Statement of Investments September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund Common Stocks (continued)

Common Stocks 98.4% Market Value

Shares AUSTRALIA 4.5% Banks 2.2% Australia & New Zealand Banking Group Ltd. (a) Bank of Queensland Ltd. Bendigo & Adelaide Bank Ltd. (a) National Australia Bank Ltd.

1,066,384 25,695 64,388 4,326

$

BELGIUM (continued) Chemicals 0.2% Solvay SA Umicore SA

22,715,638 225,048 534,022 92,992

88,327

749,604

2,746

173,669

223,262 13,325

485,241 156,099

96,561

502,308

5,930

201,034

44,888 86,530

208,192 243,198

CANADA 4.6% Auto Components 0.0%† Magna International, Inc. Banks 0.6% Bank of Montreal Capital Markets 0.0%† TMX Group Ltd. Construction & Engineering 0.0%† WSP Global, Inc. Food & Staples Retailing 0.1% Empire Co. Ltd., Class A Food Products 0.0%† Maple Leaf Foods, Inc. Insurance 0.7% Fairfax Financial Holdings Ltd. Industrial Alliance Insurance & Financial Services, Inc. Manulife Financial Corp. Sun Life Financial, Inc.

451,390 Insurance 0.2% QBE Insurance Group Ltd. Suncorp Group Ltd.

110,156 159,837

788,222 1,491,181 2,279,403

Metals & Mining 1.3% BHP Billiton Ltd. BHP Billiton Ltd., ADR (a) BHP Billiton plc, ADR (a) BlueScope Steel Ltd. Fortescue Metals Group Ltd. (a) Newcrest Mining Ltd. South32 Ltd., ADR South32 Ltd.

453,055 19,238 23,855 37,697 376,917 186,175 7,695 339,551

7,848,042 666,597 724,715 225,052 1,442,679 3,142,661 71,794 632,658

36,012

144,153

214,800 238,618 189,646

905,878 672,540 4,204,977

19,426

581,148

6,822

378,864

30,083

1,099,937

5,303

282,281

284,028

99,858

6,547,689

1,627

74,718

10,328

325,360

45,286

675,519

5,100

117,048

1,969

1,153,710

19,006 240,559 72,476

684,213 3,394,057 2,358,341

80,885 86,792 135,341 279,967 42,500 43,043 93,000 70,880 130,766

BELGIUM 1.6% Banks 0.6% KBC Group NV Beverages 0.6% Anheuser-Busch InBev SA/NV

1,020,627

16,040

461,824

120,146

7,013,626

47,222

6,210,064

318,127 718,443 2,235,610 1,180,089 168,128 1,163,133 1,676,474 209,623 563,152 8,232,779

Oil, Gas & Consumable Fuels 2.4% AltaGas Ltd. Cameco Corp. (a) Canadian Natural Resources Ltd. Cenovus Energy, Inc. (a) Crescent Point Energy Corp. (a) Enbridge Income Fund Holdings, Inc. Encana Corp. Husky Energy, Inc. * Imperial Oil Ltd. (a) Suncor Energy, Inc. Tourmaline Oil Corp. *

50,268,821 AUSTRIA 0.0%† Oil, Gas & Consumable Fuels 0.0%† OMV AG

410,483

6,613

5,783,395 Road & Rail 0.1% Aurizon Holdings Ltd.

1,683,624 889,281

7,590,321 Metals & Mining 0.7% Eldorado Gold Corp. * First Quantum Minerals Ltd. Goldcorp, Inc. Kinross Gold Corp. * Lundin Mining Corp. * Silver Wheaton Corp. (a) Teck Resources Ltd., Class B Turquoise Hill Resources Ltd. * Yamana Gold, Inc.

14,754,198 Multiline Retail 0.0%† Harvey Norman Holdings Ltd. Oil, Gas & Consumable Fuels 0.5% Origin Energy Ltd. Santos Ltd. Woodside Petroleum Ltd.

$

18,267,027

641,340 Construction Materials 0.0%† Boral Ltd. Food & Staples Retailing 0.0%† Wesfarmers Ltd. Hotels, Restaurants & Leisure 0.0%† Star Entertainment Grp Ltd. (The) Tatts Group Ltd.

14,530 14,163

2,572,905 Diversified Telecommunication Services 0.1% Proximus SADP Food & Staples Retailing 0.0%† Colruyt SA (a) Insurance 0.1% Ageas Pharmaceuticals 0.0%† UCB SA

23,567,700 Beverages 0.1% Treasury Wine Estates Ltd. Capital Markets 0.0%† Macquarie Group Ltd. Chemicals 0.1% Incitec Pivot Ltd. Orica Ltd.

Market Value

Shares

10,270 71,663 139,096 71,205 135,996 4,600 131,064 65,336 15,416 279,060 45,560

264,118 612,424 4,456,636 1,023,037 1,793,822 119,212 1,371,801 800,297 482,829 7,747,068 1,234,195

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

1

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares CANADA (continued) Oil, Gas & Consumable Fuels (continued) TransCanada Corp.

137,798

$

FINLAND (continued) Paper & Forest Products (continued) UPM-Kymmene OYJ

6,544,605

443,187

26,450,044 Technology Hardware, Storage & Peripherals 0.1% BlackBerry Ltd. * 107,726 Thrifts & Mortgage Finance 0.0%† Genworth MI Canada, Inc. (a) 5,200 Trading Companies & Distributors 0.0%† Finning International, Inc. 8,660

FRANCE 12.5% Aerospace & Defense 0.5% Airbus Group SE Air Freight & Logistics 0.0%† Bollore SA (a) Auto Components 0.1% Cie Generale des Etablissements Michelin Automobiles 1.2% Peugeot SA * Renault SA

133,810 161,061

2,669,569

53,835

364,674

90,872

5,511,494

93,770

326,433

11,192

1,239,347

112,034 138,921

1,710,847 11,428,921 13,139,768

3,034,243 Banks 2.6% BNP Paribas SA Credit Agricole SA Natixis SA Societe Generale SA

28,748 5,308,018

47,878

1,400,715

11,685

1,116,781

1,334

58,837

25,628

1,064,965

42,370

3,499,913

455 857

639,270 1,260,558

32,766 23,925

688,273

4,725,434

7,426

316,763

126,639

1,124,965

6,705,715 495,871

1,019,340 5,035,347 1,787,280 6,822,627

2,897,789

821,506

62,532 5,356

Electric Utilities 0.0%† Electricite de France SA 31,015 Electrical Equipment 0.6% Schneider Electric SE 97,784 Energy Equipment & Services 0.5% Technip SA (a) 85,522 Equity Real Estate Investment Trusts (REITs) 0.3% Unibail-Rodamco SE 13,873 Food & Staples Retailing 0.0%† Casino Guichard Perrachon SA 11,282 Insurance 1.3% AXA SA 637,790 CNP Assurances 33,301 SCOR SE 26,089

1,634,865

50,836

4,211,298

7,201,586

13,573,693 FINLAND 1.5% Electric Utilities 0.1% Fortum OYJ Metals & Mining 0.4% Outokumpu OYJ * Oil, Gas & Consumable Fuels 0.0%† Neste OYJ Paper & Forest Products 1.0% Stora Enso OYJ, Class R

17,310,283 640,966 5,330,360 3,984,499

97,326

Construction & Engineering 0.1% Bouygues SA 30,737 Diversified Telecommunication Services 0.6% Orange SA 321,387 Vivendi SA 88,556

1,899,828 Road & Rail 0.1% DSV A/S Textiles, Apparel & Luxury Goods 0.3% Pandora A/S

336,556 64,981 1,142,412 115,178

27,266,108 Building Products 0.4% Cie de Saint-Gobain Chemicals 0.6% Air Liquide SA Arkema SA

4,311,247 9,648,013

DENMARK 1.2% Banks 0.1% Danske Bank A/S Beverages 0.1% Carlsberg A/S, Class B Chemicals 0.0%† Novozymes A/S, Class B Commercial Services & Supplies 0.1% ISS A/S Electrical Equipment 0.3% Vestas Wind Systems A/S Marine 0.2% AP Moeller - Maersk A/S, Class A AP Moeller - Maersk A/S, Class B

9,357,707

858,953

129,027

CHINA 0.9% Electronic Equipment, Instruments & Components 0.0%† FIH Mobile Ltd. 87,000 Oil, Gas & Consumable Fuels 0.5% CNOOC Ltd. 4,208,000 Real Estate Management & Development 0.4% China Overseas Land & Investment Ltd. 1,254,000

$

10,482,672 16,346,375

51,451,330 CHILE 0.3% Banks 0.3% Banco Santander Chile, ADR Metals & Mining 0.0%† Antofagasta plc

Market Value

Shares

377,521 6,802,233 5,257,399 3,740,618 549,143 13,560,806 559,487 811,316 14,931,609

IT Services 0.5% Capgemini SA Multi-Utilities 0.3% Engie SA (a)

61,710

6,050,262

238,919

3,704,371

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

2

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares FRANCE (continued) Oil, Gas & Consumable Fuels 2.9% TOTAL SA (a)

642,873

$

HONG KONG (continued) Capital Markets 0.0%† Guoco Group, Ltd. Hotels, Restaurants & Leisure 0.0%† Shangri-La Asia Ltd. Industrial Conglomerates 1.2% CK Hutchison Holdings Ltd. Hopewell Holdings Ltd. (a) NWS Holdings Ltd.

30,575,418 138,726,575

GERMANY 7.5% Airlines 0.1% Deutsche Lufthansa AG REG Automobiles 2.3% Bayerische Motoren Werke AG Daimler AG REG Volkswagen AG

56,134

625,802

56,842 300,752 5,531

4,785,827 21,211,339 800,904

$

44,970

232,000

254,995

925,376 54,000 164,574

11,828,384 197,939 275,795 12,302,118 627,145 605,647 125,463 374,521 1,931,064 604,541 2,146,948 1,223,818 278,264 1,129,832 1,128,556 10,175,799

Road & Rail 0.1% MTR Corp. Ltd. Transportation Infrastructure 0.0%† Hutchison Port Holdings Trust, Class U

101,685 1,134,600

561,914 502,880 24,364,979

IRELAND 0.4% Airlines 0.3% Ryanair Holdings plc, ADR Banks 0.0%† Bank of Ireland * Construction Materials 0.1% CRH plc, ADR Hotels, Restaurants & Leisure 0.0%† Paddy Power Betfair plc

10,079,046

32,666

2,450,931

2,482,132

518,948

40,083

1,333,561

202

22,841 4,326,281

476,286 115,390

3,385,199 1,992,730

ISRAEL 0.9% Banks 0.2% Bank Hapoalim BM Bank Leumi Le-Israel BM * Mizrahi Tefahot Bank Ltd.

5,377,929 Pharmaceuticals 0.5% Bayer AG REG 56,753 Semiconductors & Semiconductor Equipment 0.4% Infineon Technologies AG 264,472 Trading Companies & Distributors 0.5% Brenntag AG 92,869 Transportation Infrastructure 0.0%† Fraport AG Frankfurt Airport Services Worldwide 5,934

5,699,720

203,513 192,026 25,029

1,155,580 730,818 318,327 2,204,725

4,715,940

Chemicals 0.0%† Israel Chemicals Ltd. 18,222 Pharmaceuticals 0.7% Teva Pharmaceutical Industries Ltd., ADR 162,804 Real Estate Management & Development 0.0%† Azrieli Group Ltd. 1,586

5,075,188

324,769 83,681,102

HONG KONG 2.2% Airlines 0.0%† Cathay Pacific Airways Ltd. (a) Banks 0.0%† Bank of East Asia Ltd. (The) (a)

4,000

Real Estate Management & Development 0.9% Hang Lung Group Ltd. 164,000 Hang Lung Properties Ltd. 267,000 Henderson Land Development Co. Ltd. 21,027 Kerry Properties Ltd. 114,000 New World Development Co. Ltd. 1,472,641 Sino Land Co. Ltd. 339,186 Sun Hung Kai Properties Ltd. 141,221 Swire Pacific Ltd., Class A 113,000 Swire Pacific Ltd., Class B 142,500 Wharf Holdings Ltd. (The) 154,000 Wheelock & Co. Ltd. 190,000

26,798,070 Banks 0.1% Commerzbank AG 105,912 684,292 Capital Markets 0.1% Deutsche Bank AG REG * (a) 88,248 1,151,088 Chemicals 0.1% Linde AG 3,963 673,396 Construction Materials 0.5% HeidelbergCement AG 60,901 5,759,520 Diversified Telecommunication Services 0.0%† Telefonica Deutschland Holding AG 66,605 268,546 Electrical Equipment 0.0%† OSRAM Licht AG 2,863 168,191 Food & Staples Retailing 0.1% 1,175,927 METRO AG (a) 39,506 Independent Power and Renewable Electricity Producers 0.1% Uniper SE * 47,628 583,449 Industrial Conglomerates 1.3% Siemens AG REG 123,829 14,520,229 Insurance 0.9% Allianz SE REG 51,850 7,705,440 Hannover Rueck SE 2,307 247,300 Muenchener RueckversicherungsGesellschaft AG in Muenchen REG 9,469 1,768,487 Talanx AG 11,726 357,819 Multi-Utilities 0.5% E.ON SE RWE AG *

Market Value

Shares

70,985

7,490,612 69,487 9,835,809

212,000

296,362

55,359

225,941

ITALY 2.2% Banks 0.7% Intesa Sanpaolo SpA Mediobanca SpA UniCredit SpA

2,937,135 81,895 620,415

6,520,751 533,003 1,446,134 8,499,888

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

3

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares ITALY (continued) Diversified Telecommunication Services 0.4% Telecom Italia SpA * 5,441,400 Electric Utilities 1.0% Enel SpA 2,474,454 Insurance 0.1% Assicurazioni Generali SpA 46,199

$

JAPAN (continued) Banks (continued) Yamaguchi Financial Group, Inc. (a)

4,521,268

21,000

11,027,955

Beverages 0.0%† Coca-Cola East Japan Co. Ltd. Coca-Cola West Co. Ltd. (a)

563,810

226,100

5,270,299

162,500

4,776,765

29,200 89,000 13,000 18,500 177,100 29,200 17,000 612,800 35,500 6,900 12,700 10,400 17,100

544,300 110,400 109,200 347,500 253,200 29,614

4,800 9,800

193,000 98,000 47,400

25,000 73,000 8,800 139,000 88,000 36,000 46,000 12,000 15,600 31,000 7,000 56,160 3,944,100 3,004,600 440,400 186,000 36,000 293,100 199,200

104,144 274,283

1,247,929 9,144,954 1,015,478 11,408,361

Capital Markets 0.2% Daiwa Securities Group, Inc. Nomura Holdings, Inc. SBI Holdings, Inc.

1,337,760 3,279,097 120,425 738,234 3,129,417 283,071 371,985 8,662,977 536,969 135,104 295,275 482,733 273,724

119,000 252,400 40,300

670,007 1,131,140 481,360 2,282,507

Chemicals 1.0% Asahi Kasei Corp. Denka Co. Ltd. (a) DIC Corp. Hitachi Chemical Co. Ltd. JSR Corp. (a) Kaneka Corp. Kuraray Co. Ltd. Mitsubishi Chemical Holdings Corp. Mitsubishi Gas Chemical Co., Inc. Mitsui Chemicals, Inc. Nippon Shokubai Co. Ltd. Sumitomo Chemical Co. Ltd. Teijin Ltd. Tosoh Corp. Ube Industries Ltd. Zeon Corp.

15,708,663 1,693,731 510,103 3,408,584 8,480,942 1,717,803

255,000 60,000 13,000 16,200 33,900 51,000 72,600 278,700 34,500 150,000 4,400 303,000 24,800 99,000 98,000 6,000

2,032,136 259,851 402,433 372,226 532,823 403,789 1,077,021 1,747,282 493,939 713,513 274,884 1,346,354 481,121 610,197 187,424 53,219 10,988,212

31,519,826 Banks 4.3% Bank of Kyoto Ltd. (The) (a) Chiba Bank Ltd. (The) (a) Chugoku Bank Ltd. (The) (a) Concordia Financial Group Ltd. Fukuoka Financial Group, Inc. Gunma Bank Ltd. (The) Hachijuni Bank Ltd. (The) Hiroshima Bank Ltd. (The) Hokuhoku Financial Group, Inc. Iyo Bank Ltd. (The) (a) Kyushu Financial Group, Inc. (a) Mebuki Financial Group, Inc. Mitsubishi UFJ Financial Group, Inc. Mizuho Financial Group, Inc. Resona Holdings, Inc. Shinsei Bank Ltd. Shizuoka Bank Ltd. (The) (a) Sumitomo Mitsui Financial Group, Inc. Sumitomo Mitsui Trust Holdings, Inc.

223,844

378,427 Building Products 1.0% Asahi Glass Co. Ltd. Daikin Industries Ltd. LIXIL Group Corp.

19,646,771 Automobiles 2.9% Honda Motor Co. Ltd. Mazda Motor Corp. Mitsubishi Motors Corp. Nissan Motor Co. Ltd. Suzuki Motor Corp. Toyota Motor Corp.

$

46,877,271

24,612,921 JAPAN 22.6% Air Freight & Logistics 0.5% Yamato Holdings Co. Ltd. Airlines 0.4% Japan Airlines Co. Ltd. Auto Components 1.9% Aisin Seiki Co. Ltd. Bridgestone Corp. Calsonic Kansei Corp. Denso Corp. NGK Spark Plug Co. Ltd. (a) NHK Spring Co. Ltd. NOK Corp. (a) Sumitomo Electric Industries Ltd. Sumitomo Rubber Industries Ltd. Tokai Rika Co. Ltd. Toyoda Gosei Co. Ltd. Toyota Industries Corp. Yokohama Rubber Co. Ltd. (The)

Market Value

Shares

Commercial Services & Supplies 0.1% Dai Nippon Printing Co. Ltd. Toppan Printing Co. Ltd.

182,996 414,581 107,344 606,492 365,758 163,542 239,575 49,776 209,907 187,723 47,694 201,196 19,981,151 5,064,069 1,852,147 282,055 288,432 9,900,804 6,508,185

60,000 57,000

588,579 514,535 1,103,114

Construction & Engineering 0.1% COMSYS Holdings Corp. JGC Corp. (a) Kinden Corp. Nippo Corp. Obayashi Corp.

12,700 10,600 9,000 11,000 26,000

225,657 184,530 103,757 209,173 257,889 981,006

Construction Materials 0.0%† Taiheiyo Cement Corp. Consumer Finance 0.0%† Credit Saison Co. Ltd. Hitachi Capital Corp. (a)

162,000

466,149

5,500 7,000

91,313 148,833 240,146

Containers & Packaging 0.0%† Toyo Seikan Group Holdings Ltd. Distributors 0.0%† Canon Marketing Japan, Inc.

19,800

350,049

7,600

141,453

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

4

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares JAPAN (continued) Diversified Financial Services 0.2% Mitsubishi UFJ Lease & Finance Co. Ltd. ORIX Corp.

98,800 124,400

$

JAPAN (continued) Machinery (continued) DMG Mori Co. Ltd. (a) Ebara Corp. Glory Ltd. (a) Hitachi Construction Machinery Co. Ltd. (a) IHI Corp. (a) JTEKT Corp. Kawasaki Heavy Industries Ltd. Komatsu Ltd. Kurita Water Industries Ltd. Mitsubishi Heavy Industries Ltd. NSK Ltd. NTN Corp. (a) Sumitomo Heavy Industries Ltd. THK Co. Ltd.

453,386 1,835,231 2,288,617

Diversified Telecommunication Services 1.0% Nippon Telegraph & Telephone Corp. 245,000 Electrical Equipment 0.0%† Fuji Electric Co. Ltd. 68,000 Electronic Equipment, Instruments & Components 0.5% Azbil Corp. 1,100 Citizen Watch Co. Ltd. 30,300 Hitachi Ltd. 617,000 Ibiden Co. Ltd. (a) 16,900 Kyocera Corp. 14,600 Nippon Electric Glass Co. Ltd. 42,000 TDK Corp. 21,200

11,205,318 312,515 33,243 158,691 2,891,623 227,244 701,578 217,473 1,420,382

113,900 4,042

1,685,204 269,829

5,300 169,000

Media 0.4% Dentsu, Inc. Fuji Media Holdings, Inc. Nippon Television Holdings, Inc. Tokyo Broadcasting System Holdings, Inc.

121,480 4,082,602 4,204,082

Health Care Providers & Services 0.3% Alfresa Holdings Corp. Medipal Holdings Corp. Suzuken Co. Ltd.

6,200 17,600 89,280

131,281 305,081 2,948,072

17,700 41,100 22,000 77,000 118,500 16,600

Metals & Mining 0.5% Daido Steel Co. Ltd. Hitachi Metals Ltd. (a) JFE Holdings, Inc. Kobe Steel Ltd. * Mitsubishi Materials Corp. Nippon Steel & Sumitomo Metal Corp. Sumitomo Metal Mining Co. Ltd.

356,172 613,798 316,408 1,311,824 3,925,975 222,169

18,000

178,568

75,300 30,900 229,500 81,700 22,400

1,033,080 861,220 6,801,786 921,666 859,040

226,000

1,216,248

7,300 4,200 9,700

162,502 143,490 138,370

39,400

273,202 432,524 572,935

90,300 6,200 3,100 3,800

4,596,061 84,228 52,626 59,504

7,000 40,800 103,000 54,200 22,000 101,799 61,000

32,101 501,930 1,505,703 491,590 601,752 2,088,957 842,516

14,400 24,900 45,300 41,000

204,851 245,174 593,156 336,649

11,600 120,900 242,100 18,200

240,169 1,099,279 979,915 169,189 2,488,552

Paper & Forest Products 0.1% Nippon Paper Industries Co. Ltd. (a) Oji Holdings Corp.

17,000 165,000

311,023 653,984 965,007

Real Estate Management & Development 1.5% Daiwa House Industry Co. Ltd. 305,100 Mitsui Fudosan Co. Ltd. 325,000 Nomura Real Estate Holdings, Inc. 16,300

444,362 Machinery 1.0% Amada Holdings Co. Ltd.

106,000 186,000 306,000

1,379,830 Oil, Gas & Consumable Fuels 0.2% Idemitsu Kosan Co. Ltd. Inpex Corp. JX Holdings, Inc. Showa Shell Sekiyu KK

10,476,792 IT Services 0.1% Fujitsu Ltd. Leisure Products 0.0%† Heiwa Corp. Sankyo Co. Ltd. Sega Sammy Holdings, Inc.

360,933 377,807 588,784 582,466 2,619,658 211,476 1,639,778 115,856 195,748 454,570 236,043

6,064,549 Multiline Retail 0.1% H2O Retailing Corp. Isetan Mitsukoshi Holdings Ltd. J. Front Retailing Co. Ltd. Takashimaya Co. Ltd.

6,746,346 Industrial Conglomerates 0.0%† Nisshinbo Holdings, Inc. Insurance 0.9% Dai-ichi Life Insurance Co. Ltd. (The) MS&AD Insurance Group Holdings, Inc. Sompo Holdings, Inc. T&D Holdings, Inc. Tokio Marine Holdings, Inc.

2,329,688 367,124 227,521

4,792,419

3,384,434 Household Durables 0.6% Iida Group Holdings Co. Ltd. Nikon Corp. (a) Sekisui Chemical Co. Ltd. Sekisui House Ltd. Sony Corp. Sumitomo Forestry Co. Ltd. (a)

18,100 130,000 39,200 188,000 114,200 8,900 392,000 11,300 56,000 92,000 12,000

$

1,278,661

1,955,033 Food Products 0.4% House Foods Group, Inc. NH Foods Ltd.

223,300 12,400 6,900

10,717,303 Marine 0.1% Kawasaki Kisen Kaisha Ltd. (a) Mitsui OSK Lines Ltd. Nippon Yusen KK (a)

5,650,234 Food & Staples Retailing 0.2% Aeon Co. Ltd. FamilyMart Co. Ltd.

Market Value

Shares

409,851

8,373,372 6,914,185 275,525

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

5

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares JAPAN (continued) Real Estate Management & Development (continued) Tokyo Tatemono Co. Ltd. 7,200

$

NETHERLANDS (continued) Diversified Telecommunication Services 0.1% Koninklijke KPN NV 197,051 Food & Staples Retailing 0.1% Koninklijke Ahold Delhaize NV * 68,635 Industrial Conglomerates 0.3% Koninklijke Philips NV, NYRS 15,061 Koninklijke Philips NV 95,451

86,610 15,649,692

Road & Rail 0.2% Hankyu Hanshin Holdings, Inc. Hitachi Transport System Ltd. Nippon Express Co. Ltd. Seino Holdings Co. Ltd.

28,000 6,400 173,000 13,600

965,409 127,885 808,771 143,027

305,720 185,958

159,908 173,462 178,491

3,300 10,800 105,000

Oil, Gas & Consumable Fuels 4.0% Royal Dutch Shell plc, Class A Royal Dutch Shell plc, Class A, ADR Royal Dutch Shell plc, Class B, ADR (a)

114,133 178,510 520,808

746,897 273,389 223,258

Professional Services 0.0%† Randstad Holding NV Software 0.0%† Gemalto NV

829,851 1,389,108 811,264 1,431,477 1,358,318

200,700 315,800 251,100 81,000 150,800 55,900 43,000

NEW ZEALAND 0.1% Construction Materials 0.1% Fletcher Building Ltd. Food Products 0.0%† Fonterra Co-operative Group Ltd. Transportation Infrastructure 0.0%† Auckland International Airport Ltd.

2,526,726 1,622,295 5,724,094 1,122,570 386,363 625,781 999,308

26,000 6,000

NORWAY 0.9% Banks 0.1% DNB ASA Chemicals 0.0%† Yara International ASA Insurance 0.0%† Storebrand ASA * Metals & Mining 0.6% Norsk Hydro ASA Oil, Gas & Consumable Fuels 0.2% Statoil ASA

226,823 86,776 313,599 250,319,893

LUXEMBOURG 0.6% Metals & Mining 0.6% ArcelorMittal * 1,134,679 Wireless Telecommunication Services 0.0%† 5,672 Millicom International Cellular SA, SDR

6,919,682

1,356,138

16,742,360

6,526 28,094

441,418 1,897,341

11,692

4,699 6,110

213,675 391,463

74,056

579,965

5,807

25,159

13,037

69,876

86,384

1,135,669

7,990

266,251

36,062

178,729

1,642,646

7,102,419

107,553

1,805,631

293,874 PORTUGAL 0.0%† Banks 0.0%† Banco Espirito Santo SA REG * (b)(d) SINGAPORE 0.4% Airlines 0.0%† Singapore Airlines Ltd. Banks 0.1% DBS Group Holdings Ltd. (a) Food Products 0.0%† Golden Agri-Resources Ltd. (a) Industrial Conglomerates 0.2% Keppel Corp. Ltd. (a)

2,338,759 Construction & Engineering 0.0%† Boskalis Westminster

18,581,241 13,688,587 11,794,720

10,488,699 7,213,556

NETHERLANDS 7.1% Banks 1.5% ING Groep NV Chemicals 0.2% Akzo Nobel NV Koninklijke DSM NV

609,957 3,524,576 5,479,750

675,000

13,007,137 Transportation Infrastructure 0.0%† Kamigumi Co. Ltd. Mitsubishi Logistics Corp. (a)

445,655 2,824,354

79,268,216

5,820,018 Trading Companies & Distributors 1.3% ITOCHU Corp. Marubeni Corp. (a) Mitsubishi Corp. Mitsui & Co. Ltd. (a) Sojitz Corp. Sumitomo Corp. (a) Toyota Tsusho Corp.

1,563,228

44,064,548

813,451 Technology Hardware, Storage & Peripherals 0.5% Brother Industries Ltd. 47,200 FUJIFILM Holdings Corp. 37,500 Konica Minolta, Inc. (a) 95,800 NEC Corp. 555,000 Ricoh Co. Ltd. 150,100

653,764

9,614,283

491,678 Specialty Retail 0.1% Aoyama Trading Co. Ltd. K's Holdings Corp. Yamada Denki Co. Ltd. (a)

$

3,270,009 Insurance 0.9% Aegon NV ASR Nederland NV * NN Group NV

2,045,092 Semiconductors & Semiconductor Equipment 0.0%† Rohm Co. Ltd. 5,800 Sumco Corp. 22,600

Market Value

Shares

416,127

146,163

0

58,900

455,043

92,300

1,047,315

953,500

249,311

297,500

1,184,056

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares SINGAPORE (continued) Industrial Conglomerates (continued) Sembcorp Industries Ltd.

134,700

$

SWEDEN (continued) Metals & Mining 0.1% Boliden AB Wireless Telecommunication Services 0.0%† Tele2 AB, Class B

257,782 1,441,838

Real Estate Management & Development 0.1% CapitaLand Ltd. 153,100 City Developments Ltd. 75,500 Frasers Centrepoint Ltd. 26,400 United Industrial Corp. Ltd. 14,000 UOL Group Ltd. 54,910

SPAIN 1.8% Banks 1.5% Banco de Sabadell SA (a) Banco Popular Espanol SA Banco Santander SA Bankia SA CaixaBank SA

SWITZERLAND 7.1% Banks 0.0%† Banque Cantonale Vaudoise REG Beverages 0.1% Coca-Cola HBC AG * Capital Markets 0.5% Credit Suisse Group AG REG * Julius Baer Group Ltd. * UBS Group AG REG

8,414,260

699,289 158,422 2,063,671 7,279,416 121,770

895,881 196,073 9,155,157 5,973,296 307,714

Electric Utilities 0.1% Iberdrola SA 206,711 1,405,512 Independent Power and Renewable Electricity Producers 0.0%† EDP Renovaveis SA 32,575 261,380 Insurance 0.0%† Mapfre SA 88,168 246,678 Oil, Gas & Consumable Fuels 0.2% 2,057,483 Repsol SA 151,461

432,717

26

17,073

25,227

586,063

126,377 14,741 241,382

1,660,927 600,872 3,297,389

63,965

1,102,738

139,383

7,546,162

319,223

7,194,639

6,242 4,865 52,679 62,661

755,793 1,261,605 4,757,885 16,159,901

1,788,635

4,897,596

76,513 21,684

6,038,431 5,388,444 11,426,875

1,245,215

12,365,578

125,450 45,267 16,578

1,260,951 622,243 389,527

Professional Services 0.2% Adecco Group AG REG 36,590 Semiconductors & Semiconductor Equipment 0.1% STMicroelectronics NV 95,857 Specialty Retail 0.1% Dufry AG REG * 6,118 Textiles, Apparel & Luxury Goods 0.6% Cie Financiere Richemont SA REG 71,110 Swatch Group AG (The) REG 9,356 Swatch Group AG (The) (a) 7,049

14,638,299

10,933

78,820

311,858

2,251,703

Diversified Telecommunication Services 0.1% Telia Co. AB 309,697 Food & Staples Retailing 0.0%† ICA Gruppen AB 1,850 Household Products 0.2% Svenska Cellulosa AB SCA, Class A 3,365 Svenska Cellulosa AB SCA, Class B 80,188

1,387,159

118,120 1,186

783,425 767,019 4,336,827 520,935 1,998,302

6,643,368 231,856 78,609,671

61,112 UNITED KINGDOM 13.9% Air Freight & Logistics 0.0%† Royal Mail plc Automobiles 0.0%† Fiat Chrysler Automobiles NV (a) Banks 2.9% Barclays plc, ADR

100,024 2,380,051 2,480,075

3,463

2,062,421

6,856,064 Trading Companies & Distributors 0.6% Wolseley plc Transportation Infrastructure 0.0%† Flughafen Zuerich AG REG

2,330,523

Machinery 0.0%† Trelleborg AB, Class B

1,122,888

22,935,184 Metals & Mining 0.4% Glencore plc * Pharmaceuticals 1.0% Novartis AG REG Roche Holding AG

20,499,174

Communications Equipment 0.2% Telefonaktiebolaget LM Ericsson, Class A Telefonaktiebolaget LM Ericsson, Class B

50,129

$

5,559,188 Chemicals 0.1% Clariant AG REG * Construction Materials 0.7% LafargeHolcim Ltd. REG * Electrical Equipment 0.6% ABB Ltd. REG * Insurance 2.1% Baloise Holding AG REG Swiss Life Holding AG REG * Swiss Re AG Zurich Insurance Group AG *

16,528,121

SWEDEN 2.0% Banks 1.4% Nordea Bank AB Skandinaviska Enskilda Banken AB, Class A Svenska Handelsbanken AB, Class A Swedbank AB, Class A

47,773

22,520,605

361,434 504,976 28,820 27,943 226,965 1,150,138 4,343,645

SOUTH KOREA 0.8% Technology Hardware, Storage & Peripherals 0.8% Samsung Electronics Co. Ltd. 5,776

Market Value

Shares

67,832

82,151

521,300

47,498

301,907

332,320

2,887,861

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

7

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares UNITED KINGDOM (continued) Banks (continued) HSBC Holdings plc, ADR (a) HSBC Holdings plc Lloyds Banking Group plc Lloyds Banking Group plc, ADR Royal Bank of Scotland Group plc, ADR * (a) Standard Chartered plc *

403,869 105,725 4,214,952 138,915 136,811 973,800

$

UNITED STATES 0.8% Biotechnology 0.7% Shire plc Hotels, Restaurants & Leisure 0.1% Carnival plc Carnival plc, ADR

15,189,513 794,710 2,977,930 398,686

118,184 12,376 8,879

119

4,739

30,720

259,013

42,272 19,566

100,527 211,134

Pharmaceuticals 0.0%† Mylan NV *

380,657 194,974

1,728

Total Common Stocks (cost $1,137,753,571)

Media 0.1% Pearson plc, ADR (a) Pearson plc

2,762,441

598,375

3,830,817

97,759 575,107

557,820 10,194,727

65,753 44,352

GERMANY 0.4% Automobiles 0.4% Bayerische Motoren Werke AG (Preference) Porsche Automobil Holding SE (Preference) Volkswagen AG - Preference Shares Total Preferred Stocks (cost $7,916,170)

190,423 64,629 320,015

2,039,704 404,910

11,715 28,020

599,256 3,691,142 4,755,808

643,722 433,570

Principal Amount

2,374,728 2,570,974 10,636,091

Bank of America NA, 0.50%, dated 09/30/16, due 10/03/16, repurchase price $5,000,208, collateralized by a U.S. Government AgencySecurity, 3.00%, maturing 04/01/45; total market value $5,100,000.(c)

6,030,921 5,718,476

668,660

23,510,086

610,398

13,000,590

287,292

1,401,716

95,629

6,098,842

8,547,579 213,058

24,513,825 6,210,640

Market Value

Repurchase Agreements 6.0%

BNP Paribas Securities Corp., 0.50%, dated 09/30/16, due 10/03/16, repurchase price $14,000,583, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.00% - 6.00%, maturing 02/23/17 - 08/20/46; total market value $14,280,007.(c)

11,749,397 Oil, Gas & Consumable Fuels 2.1% BP plc, ADR Pharmaceuticals 1.2% GlaxoSmithKline plc Specialty Retail 0.1% Kingfisher plc Tobacco 0.5% British American Tobacco plc Wireless Telecommunication Services 2.8% Vodafone Group plc Vodafone Group plc, ADR

465,410

Securities Lending Reinvestments 6.0%

15,581,793 Multi-Utilities 1.1% Centrica plc National Grid plc

Market Value

6,306

10,752,547

1,077,292 Metals & Mining 1.4% Anglo American plc * Rio Tinto Ltd. Rio Tinto plc

65,871

1,094,161,686

Shares

1,212,417 550,538

67,025

603,817 435,781

Preferred Stocks 0.4%

1,762,955 Hotels, Restaurants & Leisure 0.2% InterContinental Hotels Group plc Household Durables 0.3% Barratt Developments plc Insurance 1.0% Aviva plc Prudential plc

7,642,155

8,747,624

311,661 Food & Staples Retailing 0.2% J Sainsbury plc Wm Morrison Supermarkets plc (a)

$

1,039,598

637,539 7,924,550 30,810,789

Beverages 0.0%† Coca-Cola European Partners plc Capital Markets 0.0%† 3i Group plc Energy Equipment & Services 0.0%† Seadrill Ltd. * (a) Subsea 7 SA * (a)

Market Value

Shares

$ 5,000,000

14,000,000

5,000,000

14,000,000

30,724,465 154,462,350

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) ADR AG A/S ASA BM KK Ltd. NA NV NYRS OYJ plc REG REIT SA SCA SDR SE SpA

Securities Lending Reinvestments (continued) Principal Amount

Market Value

Repurchase Agreements (continued) ML Pierce Fenner & Smith, Inc., 0.50%, dated 09/30/16, due 10/03/16, repurchase price $17,544,735, collateralized by U.S. Government Agency Securities, ranging from 1.99% 4.00%, maturing 05/01/26 08/01/46; total market value $17,894,884.(c)

$ 17,544,004

$

17,544,004

Natixis New York Branch, 0.70%, dated 09/30/16, due 10/03/16, repurchase price $3,000,175, collateralized by U.S. Government Agency and Treasury Securities, ranging from 0.13% - 8.13%, maturing 02/28/17 - 03/16/50; total market value $3,060,179.(c)

3,000,000

3,000,000

Nomura Securities International, Inc., 0.52%, dated 09/30/16, due 10/03/16, repurchase price $7,000,303, collateralized by U.S. Government Agency Securities, ranging from 3.00% - 6.50%, maturing 05/01/18 - 05/01/47; total market value $7,140,000.(c)

7,000,000

7,000,000

RBS Securities, Inc., 0.32%, dated 09/21/16, due 10/05/16, repurchase price $20,002,489, collateralized by U.S. Government Treasury Securities, ranging from 0.88% - 1.75%, maturing 03/31/18 - 05/15/23; total market value $20,400,783.(c)(d)

20,000,000

20,000,000

Total Securities Lending Reinvestments (cost $66,544,004) Total Investments (cost $1,212,213,745) (e) — 104.8% Liabilities in excess of other assets — (4.8)% NET ASSETS — 100.0% * (a)

(b) (c)

(d) (e)

†

AB

American Depositary Receipt Stock Corporation Minimum Capital Public Traded Company Stock Corporation Limited Liability Joint Stock Company Limited National Association Public Traded Company New York Registry Shares Public Traded Company Public Limited Company Registered Shares Real Estate Investment Trust Stock Company Limited partnership with share capital Swedish Depository Receipts European Public Limited Liability Company Limited Share Company

66,544,004 1,165,461,498 (53,690,227) $ 1,111,771,271

Denotes a non-income producing security. The security or a portion of this security is on loan at September 30, 2016. The total value of securities on loan at September 30, 2016 was $65,383,088, which was collateralized by a repurchase agreements with a value of $66,544,004 and $1,610,340 of collateral in the form of U,S. Government Treasury Securities, interest rates ranging from 0.00% 4.50%, and maturity dates ranging from 10/31/16 – 11/15/45, a total value of $68,154,344. Fair valued security. Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of September 30, 2016 was $66,544,004. Illiquid security. At September 30, 2016, the tax basis cost of the Fund's investments was $1,222,133,143, tax unrealized appreciation and depreciation were $70,394,862 and $(127,066,507), respectively. Amount rounds to less than 0.1%.POI - Ind & Asset Types

Stock Company

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

9

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) At September 30, 2016, the Fund's open forward foreign currency contracts against the United States Dollar were as follows:

Currency Short Contracts: Australian Dollar British Pound British Pound Canadian Dollar Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Euro Hong Kong Dollar Japanese Yen Japanese Yen Swedish Krona Swiss Franc Swiss Franc

Counterparty ANZ Banking Group Ltd. Morgan Stanley Co., Inc. ANZ Banking Group Ltd. Citibank NA Royal Bank of Canada Citibank NA Credit Suisse International Standard Chartered Bank Deutsche Bank Securities, Inc. Citibank NA Societe Generale Deutsche Bank Securities, Inc. Goldman Sachs International Citibank NA Goldman Sachs International Citibank NA Societe Generale HSBC Bank PLC ANZ Banking Group Ltd. State Street Bank and Trust Co. Goldman Sachs International Goldman Sachs International

Delivery Date 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16

Currency Delivered (2,107,827) (6,547,831) (840,667) (5,855,955) (3,368,533) (1,464,455) (17,652,111) (1,116,909) (1,626,844) (1,597,728) (1,375,386) (1,643,854) (1,419,335) (1,571,109) (1,530,801) (2,679,712) (22,444,212) (377,587,735) (157,527,124) (5,109,526) (1,411,002) (1,108,168)

Total Short Contracts

Currency Long Contracts: Australian Dollar British Pound British Pound British Pound British Pound British Pound British Pound British Pound Euro Euro Euro Euro Euro Hong Kong Dollar Japanese Yen Japanese Yen Japanese Yen Singapore Dollar Swedish Krona Swedish Krona Swedish Krona Swiss Franc

Counterparty Societe Generale ANZ Banking Group Ltd. BNP Paribas Morgan Stanley Co., Inc. Citibank NA Citibank NA Goldman Sachs International ANZ Banking Group Ltd. Standard Chartered Bank ANZ Banking Group Ltd. Societe Generale HSBC Bank PLC Standard Chartered Bank State Street Bank and Trust Co. Goldman Sachs International ANZ Banking Group Ltd. Royal Bank of Canada Morgan Stanley Co., Inc. State Street Bank and Trust Co. Goldman Sachs International Standard Chartered Bank Royal Bank of Canada

Delivery Date 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16 11/08/16

Total Long Contracts

Contract Value

Unrealized Appreciation/ (Depreciation)

$

(1,615,017) (8,534,142) (1,111,468) (4,453,077) (3,767,522) (1,636,225) (19,658,079) (1,250,486) (1,843,238) (1,787,924) (1,547,209) (1,854,325) (1,593,166) (1,758,051) (1,720,712) (3,013,087) (2,894,404) (3,746,456) (1,542,377) (599,501) (1,458,106) (1,141,917)

$

(1,611,887) (8,493,033) (1,090,409) (4,464,748) (3,790,312) (1,647,822) (19,862,360) (1,256,759) (1,830,543) (1,797,782) (1,547,601) (1,849,684) (1,597,053) (1,767,830) (1,722,475) (3,015,243) (2,894,673) (3,729,072) (1,555,745) (596,668) (1,455,477) (1,143,097)

$

$

(68,526,489)

$

(68,720,273)

$ (193,784)

Currency Received 36,205,824 1,103,353 1,316,913 1,359,234 891,314 1,141,340 3,346,344 1,558,433 1,080,718 1,164,764 2,642,846 1,154,389 1,694,418 22,444,212 167,610,875 115,636,732 153,418,411 9,325,930 10,924,690 12,974,044 18,284,466 8,841,633

Market Value

Contract Value

Market Value

3,130 41,109 21,059 (11,671) (22,790) (11,597) (204,281) (6,273) 12,695 (9,858) (392) 4,641 (3,887) (9,779) (1,763) (2,156) (269) 17,384 (13,368) 2,833 2,629 (1,180)

Unrealized Appreciation/ (Depreciation)

$

27,669,599 1,437,983 1,716,220 1,778,332 1,171,036 1,515,092 4,447,492 2,050,343 1,226,604 1,302,310 2,970,671 1,299,574 1,909,390 2,896,247 1,645,556 1,150,170 1,518,580 6,918,336 1,287,593 1,518,188 2,159,413 9,038,223

$

27,687,136 1,431,132 1,708,136 1,763,029 1,156,101 1,480,404 4,340,462 2,021,406 1,216,037 1,310,606 2,973,761 1,298,932 1,906,578 2,894,673 1,655,332 1,142,033 1,515,167 6,840,310 1,275,738 1,515,053 2,135,181 9,120,323

$

17,537 (6,851) (8,084) (15,303) (14,935) (34,688) (107,030) (28,937) (10,567) 8,296 3,090 (642) (2,812) (1,574) 9,776 (8,137) (3,413) (78,026) (11,855) (3,135) (24,232) 82,100

$

78,626,952

$

78,387,530

$ (239,422)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

10

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued)

At September 30, 2016, the Fund's open forward foreign cross currency contracts were as follows:

Counterparty Citibank NA Societe Generale

Delivery Date 11/08/16 11/08/16

Currency Received 1,681,875 British Pound 284,468,097 Japanese Yen

Contract Currency Delivered Value (1,979,401) Euro $ 2,227,246 (2,519,945) Euro 2,835,472

Market Value $ 2,181,519 2,809,419

Unrealized Appreciation/ (Depreciation) $ (45,727) (26,053)

$ 5,062,718

$ 4,990,938

$

(71,780)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

11

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust's (the “Trust”) investment adviser to the Fund, Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy are summarized below. • Level 1 — Quoted prices in active markets for identical assets • Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.) • Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy. An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments. The Trust’s Board of Trustees (the “Board of Trustees”) has delegated authority to NFA, and the Trust’s administrator, Nationwide Fund Management LLC (“NFM”), to assign a fair value under certain circumstances (e.g., independent pricing service does not provide a price as there may be no market-based quotations or a price provided is deemed unreliable by NFA, NFM and/or its designee), pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis. Securities may be fair valued in a variety of circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security. The fair valuation of securities takes into account relevant factors and surrounding circumstances, including, but not limited to, the prices of related or comparable assets or liabilities, recent transactions, market multiples, anticipated cash flows, the nature and duration of any restrictions on transfer, book values, and other information relevant to the investment. Methods utilized to determine fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into account significant events that occur before Valuation Time but after the close of the principal market on which a security trades that materially affect the value of such security. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments, otherwise, they are classified as Level 3 investments within the hierarchy. The following table provides a summary of the inputs used to value the Fund’s net assets as of September 30, 2016. Please refer to the Statement of Investments for additional information for portfolio holdings. Level 1 Assets: Common Stocks Aerospace & Defense Air Freight & Logistics Airlines Auto Components Automobiles Banks Beverages Biotechnology Building Products Capital Markets Chemicals Commercial Services & Supplies Communications Equipment Construction & Engineering Construction Materials Consumer Finance Containers & Packaging Distributors Diversified Financial Services Diversified Telecommunication Services Electric Utilities Electrical Equipment Electronic Equipment, Instruments & Components Energy Equipment & Services Equity Real Estate Investment Trusts (REITs)

$

– – 2,450,931 284,028 – 45,073,217 – – – 289,289 – – – 325,360 1,333,561 – – – – – – –

Level 2

$

– 88,693 –

5,511,494 6,118,032 6,153,972 20,886,118 71,759,571 163,322,881 9,045,678 7,642,155 15,619,659 9,255,864 25,915,009 2,168,079 2,330,523 2,416,473 14,854,104 240,146 350,049 141,453 2,288,617 25,439,830 13,632,494 17,977,491 5,678,982 5,480,367 3,740,618

Level 3

$

Total

– – – – – – – – – – – – – – – – – – – – – – – – –

$

5,511,494 6,118,032 8,604,903 21,170,146 71,759,571 208,396,098 9,045,678 7,642,155 15,619,659 9,545,153 25,915,009 2,168,079 2,330,523 2,741,833 16,187,665 240,146 350,049 141,453 2,288,617 25,439,830 13,632,494 17,977,491 5,678,982 5,569,060 3,740,618

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

12

Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) Level 1 Assets: (continued) Common Stocks (continued) Food & Staples Retailing Food Products Health Care Providers & Services Hotels, Restaurants & Leisure Household Durables Household Products Independent Power and Renewable Electricity Producers Industrial Conglomerates Insurance IT Services Leisure Products Machinery Marine Media Metals & Mining Multiline Retail Multi-Utilities Oil, Gas & Consumable Fuels Paper & Forest Products Pharmaceuticals Professional Services Real Estate Management & Development Road & Rail Semiconductors & Semiconductor Equipment Software Specialty Retail Technology Hardware, Storage & Peripherals Textiles, Apparel & Luxury Goods Thrifts & Mortgage Finance Tobacco Trading Companies & Distributors Transportation Infrastructure Wireless Telecommunication Services Total Common Stocks Forward Foreign Currency Contracts Preferred Stocks Securities Lending Reinvestments Total Assets Liabilities: Forward Foreign Currency Contracts Total Liabilities Total

$

675,519 142,207 – 435,781 – –

$

583,449 445,655 7,590,321 – – – – 643,722 9,695,885 – – 75,443,437 – 7,556,483 – – – – – – 858,953 – 133,810 – 161,061 94,858 6,210,640 160,516,860 – – – 160,516,860

$ $ $

– – 160,516,860

$

Level 2

$

7,647,296 4,453,393 3,384,434 4,095,484 10,577,163 2,480,075

$

261,380 31,267,107 83,158,018 7,266,510 444,362 10,785,135 3,178,489 5,225,989 60,070,127 1,523,983 20,831,697 67,378,325 11,447,679 30,537,668 2,276,096 31,356,363 5,262,498 5,991,043 391,463 2,982,186 14,234,278 9,753,853 – 6,098,842 24,725,693 1,348,122 25,240,416 933,644,826 226,279 4,755,808 66,544,004 1,005,170,917

$ $ $

(731,265) (731,265) 1,004,439,652

$

Level 3

$

Total

– – – – – –

$

8,322,815 4,595,600 3,384,434 4,531,265 10,577,163 2,480,075

$

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

$

844,829 31,712,762 90,748,339 7,266,510 444,362 10,785,135 3,178,489 5,869,711 69,766,012 1,523,983 20,831,697 142,821,762 11,447,679 38,094,151 2,276,096 31,356,363 5,262,498 5,991,043 391,463 2,982,186 15,093,231 9,753,853 133,810 6,098,842 24,886,754 1,442,980 31,451,056 1,094,161,686 226,279 4,755,808 66,544,004 1,165,687,777

$ $ $

– – –

$ $ $

(731,265) (731,265) 1,164,956,512

$

$

Amounts designated as "–", which may include fair valued securities, are zero or have been rounded to zero. Transfers between levels are recognized as of the beginning of the reporting period. During the period ended September 30, 2016, there were no significant transfers into or out of Level 1, Level 2 or Level 3. During the period ended September 30, 2016, the Fund held one Right investment that was categorized as a Level 3 investment which was valued at $0. The FVC continues to evaluate any information that could cause an adjustment to the fair value for this investment, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations. The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of September 30, 2016. Please see below for information on the Fund’s policy regarding the objectives and strategies for using forward foreign currency contracts.

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

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Statement of Investments (Continued) September 30, 2016 (Unaudited) NVIT Multi-Manager International Value Fund (Continued) Forward Foreign Currency Contracts The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective(s). The Fund entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency and/or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are generally valued at the mean of the last quoted bid and ask prices, as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 2 investments within the hierarchy. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time of the forward foreign currency contract matures or by delivery of the currency. Forward foreign currency contracts entail the risk of unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contracts may be unable to meet their obligations under the contract. The following tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of September 30, 2016: Fair Values of Derivatives not Accounted for as Hedging Instruments as of September 30, 2016 Assets: Forward Foreign Currency Contracts Currency risk Total Liabilities: Forward Foreign Currency Contracts Currency risk Total

Fair Value Unrealized appreciation on forward foreign currency contracts

$ $

226,279 226,279 Fair Value

Unrealized depreciation on forward foreign currency contracts

$ $

(731,265) (731,265)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

14