognized Assets and Assets and Collateral Amounts Fund Counterparty Assets Liabilities Liabilities Received* of Assets Bank of America Bond Index NA $ 4,574,931‌ $ –‌ $ 4,574,931‌ $ (4,574,931‌) $ –‌ BofA Securities, Bond Index Inc. 2,000,000‌ –‌ 2,000,000‌ (2,000,000‌) –‌ Bond Index CF Secured, LLC 10,000,000‌ –‌ 10,000,000‌ (10,000,000‌) –‌ NatWest Markets Bond Index Securities, Inc. 15,000,000‌ –‌ 15,000,000‌ (15,000,000‌) –‌ Nomura Securities Bond Index International, Inc. 6,000,000‌ –‌ 6,000,000‌ (6,000,000‌) –‌ Bond Index Pershing LLC 8,000,000‌ –‌ 8,000,000‌ (8,000,000‌) –‌ Total $ 45,574,931‌ $ –‌ $ 45,574,931‌ $ (45,574,931‌) $ –‌ 146 - Notes to Financial Statements - June 30, 2020 (Unaudited) - Index Funds

Gross Amounts not Offset in the Statements of Assets and Liabilities Gross Amounts Offset in the Net Amounts of Gross Statements Assets Presented Amounts of of in the Statements of Net Recognized Assets and Assets and Collateral Amounts Fund Counterparty Assets Liabilities Liabilities Received* of Assets International Bank of America Index NA $ 3,094,070‌ $ –‌ $ 3,094,070‌ $ (3,094,070‌) $ –‌ International BofA Securities, Index Inc. 10,000,000‌ –‌ 10,000,000‌ (10,000,000‌) –‌ International Index CF Secured, LLC 960,701‌ –‌ 960,701‌ (960,701‌) –‌ International NatWest Markets Index Securities, Inc. 10,000,000‌ –‌ 10,000,000‌ (10,000,000‌) –‌ International Nomura Securities Index International, Inc. 13,000,000‌ –‌ 13,000,000‌ (13,000,000‌) –‌ International Index Pershing LLC 3,000,000‌ –‌ 3,000,000‌ (3,000,000‌) –‌ Total $ 40,054,771‌ $ –‌ $ 40,054,771‌ $ (40,054,771‌) $ –‌

Gross Amounts not Offset in the Statements of Assets and Liabilities Gross Amounts Offset in the Net Amounts of Gross Statements Assets Presented Amounts of of in the Statements of Net Recognized Assets and Assets and Collateral Amounts Fund Counterparty Assets Liabilities Liabilities Received* of Assets Bank of America Mid Cap Index NA $ 1,561,206‌ $ –‌ $ 1,561,206‌ $ (1,561,206‌) $ –‌ NatWest Markets Mid Cap Index Securities, Inc. 28,000,000‌ –‌ 28,000,000‌ (28,000,000‌) –‌ Nomura Securities Mid Cap Index International, Inc. 30,000,000‌ –‌ 30,000,000‌ (30,000,000‌) –‌ Mid Cap Index Pershing LLC 5,000,000‌ –‌ 5,000,000‌ (5,000,000‌) –‌ Total $ 64,561,206‌ $ –‌ $ 64,561,206‌ $ (64,561,206‌) $ –‌ Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 147

Gross Amounts not Offset in the Statements of Assets and Liabilities Gross Amounts Offset in the Net Amounts of Gross Statements Assets Presented Amounts of of in the Statements of Net Recognized Assets and Assets and Collateral Amounts Fund Counterparty Assets Liabilities Liabilities Received* of Assets Bank of America S&P 500 Index NA $ 2,450,957‌ $ –‌ $ 2,450,957‌ $ (2,450,957‌) $ –‌ BofA Securities, S&P 500 Index Inc. 3,000,000‌ –‌ 3,000,000‌ (3,000,000‌) –‌ NatWest Markets S&P 500 Index Securities, Inc. 8,000,000‌ –‌ 8,000,000‌ (8,000,000‌) –‌ Nomura Securities S&P 500 Index International, Inc. 1,000,000‌ –‌ 1,000,000‌ (1,000,000‌) –‌ S&P 500 Index Pershing LLC 10,000,000‌ –‌ 10,000,000‌ (10,000,000‌) –‌ Total $ 24,450,957‌ $ –‌ $ 24,450,957‌ $ (24,450,957‌) $ –‌

Gross Amounts not Offset in the Statements of Assets and Liabilities Gross Amounts Offset in the Net Amounts of Gross Statements Assets Presented Amounts of of in the Statements of Net Recognized Assets and Assets and Collateral Amounts Fund Counterparty Assets Liabilities Liabilities Received* of Assets Bank of America Small Cap Index NA $ 7,190,177‌ $ –‌ $ 7,190,177‌ $ (7,190,177‌) $ –‌ BofA Securities, Small Cap Index Inc. 4,000,000‌ –‌ 4,000,000‌ (4,000,000‌) –‌ Small Cap Index CF Secured, LLC 3,000,000‌ –‌ 3,000,000‌ (3,000,000‌) –‌ NatWest Markets Small Cap Index Securities, Inc. 10,000,000‌ –‌ 10,000,000‌ (10,000,000‌) –‌ Nomura Securities Small Cap Index International, Inc. 6,000,000‌ –‌ 6,000,000‌ (6,000,000‌) –‌ Small Cap Index Pershing LLC 14,000,000‌ –‌ 14,000,000‌ (14,000,000‌) –‌ Total $ 44,190,177‌ $ –‌ $ 44,190,177‌ $ (44,190,177‌) $ –‌ Amounts designated as "−" are zero or have been rounded to zero. * At June 30, 2020, the value of the collateral received exceeded the market value of the Fund’s proportionate holding in the joint repos. Please refer to the Statement of Investments for the Fund’s undivided interest in each joint repo and related collateral.

(h) Security Transactions and Investment Income in interest income on a Fund’s Statement of Operations, as applicable. In the event that a deflation reduction exceeds Security transactions are accounted for on the date the security total interest income, the amount characterized as deflation is purchased or sold. Security gains and losses are calculated is recorded as an increase to the cost of investments in the on the identified cost basis. Interest income is recognized on the Statements of Assets and Liabilities if the security is still held; accrual basis and includes, where applicable, the amortization otherwise it is recorded as an adjustment to realized gain/loss of premiums or accretion of discounts, and is recorded as such from investment transactions in the Statements of Operations. on a Fund’s Statement of Operations. Inflation adjustments to For securities with paydown provisions, principal payments the face amount of inflation-indexed securities are included 148 - Notes to Financial Statements - June 30, 2020 (Unaudited) - Index Funds

received are treated as a proportionate reduction to the cost require reclassification. These reclassifications have no effect basis of the securities, and excess or shortfall amounts are upon the NAV of a Fund. Any distribution in excess of current recorded as income. Dividend income and expenses, as and accumulated earnings and profits for federal income tax applicable, are recorded on the ex-dividend date and are purposes is reported as a return of capital distribution. recorded as such on a Fund’s Statement of Operations, except for certain dividends from foreign securities, which are recorded (j) Federal Income Taxes as soon as the Trust is informed on or after the ex-dividend date. Each Fund elected to be treated as, and intends to qualify each year as, a “regulated investment company” by complying with Foreign income and capital gains may be subject to foreign the requirements of Subchapter M of the U.S. Internal Revenue withholding taxes, a portion of which may be reclaimable, and Code of 1986, as amended, and to make distributions of net capital gains taxes at various rates. Under applicable foreign investment income and net realized capital gains sufficient law, a withholding tax may be imposed on interest and dividends to relieve a Fund from all, or substantially all, federal income paid by a foreign security and capital gains from the sale of taxes. Therefore, no federal income tax provision is required. a foreign security. Foreign income or capital gains subject to foreign withholding taxes are recorded net of the applicable A Fund recognizes a tax benefit from an uncertain position withholding tax. only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the For certain securities, including a real estate investment trust relevant taxing authorities’ widely understood administrative (“REIT”), a Fund records distributions received in excess of practices and precedents. Each year, a Fund undertakes an earnings and profits of such security as a reduction of cost affirmative evaluation of tax positions taken or expected to of investments and/or realized gain (referred to as a return of be taken in the course of preparing tax returns to determine capital). Additionally, a REIT may characterize distributions it whether it is more likely than not (i.e., greater than 50 percent) pays as long-term capital gains. Such distributions are based that each tax position will be sustained upon examination by a on estimates if actual amounts are not available. Actual taxing authority. The Funds are not aware of any tax positions distributions of income, long-term capital gain and return of for which it is reasonably possible that the total amounts of capital may differ from the estimated amounts. A Fund will unrecognized tax benefits will significantly change in the next recharacterize the estimated amounts of the components of twelve months. distributions as necessary, once the issuers provide information about the actual composition of the distributions. Any portion of The Funds file U.S. federal income tax returns and, if applicable, a distribution deemed a return of capital is generally not taxable returns in various foreign jurisdictions in which they invest. to a Fund. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for A Fund records as dividend income the amount characterized the tax period. as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the (k) Allocation of Expenses, Income and Gains and Losses Statements of Operations. The amount characterized as Expenses directly attributable to a Fund are charged to the return of capital is a reduction to the cost of investments in Fund. Expenses not directly attributable to a Fund are allocated the Statements of Assets and Liabilities if the security is still proportionally among various or all series of the Trust. Income, held; otherwise it is recorded as an adjustment to realized fund level expenses, and realized and unrealized gains or gains (losses) from transactions in investment securities in losses are allocated to each class of shares of a Fund based on the Statements of Operations. These characterizations are the value of the outstanding shares of that class relative to the reflected in the accompanying financial statements. total value of the outstanding shares of that Fund. Expenses specific to a class (such as Rule 12b-1 and administrative (i) Distributions to Shareholders services fees) are charged to that specific class. Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital 3. Transactions with Affiliates gains, if any, are declared and distributed at least annually. All Under the terms of the Trust’s Investment Advisory Agreement, distributions are recorded on the ex-dividend date. NFA manages the investments of the assets and supervises the daily business affairs of the Funds in accordance with Dividends and distributions to shareholders are determined in policies and procedures established by the Board of Trustees. accordance with federal income tax regulations, which may differ NFA has selected the subadviser for each of the Funds as from U.S. GAAP. These “book/tax” differences are considered noted below, and provides investment management evaluation either permanent or temporary. Permanent differences are services in monitoring, on an ongoing basis, the performance reclassified within the capital accounts based on their nature of the subadvisers. for federal income tax purposes; temporary differences do not Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 149

As of June 30, 2020, the subadviser for each Fund is as follows:

Fund Subadviser Bond Index BlackRock Investment Management, LLC ("BlackRock") International Index BlackRock Mid Cap Index BlackRock S&P 500 Index BlackRock Small Cap Index BlackRock

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets. During the six months ended June 30, 2020, the Fund paid investment advisory fees to NFA according to the following schedule.

Advisory Fee Fund Fee Schedule (annual rate) Bond Index Up to $1.5 billion 0.195% $1.5 billion up to $3 billion 0.155% $3 billion and more 0.145% International Index Up to $1.5 billion 0.245% $1.5 billion up to $3 billion 0.205% $3 billion and more 0.195% Mid Cap Index Up to $1.5 billion 0.205% $1.5 billion up to $3 billion 0.185% $3 billion and more 0.175% S&P 500 Index Up to $1.5 billion 0.125% $1.5 billion up to $3 billion 0.105% $3 billion and more 0.095% Small Cap Index Up to $1.5 billion 0.19% $1.5 billion up to $3 billion 0.17% $3 billion and more 0.16%

For the six months ended June 30, 2020, the effective advisory fee rates before and after contractual advisory fee waivers and expense reimbursements, stemming from the expense limitation agreement described below, were as follows:

Effective Advisory Effective Advisory Fee Rate Before Expense Fee Rate After Expense Fund Reimbursements Reimbursements Bond Index 0.18%‌ 0.18%‌ International Index 0.24 ‌ 0.24 ‌ Mid Cap Index 0.21 ‌ 0.21 ‌ S&P 500 Index 0.11 ‌ 0.11 ‌ Small Cap Index 0.19 ‌ 0.18 ‌

The Trust and NFA have entered into a written Expense Limitation Agreement that limits certain Funds' operating expenses, including acquired fund fees and expenses, (excluding any interest, taxes, brokerage commissions and other costs incurred in connection with the purchase and sales of portfolio securities, short sale dividend expenses, Rule 12b-1 fees, fees paid pursuant to an Administrative Services Plan, excludable sub administration fees, other expenditures which are capitalized in accordance with U.S. GAAP, expenses incurred by a Fund in connection with any merger or reorganization, and other non-routine expenses not incurred in the ordinary course of a Fund’s business) from exceeding the amounts listed in the following table until April 30, 2021.

f Amount Fund Classes (annual rate) Bond Index All Classes 0.29% International Index All Classes 0.34% Mid Cap Index All Classes 0.30% S&P 500 Index All Classes 0.21% Small Cap Index All Classes 0.28% 150 - Notes to Financial Statements - June 30, 2020 (Unaudited) - Index Funds

NFA may request and receive reimbursement from a Fund for amount of the expense limitation that was in place at the time advisory fees waived or other expenses reimbursed by NFA NFA waived the fees or reimbursed the expenses and does pursuant to the Expense Limitation Agreement at a date not to not cause the expense ratio to exceed the current expense exceed three years from the month in which the corresponding limitation. Reimbursement by a Fund of amounts previously waiver or reimbursement to the Fund was made. However, waived or reimbursed by NFA is not permitted except as no reimbursement may be made unless: (i) the Fund’s assets provided for in the Expense Limitation Agreement. The Expense exceed $100 million and (ii) the total annual expense ratio of Limitation Agreement may be changed or eliminated only with the class making such reimbursement is no higher than the the consent of the Board of Trustees.

As of June 30, 2020, the cumulative potential reimbursements for certain Funds, listed by the period or year in which NFA waived fees or reimbursed expenses to certain Funds are:

Six Months Ended Fiscal Year 2017 Fiscal Year 2018 Fiscal Year 2019 June 30, 2020 Fund Amount Amount Amount Amount Total Bond Index $ —‌ $ —‌ $ —‌ $ —‌ $ —‌ International Index —‌ —‌ —‌ —‌ —‌ Mid Cap Index —‌ —‌ —‌ —‌ —‌ S&P 500 Index —‌ —‌ —‌ —‌ —‌ Small Cap Index —‌ 28,464‌ 10,835‌ 9,507 ‌ 48,806‌ Amounts designated as "—" are zero or have been rounded to zero.

During the six months ended June 30, 2020, no amounts various administrative and accounting services for the Funds were reimbursed to NFA pursuant to the Expense Limitation and serves as Transfer and Dividend Disbursing Agent for Agreement. the Funds. NFM has entered into agreements with third-party service providers to provide certain sub-administration and NFM, a wholly owned subsidiary of NFS Distributors, Inc. sub-transfer agency services to the Funds. NFM pays the (“NFSDI”) (a wholly owned subsidiary of NFS), provides service providers a fee for these services.

Under the terms of a Joint Fund Administration and Transfer Agency Agreement, the fees for such services are based on the sum of the following: (i) the amount payable by NFM to its sub-administrator and sub-transfer agent; and (ii) a percentage of the combined average daily net assets of the Trust and Nationwide Mutual Funds ("NMF"), a Delaware statutory trust and registered investment company that is affiliated with the Trust, according to the following fee schedule.

Combined Fee Schedule Up to $25 billion 0.025% $25 billion and more 0.020%

For the six months ended June 30, 2020, NFM earned $1,467,418 in fees from the Funds under the Joint Fund Administration and Transfer Agency Agreement.

In addition, the Trust pays out-of-pocket expenses reasonably Under the terms of the Joint Fund Administration and Transfer incurred by NFM in providing services to the Funds and the Agency Agreement and a letter agreement between NFM and Trust, including, but not limited to, the cost of pricing services the Trust, the Trust has agreed to reimburse NFM for certain that NFM utilizes and networking fees paid to broker-dealers costs related to the Funds’ portion of ongoing administration, that provide sub-accounting and sub-transfer agency services monitoring and annual (compliance audit) testing of the Trust’s to their customers who are Fund shareholders. Such services, Rule 38a-1 Compliance Program subject to the pre-approval of which are not otherwise provided by NFM, generally include the Trust’s Audit Committee. These costs are allocated among individual account maintenance and recordkeeping, dividend the series of the Trust based upon their relative net assets. For disbursement, responding to shareholder calls and inquiries, the six months ended June 30, 2020, the Funds’ aggregate providing statements and transaction confirmations, tax portion of such costs amounted to $20,832. reporting, and other shareholder services. Depending on the nature and quality of the services provided, fees for these services may range from $6 to $21 per customer per year. Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 151

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate as listed in the following table.

Class II Class VIII Fund Shares Shares Bond Index 0.25% N/A International Index 0.25% 0.40% Mid Cap Index 0.25% N/A S&P 500 Index 0.25% N/A Small Cap Index 0.25% N/A N/A - Not Applicable.

Under the terms of an Administrative Services Plan, the Funds (iii) arranging bank wires; (iv) performing shareholder sub- pay fees to servicing organizations, such as broker-dealers, accounting; (v) answering inquiries regarding the Funds; and including NFS, and financial institutions, that agree to provide (vi) other such services. These fees are calculated at an annual administrative support services to the shareholders of certain rate of up to 0.25% of the average daily net assets of Class I, classes. These services may include, but are not limited to, Class II, and Class VIII shares of the Fund and up to 0.20% of the following: (i) establishing and maintaining shareholder the average daily net assets of Class IV shares of each of the accounts; (ii) processing purchase and redemption transactions; Funds.

For the six months ended June 30, 2020, the effective rates for administrative services fees were as follows:

Fund Class I Class II Class IV Class VIII Bond Index 0.15%‌ N/A‌ N/A‌ N/A‌ International Index 0.15 ‌ 0.10%‌ N/A‌ 0.15%‌ Mid Cap Index 0.15 ‌ 0.10 ‌ N/A‌ N/A‌ S&P 500 Index 0.15 ‌ 0.15 ‌ 0.10%‌ N/A‌ Small Cap Index N/A‌ 0.15 ‌ N/A‌ N/A‌ N/A — Not Applicable.

The Trust and NFS have entered into a written contract waiving administrative services fees of the Funds according to the following schedule until April 30, 2021:

Class I Class II Fund Shares Shares S&P 500 Index 0.07% 0.07% Small Cap Index N/A 0.07% N/A - Not Applicable.

For the six months ended June 30, 2020, each Fund’s total administrative services fees were as follows:

Fund Amount Bond Index $338,245 International Index 176,137 Mid Cap Index 425,804 S&P 500 Index 964,856 Small Cap Index 105,265

During the six months ended June 30, 2020, each Fund’s waiver of such administrative service fees by NFS, for which NFS shall not be entitled to reimbursement by the Funds for any amount waived, were as follows:

Fund Amount S&P 500 Index $408,079 Small Cap Index 49,124 152 - Notes to Financial Statements - June 30, 2020 (Unaudited) - Index Funds

Cross trades for the six months ended June 30, 2020 were between a Fund and other series of the Trust, or between a Fund executed by certain Funds pursuant to procedures adopted by and other series of NMF. The Board of Trustees determines the Board of Trustees of the Funds to ensure compliance with no less frequently than quarterly that such transactions were Rule 17a-7 under the 1940 Act (the “Procedures”). In general, effected in compliance with the Procedures. cross trading is the buying or selling of portfolio securities

Pursuant to these procedures, for the six months ended June 30, 2020, the Funds that engaged in securities purchases and sales which resulted in net realized gain (loss), as applicable, were as follows:

Purchases Sales Net Realized Fund at Cost Proceeds Gain/(Loss) Mid Cap Index $ 92,810‌ $ –‌ $ –‌ S&P 500 Index 2,176,882‌ 40,763‌ (58,394‌) Small Cap Index 4,469‌ 5,444‌ (4,826‌) Amounts designated as "—" are zero or have been rounded to zero.

4. Investments in Affiliated Issuers Bond Index invests in an affiliated issuer. The Fund’s transactions in the shares of the affiliated issuer during the six months ended June 30, 2020 were as follows:

J

Bond Index Change in Market Value Unrealized Dividend/ December 31, Purchases at Proceeds from Net Realized Appreciation/ Market Value Interest Capital Gain Shares/Principal 2019 Cost Sales Gains (Losses) Amortization(a) (Depreciation) June 30, 2020 Income Distributions Security Description at June 30, 2020 ($) ($) ($) ($) ($) ($) ($) ($) ($) Nationwide Financial Services, Inc. 105,000 121,800 — — — 227 (5,256) 116,771 3,534 — Amounts designated as "−" are zero or have been rounded to zero. (a) Amortization is included in Dividend/Interest Income.

5. Line of Credit and Interfund Lending the Fund, to set-off as appropriate and apply all deposits and credits held by or owing to such Lender against such amount, The Trust and NMF (together, the “Trusts”) have entered subject to the terms of the credit agreement. The line of credit is into a credit agreement with JPMorgan, The Bank of New renewed annually, and next expires on July 9, 2020. During the York Mellon, and Wells Fargo Bank National Association (the six months ended June 30, 2020, the Funds had no borrowings “Lenders”), permitting the Trusts, in aggregate, to borrow under the line of credit. up to $100,000,000. Advances taken by a Fund under this arrangement would be primarily for temporary or emergency Pursuant to an exemptive order issued by the SEC (the purposes, including the meeting of redemption requests that “Order”), the Funds may participate in an interfund lending otherwise might require the untimely disposition of securities, program among Funds managed by NFA. The program allows and are subject to the Fund’s borrowing restrictions. The the participating Funds to borrow money from and loan money line of credit requires a commitment fee of 0.15% per year to each other for temporary purposes, subject to the conditions on $100,000,000. Such commitment fee shall be payable in the Order. A loan can only be made through the program if quarterly in arrears on the last business day of each March, the interfund loan rate on that day is more favorable to both the June, September and December and on the termination date. borrowing and lending Funds as compared to rates available Borrowings under this arrangement accrue interest at a rate of through short-term bank loans or investments in overnight 1.00% per annum plus the higher of (a) the one-month London repurchase agreements and money market funds, respectively, Interbank Offered Rate or (b) the Federal Funds Rate. Interest as detailed in the Order. Further, a Fund may participate in costs, if any, would be shown on the Statements of Operations. the program only if and to the extent that such participation No compensating balances are required under the terms of the is consistent with its investment objectives and limitations. line of credit. In addition, a Fund may not draw any portion of Interfund loans have a maximum duration of seven days and the line of credit that is provided by a bank that is an affiliate may be called on one business day's notice. During the six of the Fund’s subadviser, if applicable. In addition to any rights months ended June 30, 2020, none of the Funds engaged in and remedies of the Lenders provided by law, each Lender interfund lending. has the right, upon any amount becoming due and payable by Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 153

6. Investment Transactions For the six months ended June 30, 2020, purchases and sales of securities (excluding short-term securities) were as follows:

Fund Purchases Sales Bond Index $ 1,172,230,044‌ $ 1,235,636,479‌ International Index 125,905,591‌ 106,890,661‌ Mid Cap Index 122,462,335‌ 87,304,622‌ S&P 500 Index 54,256,534‌ 144,772,281‌ Small Cap Index 65,067,445‌ 45,837,166‌

For the six months ended June 30, 2020, purchases and sales of U.S. Government securities (excluding short-term securities) were as follows:

Fund Purchases Sales Bond Index $141,234,061 $240,399,283

7. Portfolio Investment Risks Adjustable rate mortgage-backed securities are collateralized by or represent interests in mortgage loans with variable rates Risks Associated with Interest Rates of interest. These variable rates of interest reset periodically to Prices of fixed-income securities generally increase when align themselves with market rates. The Fund will not benefit interest rates decline and decrease when interest rates from increases in interest rates to the extent that interest increase. Prices of longer-term securities generally change rates rise to the point where they cause the current coupon more in response to interest rate changes than prices of shorter of the underlying adjustable rate mortgages to exceed any term securities. To the extent a Fund invests a substantial maximum allowable annual or lifetime reset limits (or “cap portion of its assets in fixed-income securities with longer-term rates”) for a particular mortgage. During periods of declining maturities, rising interest rates are more likely to cause the interest rates, income to the Fund derived from adjustable rate value of the Fund’s investments to decline significantly. mortgage-backed securities which remain in a mortgage pool will decrease in contrast to the income on fixed rate mortgage- Risks Associated with Foreign Securities and backed securities, which will remain constant. Adjustable rate Currencies mortgages also have less potential for appreciation in value as Investments in securities of foreign issuers carry certain risks interest rates decline than do fixed rate investments. not ordinarily associated with investments in securities of U.S. issuers. These risks include foreign currency fluctuations, Asset-Backed Securities — Asset-backed securities are future disruptive political and economic developments and the fixed-income securities issued by a trust or other legal entity possible imposition of exchange controls or other unfavorable established for the purpose of issuing securities and holding foreign government laws and restrictions. In addition, certain assets, such as credit card receivables or auto leases, investments in certain countries may carry risks of expropriation which pay down over time and generate sufficient cash to pay of assets, confiscatory taxation, political or social instability, or holders of the securities. Almost any type of fixed-income assets diplomatic developments that adversely affect investments in may be used to create an asset-backed security, including those countries. other fixed-income securities or derivative instruments such as swaps. Payments or distributions of principal and interest on Certain countries also may impose substantial restrictions asset-backed securities may be supported by nongovernmental on investments in their capital markets by foreign entities, credit enhancements similar to those utilized in connection with including restrictions on investments in issuers in industries mortgage-backed securities. The credit quality of most asset- deemed sensitive to relevant national interests. These factors backed securities depends primarily on the credit quality of the may limit the investment opportunities available and result in a assets underlying such securities, how well the entity issuing lack of liquidity and high price volatility with respect to securities the security is insulated from the credit risk of the originator of issuers from developing countries. or any other affiliated entities, and the amount and quality of any credit enhancement of the securities. To the extent a Risks Associated with Variable Rate Securities security interest exists, it may be more difficult for the issuer to Mortgage-Backed Securities — Mortgage-backed securities enforce the security interest as compared to mortgage-backed are fixed-income securities that give the holder the right to securities. receive a portion of principal and/or interest payments made on a pool of residential or commercial mortgage loans. Such Collateralized Mortgage Obligations (“CMOs”) and securities may be issued or guaranteed by U.S. government Multiclass Pass-Through Securities — CMOs are multi-class agencies or instrumentalities or may be issued by private debt obligations which are collateralized by mortgage loans or issuers, generally originators in mortgage loans, including pass-through certificates. Multiclass pass-through securities savings and loan associations, mortgage bankers, commercial are interests in a trust composed of whole loans or private pass- banks, investment bankers, and special purpose entities. throughs (referred to as “Mortgage Assets”). Often, CMOs are 154 - Notes to Financial Statements - June 30, 2020 (Unaudited) - Index Funds

collateralized by Government National Mortgage Association A CBO is a trust which is backed by a diversified pool of high Pass-Through Certificates (“Ginnie Maes”), Federal National risk, below investment grade fixed-income securities. A CLO Mortgage Association Pass-Through Certificates (“Fannie is a trust typically collateralized by a pool of loans, which may Maes”), or Federal Home Loan Mortgage Corporation Pass- include, among others, domestic and foreign senior secured Through Certificates (“Freddie Macs”), but also may be loans, senior unsecured loans and subordinate corporate collateralized by Mortgage Assets. Payments of principal and loans, including loans that may be rated below investment interest on the Mortgage Assets, and any reinvestment income grade or equivalent unrated loans. Normally, CBOs, CLOs and thereon, provide the funds to pay debt service on the CMOs or other CDOs are privately offered and sold, and thus are not make scheduled distributions on the multiclass pass-through registered under the securities laws. As a result, investments in securities. CMOs may be issued by agencies or instrumentalities CDOs may be characterized by the Fund as illiquid securities. of the U.S. government, or by private originators of, or investors In addition to the risks associated with debt instruments (e.g., in, mortgage loans, including savings and loan associations, interest rate risk and credit risk), CDOs carry additional risks mortgage banks, commercial banks, investment banks and including, but not limited to: (i) the possibility that distributions special purpose subsidiaries of the foregoing. In order to form a from collateral securities will not be adequate to make interest CMO, the issuer assembles a package of traditional mortgage- or other payments; (ii) the quality of the collateral may decline backed pass-through securities, or actual mortgage loans, and in value or default; (iii) the possibility that the Fund may invest uses them as collateral for a multi-class security. Each class of in CDOs that are subordinate to other classes; and (iv) the CMOs, often referred to as a “tranche,” is issued at a specified complex structure of the security may not be fully understood fixed or floating coupon rate and has a stated maturity or final at the time of investment and may produce disputes with the distribution date. Principal prepayments on the Mortgage issuer or unexpected investment results. Assets may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates. Interest Risks Associated with REIT and Real Estate Investments is paid or accrues on all classes of the CMOs on a monthly, Investments in REITs and in real estate securities carry certain quarterly or semi-annual basis. As market conditions change, risks associated with direct ownership of real estate and with and particularly during periods of rapid or unanticipated the real estate industry in general. These risks include possible changes in market interest rates, the attractiveness of the CMO declines in the value of real estate, possible lack of availability classes and the ability of the structure to provide the anticipated of mortgage funds, unexpected vacancies of properties, and investment characteristics may be reduced significantly. Such the relative lack of liquidity associated with investments in real changes can result in volatility in the market value, and in some estate. instances reduced liquidity, of the CMO class. TBA Commitments Stripped Mortgage Securities — Stripped mortgage securities TBA commitments are forward agreements for the purchase are derivative multiclass mortgage securities. Stripped or sale of mortgage-backed securities for a fixed price, with mortgage securities are structured with two or more classes of payment and delivery on an agreed upon future settlement date. securities that receive different proportions of the interest and The specific securities to be delivered are not identified at the principal distributions on a pool of mortgage assets. A common trade date. However, delivered securities must meet specified type of stripped mortgage security will have at least one class terms, including issuer, rate, and mortgage terms. When receiving only a small portion of the interest and a larger portion entering into TBA commitments, the Fund may take possession of the principal from the mortgage assets, while the other class of or deliver the underlying mortgage-backed securities but can will receive primarily interest and only a small portion of the extend the settlement or roll the transaction. TBA commitments principal. In the most extreme case, one class will receive involve a risk of loss if the value of the security to be purchased all of the interest (“IO” or interest-only), while the other class or sold declines or increases, respectively, prior to settlement will receive the entire principal (“PO” or principal-only class). date. The yield to maturity on IOs, POs and other mortgage-backed securities that are purchased at a substantial premium or 8. Indemnifications discount generally are extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal Under the Trust’s organizational documents, the Trust’s payments (including prepayments) on the related underlying Officers and Trustees are indemnified by the Trust against mortgage assets, and a rapid rate of principal payments may certain liabilities arising out of the performance of their duties to have a material adverse effect on such securities’ yield to the Trust. In addition, the Trust has entered into indemnification maturity. If the underlying mortgage assets experience greater agreements with its Trustees and certain of its Officers. Trust than anticipated prepayments of principal, the Fund may fail Officers receive no compensation from the Trust for serving as its to fully recoup its initial investment in these securities even if Officers. In addition, in the normal course of business, the Trust the securities have received the highest rating by a nationally enters into contracts with its vendors and others that provide for recognized statistical rating organization. general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future Collateralized Debt Obligations (“CDOs”) — CDOs are a claims made against the Trust. Based on experience, however, type of asset-backed security and include, among other things, the Trust expects the risk of loss to be remote. collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly structured securities. Index Funds - June 30, 2020 (Unaudited) - Notes to Financial Statements - 155

9. New Accounting Pronouncements and Other Matters On July 27, 2017, the United Kingdom’s Financial Conduct the repurchase market on which the rate is based. New York Authority announced its intention to cease sustaining LIBOR Federal Reserve began publication of the rate in April 2018. after 2021. US Federal Reserve Bank's Alternative Reference Management is currently evaluating the implications of the Rates Committee (the "SOFR committee") selected Secured change and its impact on financial statement disclosures and Overnight Finance Rate (SOFR) as the preferred alternative reporting requirements. to LIBOR. The SOFR committee has noted the stability of

10. Federal Tax Information As of June 30, 2020, the tax cost of investments (including derivative contracts) and the breakdown of unrealized appreciation/ (depreciation) for each Fund was as follows:

Net Unrealized Tax Cost of Unrealized Unrealized Appreciation/ Fund Securities Appreciation Depreciation (Depreciation) Bond Index $2,258,402,368 $198,225,892 $(1,355,896) $196,869,996 International Index 1,794,424,519 380,459,845 (310,261,418) 70,198,427 Mid Cap Index 1,118,711,785 300,103,557 (164,749,748) 135,353,809 S&P 500 Index 1,922,728,940 2,141,221,813 (164,461,200) 1,976,760,613 Small Cap Index 371,212,403 60,180,280 (61,809,291) (1,629,011)

11. Subsequent Events 12. Coronavirus (COVID-19) Pandemic The Trusts’ credit agreement has been renewed through July The global spread of novel coronavirus disease (COVID-19) 8, 2021. The renewed credit agreement provides for a similar was declared a pandemic by the World Health Organization. arrangement that was effective during the six months ended This pandemic has resulted in significant disruptions to June 30, 2020 (discussed above under “Line of Credit and economies and markets, adversely impacting individual Interfund Lending”). companies, sectors, industries, currencies, interest and inflation rates, credit ratings, investor sentiment, and other Management has evaluated the impact of subsequent events factors affecting the value of the Funds' investments. Given on the Funds and has determined that there are no additional the increasing interdependence among global economies subsequent events requiring recognition or disclosure in the and markets, the adverse economic effects of COVID-19 in financial statements. one country or region are increasingly likely to be felt in other countries, including the U.S. These disruptions could prevent the Funds from executing advantageous investment decisions in a timely manner and negatively impact the Funds' ability to achieve their investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Funds. 156 - Supplemental Information - June 30, 2020 (Unaudited) - Index Funds

Nationwide LRM disclosure also requires reporting to the SEC (on a non-public basis) and to the Board if the Fund’s holdings of Illiquid assets exceed The Securities and Exchange Commission (the “SEC”) 15% of the Fund’s net assets. Funds with HLIMs must have adopted Rule 22e-4 under the Investment Company Act of procedures for addressing HLIM shortfalls, including reporting 1940 (the “Liquidity Rule”), which requires all open-end funds to the Board and, with respect to HLIM shortfalls lasting more (other than money market funds) to adopt and implement a than seven consecutive calendar days, reporting to the SEC program reasonably designed to assess and manage the (on a non-public basis). fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without In assessing and managing each Fund’s liquidity risk, the significant dilution of remaining investors’ interests in the fund. LRMC considers, as relevant, a variety of factors, including: (1) the Fund’s investment strategy and liquidity of portfolio Each series (the “Funds”) of Nationwide Variable Insurance investments during both normal and reasonably foreseeable Trust (the “Trust”) has adopted and implemented a liquidity stressed conditions; (2) short-term and long-term cash flow risk management program in accordance with the Liquidity projections for the Fund during both normal and reasonably Rule (the “Program”). The Trust’s Board of Trustees (the foreseeable stressed conditions; and (3) the Fund’s holdings of “Board”) has designated Nationwide Fund Management LLC cash and cash equivalents and any borrowing arrangements. (“NFM”) as the Program Administrator for each Fund. NFM Classification of the Fund’s portfolio holdings in the four liquidity has established a Liquidity Risk Management Committee (the categories is based on the number of days it is reasonably “LRMC”), composed of senior members from relevant groups expected to take to convert the investment to cash (for Highly in the Nationwide organization, to manage the Program for Liquid and Moderately Liquid holdings) or sell or dispose of each of the Funds. the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the As required by the Liquidity Rule, the Program includes policies investment’s market value. Each Fund in the Trust primarily and procedures that provide for: (1) assessment, management, holds assets that are classified as Highly Liquid, and therefore and review (no less frequently than annually) of each Fund’s is not required to establish an HLIM. liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, At a meeting of the Trust’s Board of Trustees held on March 10, Moderately Liquid, Less Liquid, and Illiquid); (3) for Funds that 2020, the Program Administrator provided a written report to do not primarily hold assets that are Highly Liquid, establishing the Board addressing the Program’s operation and assessing and maintaining a minimum percentage of the Fund’s net assets the adequacy, and effectiveness of its implementation for the in Highly Liquid investments (called a “Highly Liquid Investment annual period from December 1, 2018 through November 30, Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition 2019. The report concluded that the Program is reasonably of Illiquid investments that would result in the Fund holding designed to assess and manage the Fund’s liquidity risk and more than 15% of its net assets in Illiquid assets. The Program has been implemented and is operating effectively. Index Funds - June 30, 2020 (Unaudited) - Management Information - 157

Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” The name, year of birth, position and length of time served with the Trust, number of portfolios overseen, principal occupation(s) and other directorships/trusteeships held during the past five years, and additional information related to experience, qualifications, attributes, and skills of each Trustee and Officer are shown below. There are 68 series of the Trust, all of which are overseen by the Board of Trustees and Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, One Nationwide Plaza, Mail Code 5-02-210, Columbus, OH 43215.

Independent Trustees

Charles E. Allen Year of Birth Positions Held with Trust and Length of Time Number of Portfolios Overseen in the Served1 Nationwide Fund Complex 1948 Trustee since July 2000 117 Principal Occupation(s) During the Past Five Years (or Longer) Retired. Mr. Allen was Chairman, Chief Executive Officer, and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management) from its founding in 1987 to 2014. Other Directorships held During the Past Five Years2 Director of the Auto Club Group, an American Automobile Club Federated member that has 9.5 million members located throughout the Midwest and in the states of Florida, Georgia and Tennessee. Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as chief executive officer and president of a real estate development, investment and asset management business; past service includes 18 years of financial services experience and experience with audit committee oversight matters. Paula H. J. Cholmondeley Year of Birth Positions Held with Trust and Length of Time Number of Portfolios Overseen in the Served1 Nationwide Fund Complex 1947 Trustee since July 2000 117 Principal Occupation(s) During the Past Five Years (or Longer) Ms. Cholmondeley focuses full time on corporate governance. She sits on public company boards and is also on the faculty of the National Association of Corporate Directors. She has served as a Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. FromApril 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Other Directorships held During the Past Five Years2 Director of Dentsply International, Inc. (dental products) from 2002 to 2015, Terex Corporation (construction equipment) from 2004 to present, Minerals Technology, Inc. (specialty chemicals) from 2005 to 2014, Bank of the Ozarks, from 2016 to present, and Kapstone Paper and Packaging Corporation from 2016 to 2018. Experience, Qualifications, Attributes, and Skills for Board Membership Significant board and governance experience; significant executive experience, including continuing service as chief executive officer of a management consulting company and past service as an executive of a manufacturing-based public company; past experience as an executive in a private service- based company; former certified public accountant and former chief financial officer of both public and private companies. Phyllis Kay Dryden Year of Birth Positions Held with Trust and Length of Time Number of Portfolios Overseen in the Served1 Nationwide Fund Complex 1947 Trustee since December 2004 117 Principal Occupation(s) During the Past Five Years (or Longer) Ms. Dryden became CEO and President of Energy Dispute Solutions, LLC in December 2012, and since 2016 has acted as CEO, leading a company providing strategy consulting, arbitration and mediation services. She has been a management consultant since 1996, first as a partner of Mitchell Madison Group (management consulting), then as a managing partner and head of west coast business development for marchFIRST (internet consulting), returning to Mitchell Madison Group in 2003 as an associated partner until January 2010 and thereafter as an independent strategy consultant through December 2012. Ms. Dryden was VP and General Counsel of Lucasfilm, Ltd. from 1981 to 1984, SVP and General Counsel of Charles Schwab and Co. Inc. from 1984 to 1992, and EVP and General Counsel of Del Monte Foods from 1992 to 1995. She presently serves as chairman of the board of Mutual Fund Directors Forum. Other Directorships held During the Past Five Years2 Director of Smithsonian Environmental Board from 2016 to present, and Director of Smithsonian Institution Libraries Board from 2007 to 2015. Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, and legal experience, including past service as general counsel for a major financial services firm and a public company. Barbara I. Jacobs Year of Birth Positions Held with Trust and Length of Time Number of Portfolios Overseen in the Served1 Nationwide Fund Complex 1950 Trustee since December 2004 117 Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1988 through 2003, Ms. Jacobs also was a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association—College Retirement Equities Fund). Other Directorships held During the Past Five Years2 Trustee and Board Chair of Project Lead from 2013 to present and Trustee of the Huntington’s Disease Society of America until 2015. Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive and portfolio management experience in the investment management industry. 158 - Management Information - June 30, 2020 (Unaudited) - Index Funds

Keith F. Karlawish Year of Birth Positions Held with Trust and Length of Time Number of Portfolios Overseen in the Served1 Nationwide Fund Complex 1964 Trustee since March 2012 117 Principal Occupation(s) During the Past Five Years (or Longer) Mr. Karlawish has been a partner of Park Ridge Asset Management, LLC since December 2008, at which he also serves as a portfolio manager. From May 2002 until October 2008, Mr. Karlawish was the President of BB&T Asset Management, Inc., and was President of the BB&T Mutual Funds and BB&T Variable Insurance Funds from February 2005 until October 2008. Other Directorships held During the Past Five Years (or Longer)2 None Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry. Carol A. Kosel Year of Birth Positions Held with Trust and Length of Time Number of Portfolios Overseen in the Served1 Nationwide Fund Complex 1963 Trustee since March 2013 117 Principal Occupation(s) During the Past Five Years (or Longer) Retired. Ms. Kosel was a consultant to the Evergreen Funds Board of Trustees from October 2005 to December 2007. She was Senior Vice President, Treasurer, and Head of Fund Administration of the Evergreen Funds from April 1997 to October 2005. Other Directorships held During the Past Five Years (or Longer)2 None Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service at a large asset management company; significant experience in the investment management industry. Douglas F. Kridler Year of Birth Positions Held with Trust and Length of Time Number of Portfolios Overseen in the Served1 Nationwide Fund Complex 1955 Trustee since September 1997 117 Principal Occupation(s) During the Past Five Years (or Longer) Since 2002, Mr. Kridler has served as the President and Chief Executive Officer of The Columbus Foundation, a $1.5 billion community foundation with 2,000 funds in 55 Ohio counties and 37 states in the U.S. Other Directorships held During the Past Five Years2 None Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including service as president and chief executive officer of one America’sof largest community foundations; significant service to his community and the philanthropic field in numerous leadership roles. David C. Wetmore Year of Birth Positions Held with Trust and Length of Time Number of Portfolios Overseen in the Served1 Nationwide Fund Complex 1948 Trustee since January 1995; Chairman since 117 February 2005 Principal Occupation(s) During the Past Five Years (or Longer) Retired; private investor. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology-oriented investment banking and venture capital firm) from 1995 through 2000. Prior to 1995, Mr. Wetmore served as the Chief Operating Officer, Chief Executive Officer and Chairman of the Board of several publicly held software and services companies, and as the managing partner of a “big 8” public accounting firm. Other Directorships held During the Past Five Years2 Director and Chairman of the Board of Grange Mutual Insurance Cos. from 1993 to present and Treasurer of Community Foundation of the Low Country from 2016 to present. Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive experience, including past service as a managing director of an investment banking and venture capital firm; chief executive officer and/or Chairman of the Board of several publicly owned companies; certified public accountant with significant accounting experience, including past service as a managing partner at a major accounting firm.

Interested Trustee

M. Diane Koken3 Year of Birth Positions Held with Trust and Length of Time Number of Portfolios Overseen in the Served1 Nationwide Fund Complex 1952 Trustee since April 2019 117 Principal Occupation(s) During the Past Five Years (or Longer) Self-employed as a legal/regulatory consultant since 2007. Ms. Koken served as Insurance Commissioner of Pennsylvania, for three governors, from 1997–2007, and as the President of the National Association of Insurance Commissioners (NAIC) from September 2004 to December 2005. Prior to becoming Insurance Commissioner of Pennsylvania, she held multiple legal roles, including vice president, general counsel and corporate secretary of a national life insurance company. Other Directorships held During the Past Five Years (or Longer)2 Director of Nationwide Mutual Insurance Company 2007-present, Director of Nationwide Mutual Fire Insurance Company 2007-present, Director of Nationwide Corporation 2007-present, Director of Capital BlueCross 2011-present, Director of NORCAL Mutual Insurance Company 2009-present, Director of Medicus Insurance Company 2009-present, Director of Hershey Trust Company 2015-present, Manager of Milton Hershey School Board of Managers 2015-present, Director and Chair of Hershey Foundation 2016-present, and Director of The Hershey Company 2017-present. Experience, Qualifications, Attributes, and Skills for Board Membership Significant board experience; significant executive, management consulting, legal and regulatory experience, including past service as a cabinet-level state insurance commissioner and general counsel of a national life insurance company. Index Funds - June 30, 2020 (Unaudited) - Management Information - 159

1 Length of time served includes time served with the Trust’s predecessors. 2 Directorships held in: (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act. 3 Ms. Koken is considered an interested person of the Trust because she is a Director of the parent company of, and several affiliates of, the Trust’s investment adviser and distributor.

Officers of the Trust

Michael S. Spangler Year of Birth Positions Held with Funds and Length of Time Served1 1966 President, Chief Executive Officer and Principal Executive Officer since June 2008 Principal Occupation(s) During the Past Five Years (or Longer) Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA, Nationwide Fund Management LLC and 2 Nationwide Fund Distributors LLC, and is a Senior Vice President of Nationwide Financial Services, Inc. and Nationwide Mutual Insurance Company.= Brian Hirsch Year of Birth Positions Held with Funds and Length of Time Served1 1956 Chief Compliance Officer since January 2012; Senior Vice President since December 2015 Principal Occupation(s) During the Past Five Years (or Longer) Mr. Hirsch is Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance 2 Company.= Stephen R. Rimes Year of Birth Positions Held with Funds and Length of Time Served1 1970 Secretary, Vice President and Associate General Counsel since December 2019 Principal Occupation(s) During the Past Five Years (or Longer) Mr. Rimes is Vice President, Associate General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual 2 Insurance Company.= He previously served as Assistant General Counsel for Invesco from 2000-2019. Lee T. Cummings Year of Birth Positions Held with Funds and Length of Time Served1 1963 Senior Vice President, Head of Fund Operations since December 2015; Treasurer and Principal Financial Officer since July 2020 Principal Occupation(s) During the Past Five Years (or Longer) Mr. Cummings is Senior Vice President, Treasurer and Principal Financial Officer of Nationwide Funds Group, and Head of Fund Operations of 2 Nationwide Funds Group. Lee is a Vice President of Nationwide Mutual Insurance Company.= Steven D. Pierce Year of Birth Positions Held with Funds and Length of Time Served1 1965 Senior Vice President, Head of Business and Product Development since March 2020 Principal Occupation(s) During the Past Five Years (or Longer) Mr. Pierce is Senior Vice President, Head of Business and Product Development for Nationwide Funds Group, and is a Vice President of Nationwide 2 Mutual Insurance Company.= Christopher C. Graham Year of Birth Positions Held with Funds and Length of Time Served1 1971 Senior Vice President, Head of Investment Strategies, Chief Investment Officer and Portfolio Manager since September 2016 Principal Occupation(s) During the Past Five Years (or Longer) Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of 2 Nationwide Mutual Insurance Company.=

1 Length of time served includes time served with the Trust’s predecessors. 2 These positions are held with an affiliated person or principal underwriter of the Fund. 160 - Market Index Definitions - June 30, 2020 (Unaudited) - Index Funds

Bloomberg Barclays Emerging Markets USD Aggregate Bond Index: An unmanaged index comprising fixed-rate and floating- rate U.S. dollar-denominated bonds from sovereign, quasi-sovereign and corporate emerging market issuers; the countries considered to be emerging markets are determined by annual review using rules-based classifications from the World Bank income group and the International Monetary Fund.

Bloomberg Barclays Long Treasury Index: An ETF tracking index that includes all publicly issued U.S. Treasury securities 10 or more years remaining until maturity, are rated as investment grade and have an outstanding face-value of $250 million or more.

Bloomberg Barclays Municipal Bond Index: An unmanaged index that covers the U.S. dollar-denominated, long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Bloomberg Barclays U.S. 10-20 Year Treasury Bond Index: An unmanaged index that measures the performance of U.S. Treasury securities with a remaining maturity of 10 to 20 years.

Bloomberg Barclays U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of U.S. dollar-denominated investment-grade, fixed-rate, taxable debt issues, which includes Treasuries, government-related and corporate securities, mortgage- backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index: An unmanaged index that measures the performance of high-yield corporate bonds, with a maximum allocation of 2% to any one issuer.

Bloomberg Barclays U.S. Corporate High Yield Index: An unmanaged index that measures the performance of U.S. dollar- denominated, non-investment-grade, fixed-rate, taxable corporate bonds with at least $150 million par value outstanding, a maximum credit rating of Ba1 and a remaining maturity of one year or more; gives a broad look at how high-yield (“junk”) bonds have performed.

Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index: An unmanaged index that measures the performance of the non-securitized component of the U.S. Aggregate Bond Index with maturities of 1 to 3 years, including Treasuries, government-related issues and corporates.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) IndexSM: An index that measures the performance of the US Treasury Inflation Protected Securities (TIPS) market.

Bloomberg Barclays Mortgage-Backed Securities Index: A market value-weighted index comprising agency mortgage-backed pass-through securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum $150 million par amount outstanding and a weighted-average maturity of at least 1 year.

Citigroup Non-US Dollar World Government Bond Index (Citigroup WGBI Non-US): An unmanaged, market capitalization- weighted index that reflects the performance of fixed-rate investment-grade sovereign bonds with remaining maturities of one year or more issued outside the United States; generally considered to be representative of the world bond market.

Citigroup US Broad Investment-Grade Bond Index (USBIG®): An unmanaged, market capitalization-weighted index that measures the performance of U.S. dollar-denominated bonds issued in the U.S. investment-grade bond market; includes fixed-rate, U.S. Treasury, government-sponsored, collateralized and corporate debt with remaining maturities of one year or more.

Citigroup US High-Yield Market Index: An unmanaged, market capitalization-weighted index that reflects the performance of the North American high-yield market; includes U.S. dollar-denominated, fixed-rate, cash-pay and deferred-interest securities with remaining maturities of one year or more, issued by corporations domiciled in the United States or Canada.

Citigroup World Government Bond Index (WGBI) (Unhedged): An unmanaged, market capitalization-weighted index that is not hedged back to the U.S. dollar and reflects the performance of the global sovereign fixed-income market; includes local currency, investment-grade, fixed-rate sovereign bonds issued in 20-plus countries, with remaining maturities of one year or more.

Note about Citigroup Indexes © 2020 Citigroup Index LLC. All rights reserved Index Funds - June 30, 2020 (Unaudited) - Market Index Definitions - 161

Dow Jones U.S. Select Real Estate Securities IndexSM (RESI): An unmanaged index that measures the performance of publicly traded securities of U.S.-traded real estate operating companies (REOCs) and real estate investment trusts (REITs).

FTSE World ex US Index: An unmanaged, broad-based, free float-adjusted, market capitalization-weighted index that measures the performance of large-cap and mid-cap stocks in developed and advanced emerging countries, excluding the United States.

FTSE World Index: An unmanaged, broad-based, free float-adjusted, market capitalization-weighted index that measures the performance of large-cap and mid-cap stocks in developed and advanced emerging countries, including the United States.

Note about FTSE Indexes Source: FTSE International Limited ("FTSE") © FTSE 2020. “FTSE®“ is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent.

ICE BofA Merrill Lynch Global High Yield Index (USD Hedged): An unmanaged, market capitalization-weighted index that gives a broad-based measurement of global high-yield fixed-income markets; measures the performance of below-investment-grade, corporate debt with a minimum of 18 months remaining to final maturity at issuance that is publicly issued in major domestic or euro bond markets, and is denominated in U.S. dollars, Canadian dollars, British pounds and euros. The index is hedged against the fluctuations of the constituent currencies versus the U.S. dollar.

ICE BofA Merrill Lynch US High Yield Master II Index: An unmanaged index made up of over 1,200 high yield bonds representing high- yield bond markets as a whole. It includes zero-coupon bonds and payment-in-kind (“PIK”) bonds.

ICE BofA Merrill Lynch AAA U.S. Treasury/Agency Master Index: An unmanaged index that gives a broad look at how fixed-rate U.S. government bonds with a remaining maturity of at least one year have performed.

ICE BofA Merrill Lynch Current 5-Year US Treasury Index: An unmanaged, one-security index, rebalanced monthly, that measures the performance of the most recently issued 5-year U.S. Treasury note; a qualifying note is one auctioned on or before the third business day prior to the final business day of a month.

Note about ICE BofA Merrill Lynch Indexes Source BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indexes “as is”, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch Indexes or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Nationwide Mutual Funds, or any of its products or services (2020). iMoneyNet Money Fund Average™ Government All Index: An average of government money market funds. Government money market funds may invest in U.S. Treasuries, U.S. Agencies, repurchase agreements, and government-backed floating rate notes, and include both retail and institutional funds.

JPM Emerging Market Bond Index (EMBI) Global Diversified Index: An unmanaged index that reflects the total returns of U.S. dollar-denominated sovereign bonds issued by emerging market countries as selected by JPMorgan.

J.P. Morgan MozaicSM Index (Series F): A rules-based, dynamic index that tracks the total return of a global mix of asset classes, including equity securities, fixed-income securities and commodities, through futures contracts on those asset classes. TheIndex rebalances monthly in an effort to capture the continued performance of asset classes that have exhibited the highest recent returns.

Note about JPMorgan Indexes Information has been obtained from sources believed to be reliable, but JPMorgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without JPMorgan's prior written approval.© 2020, JPMorgan Chase & Co. All rights reserved.

Morningstar® Lifetime Allocation Indexes: A series of unmanaged, multi-asset-class indexes designed to benchmark target-date investment products. Each index is available in three risk profiles: aggressive, moderate and conservative. The index asset allocations adjust over time, reducing equity exposure and shifting toward traditional income-producing investments. The strategic asset allocation of the indexes is based on the Lifetime Asset Allocation methodology developed by Ibbotson Associates, a Morningstar company. 162 - Market Index Definitions - June 30, 2020 (Unaudited) - Index Funds

Morningstar® Lifetime Moderate Income Index: An index representing a portfolio of global equities, bonds and traditional inflation hedges such as commodities and Treasury Inflation-Protected Securities. This portfolio is held in proportions appropriate for aU.S. investor who is at least ten years into retirement.

Morningstar® (Mstar) Target Risk Indexes: A series of unmanaged indexes designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments.

• The Morningstar Aggressive Target Risk Index seeks approximately 95% exposure to global equity markets. • The Morningstar Moderately Aggressive Target Risk Index seeks approximately 80% exposure to global equity markets. • The Morningstar Moderate Target Risk Index seeks approximately 60% exposure to global equity markets. • The Morningstar Moderately Conservative Target Risk Index seeks approximately 40% exposure to global equity markets. • The Morningstar Conservative Target Risk Index seeks approximately 20% exposure to global equity markets.

Note about Morningstar Category™ The Morningstar Category™ is a proprietary Morningstar data point and is assigned based on the underlying securities in each portfolio. Categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. A Fund is placed in a category based on its portfolio statistics and compositions over the previous three-year period. If a Fund is new and has no portfolio history, Morningstar assigns a temporary category. When necessary, Morningstar may change a category assignment based on recent changes to a Fund’s portfolio.

MSCI ACWI®: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed and emerging markets as determined by MSCI.

MSCI ACWI® ex USA: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

MSCI ACWI® ex USA Growth: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap growth stocks in global developed and emerging markets as determined by MSCI; excludes the United States.

MSCI EAFE® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI World ex USA IndexSM: Captures large- and mid-capitalization representation across 22 of 23 Developed Markets (DM) countries— excluding the United States. With 1,020 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

MSCI World IndexSM: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in global developed markets as determined by MSCI.

MSCI EAFE® Value Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap value stocks in developed markets as determined by MSCI; excludes the United States and Canada.

MSCI Emerging Markets® Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of large-cap and mid-cap stocks in emerging-country markets as determined by MSCI.

Russell 1000® Growth Index: An unmanaged index that measures the performance of the large-capitalization growth segment of the U.S. equity universe; includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values. Index Funds - June 30, 2020 (Unaudited) - Market Index Definitions - 163

Russell 2000® Growth Index: An unmanaged index that measures the performance of the small-capitalization growth segment of the U.S. equity universe; includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Index: An unmanaged index that measures the performance of the small-capitalization segment of the U.S. equity universe.

Russell 2000® Value Index: An unmanaged index that measures the performance of the small-capitalization value segment of the U.S. equity universe; includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000® Growth Index: A market-capitalization weighted index based on the Russell 3000 Index. Includes companies that show signs of above-average growth.

Russell Midcap® Growth Index: An unmanaged index that measures the performance of the mid-capitalization growth segment of the U.S. equity universe; includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap® Value Index: An unmanaged index that measures the performance of the mid-capitalization value segment of the U.S. equity universe; includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values.

Note about Russell Indexes Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Nationwide Mutual Funds are not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.

S&P 500® Index: An unmanaged, market capitalization-weighted index of 500 stocks of leading large-cap U.S. companies in leading industries; gives a broad look at the U.S. equities market and those companies’ stock price performance.

The S&P/Citi International Treasury Bond ex-US Index: An index measuring performance of treasury bonds in local currencies. The bonds are issued by developed market countries outside the U.S.

S&P MidCap 400® (S&P 400) Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies (those with a market capitalization of $1.4 billion to $5.9 billion).

S&P North American Technology Sector IndexTM: An index that represents U.S. securities classified under GICS® information technology sector as well as internet & direct marketing retail, interactive home entertainment, and interactive media & services sub- industries.

S&P Biotechnology Select Industry Index: An index that represents performance of narrow GICS® sub-industries. Made up of stocks from the S&P Total Market Index that are classified with biotechnology as a sub-industry.

S&P Target Date® To Indexes: A series of 12 unmanaged, multi-asset class indexes consisting of the Retirement Income Index plus 11 indexes that correspond to a specific target retirement date (ranging from 2010 through 2060+). The series reflects a subset of target date funds, each of which generally has an asset allocation mix and glide path featuring relatively conservative total equity exposure near retirement and static total equity exposure after retirement. Each index in the series reflects varying levels of exposure to equities, bonds, and other asset classes and becomes more conservative with the approach of the target retirement date.

S&P Total Market Index: An index comprised of securities to track the broad equity market, including large-, mid-, small-, and micro- cap stocks

S&P Total Market Index: An index comprised of securities to track the broad equity market, including large-, mid-, small-, and micro- cap stocks P.O. Box 701 Milwaukee, WI 53201-0701 nationwide.com/mutualfunds

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