Statement of Investments March 31, 2017 (Unaudited)

Transcription

1 Statement of Investments NVIT Short Term Bond Fund Asset-Backed Securities 25.3% Airlines 1.1% Air Canada Pass Through Trust, Series , Class B, 3.88%, 03/15/23 (a) $ 10,235,967 $ 9,980,068 American Airlines Pass Through Trust Series , Class B, 5.60%, 07/15/20 (a) 3,724,805 3,850,517 Series , Class B, 3.70%, 05/01/23 3,429,940 3,352,766 Series , Class B, 4.40%, 09/22/23 (b) 4,435,723 4,468,990 21,652,341 Automobiles 4.1% Capital Auto Receivables Asset Trust, Series , Class A2, 1.62%, 03/20/19 6,000,000 6,006,063 Credit Acceptance Auto Loan Trust Series A, Class A, 1.88%, 03/15/22 (a) 4,031,314 4,036,125 Series A, Class A, 2.00%, 07/15/22 (a) 10,199,024 10,216,587 Series A, Class A, 2.40%, 02/15/23 (a) 10,000,000 10,043,860 First Investors Auto Owner Trust Series A, Class A3, 1.49%, 01/15/20 (a) 1,550,424 1,550,234 Series A, Class A2, 2.28%, 09/15/21 (a) 11,580,000 11,636,228 Series A, Class A2, 1.87%, 11/15/21 (a) 1,980,000 1,976,160 Series A, Class A2, 2.20%, 03/15/22 (a) 6,746,000 6,741,315 Flagship Credit Auto Trust Series , Class A, 1.43%, 12/16/19 (a) 943, ,177 Series , Class A, 1.98%, 10/15/20 (a) 5,893,815 5,903,313 Series , Class A, 2.38%, 10/15/20 (a) 5,885,966 5,897,848 Ford Credit Auto Owner Trust, Series , Class A, 2.31%, 04/15/26 (a) 6,000,000 6,050,760 Prestige Auto Receivables Trust, Series A, Class A3, 1.99%, 06/15/20 (a) 5,000,000 5,015,114 76,017,784 Credit Card 0.9% American Express Credit Account Master Trust, Series , Class A, 1.93%, 09/15/22 5,500,000 5,511,134 Chase Issuance Trust, Series 2015-A2, Class A2, 1.59%, 02/18/20 7,000,000 7,009,378 Citibank Credit Card Issuance Trust, Series 2008-A1, Class A1, 5.35%, 02/07/20 5,000,630 5,163,660 17,684,172 Home Equity 2.3% Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, Series , Class A2B, 2.08%, 10/25/34 (c) 786, ,683 Ameriquest Mortgage Securities, Inc., Series , Class AV1, 1.74%, 12/25/33 (c) 6,800,442 6,615,623 Asset-Backed Securities (continued) Home Equity (continued) EquiFirst Mortgage Loan Trust, Series , Class M2, 1.68%, 12/25/34 (c) $ 1,399,547 $ 1,378,876 Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-NC1, Class A2C, 1.74%, 01/25/35 (c) 9,070,303 8,959,024 New Residential Mortgage Loan Trust, Series A, Class A1, 4.00%, 02/25/57 (a)(c) 10,000,000 10,312,254 RASC Trust, Series 2005-KS12, Class M2, 1.44%, 01/25/36 (c) 14,555,000 13,883,818 Structured Asset Securities Corp., Series 2005-NC1, Class M1, 1.45%, 02/25/35 (c) 233, ,580 42,165,858 Other 16.6% A Voce CLO Ltd. Series A, Class A1R, 0.00%, 07/15/26 (a)(c) 9,000,000 9,036,720 Series A, Class A1B, 2.48%, 07/15/26 (a)(c) 9,000,000 8,996,094 ALM VII Ltd., Series A, Class A1R, 2.50%, 10/15/28 (a)(c) 19,775,000 19,803,911 Alterna Funding II LLC, Series X, Class A, 2.50%, 02/15/24 (d) 7,890,742 7,871,015 Ameriquest Mortgage Securities, Inc. Pass-Through Certificates, Series 2004-R3, Class A1A, 1.67%, 05/25/34 (c) 1,216,902 1,214,217 Ares XXV CLO Ltd., Series A, Class AR, 2.24%, 01/17/24 (a)(c) 19,000,000 19,009,291 Babson CLO Ltd., Series A, Class AR, 2.30%, 01/15/26 (a)(c) 13,000,000 13,020,995 Bayview Opportunity Master Fund IIIa Trust, Series NP, Class A, 3.23%, 07/28/34 (a)(e) 8,075,764 8,061,500 Bayview Opportunity Master Fund IVa Trust, Series 2017-SPL1, Class A, 4.00%, 10/28/64 (a)(c) 7,000,000 7,234,297 Bayview Opportunity Master Fund Trust, Series 2017-SPL2, Class A, 4.00%, 06/28/54 (a)(c) 8,500,000 8,784,801 Bear Stearns Asset-Backed Securities Trust, Series 2005-SD3, Class 1A, 1.47%, 07/25/35 (c) 4,950,473 4,911,588 Carlyle Global Strategies CLO Ltd., Series A, Class A1R, 2.22%, 10/15/26 (a)(c) 9,000,000 9,003,834 Cazenovia Creek Funding I LLC, Series A, Class A, 2.00%, 12/10/23 (a)(d) 3,256,427 3,234,039 Citigroup Mortgage Loan Trust Inc, Series 2007-WFH1, Class M1, 1.24%, 01/25/37 (c) 8,672,000 7,744,017 CNH Equipment Trust, Series 2017-A, Class A2, 1.64%, 07/15/20 10,000,000 10,026,159 Long Beach Mortgage Loan Trust, Series 2005-WL2, Class M2, 1.72%, 08/25/35 (c) 10,862,127 10,336,476 Madison Park Funding XII Ltd., Series A, Class AR, 2.27%, 07/20/26 (a)(c) 3,000,000 3,002,649 1

2 Asset-Backed Securities (continued) Other (continued) Neuberger Berman CLO XVI Ltd. Series A, Class A1R, 2.47%, 04/15/26 (a)(c) $ 10,000,000 $ 9,995,690 Series A, Class B2R, 3.19%, 04/15/26 (a)(c) 3,000,000 2,997,399 New Residential Advance Receivables Trust Advance, Series 2017-T1, Class AT1, 3.21%, 02/15/51 (a) 3,000,000 2,980,050 NRZ Advance Receivables Trust ON1, Series 2016-T4, Class AT4, 3.11%, 12/15/50 (a) 25,000,000 24,866,200 NRZ Advance Receivables Trust Advance Receivables Backed, Series 2016-T1, Class AT1, 2.75%, 06/15/49 (a) 6,000,000 5,943,264 Ocwen Master Advance Receivables Trust, Series 2016-T2, Class AT2, 2.72%, 08/16/49 (a)(d) 12,000,000 11,942,052 Pinnacle Park CLO Ltd., Series A, Class BR, 2.80%, 04/15/26 (a)(c) 5,000,000 4,995,475 RMAT LLC, Series , Class A1, 4.09%, 07/27/20 (a)(e) 7,362,741 7,404,215 Soundview Home Loan Trust, Series 2005-CTX1, Class M1, 1.40%, 11/25/35 (c) 672, ,506 SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes Series 2015-T3, Class AT3, 2.92%, 07/15/47 (a) 14,000,000 14,021,473 Series 2016-T2, Class AT2, 2.75%, 11/15/49 (a) 8,400,000 8,342,250 Structured Asset Investment Loan Trust, Series 2005-HE2, Class M1, 1.70%, 07/25/35 (c) 6,400,894 6,168,042 Tax Ease Funding LLC, Series A, Class A, 3.13%, 06/15/28 (a) 9,053,949 9,059,782 VOLT LIV LLC, Series 2017-NPL1, Class A1, 3.62%, 02/25/47 (a)(e) 4,921,493 4,904,223 VOLT XIX LLC, Series 2014-NP11, Class A1, 3.88%, 04/25/55 (a)(e) 323, ,948 VOLT XL LLC, Series 2015-NP14, Class A1, 4.37%, 11/27/45 (a)(e) 3,979,545 4,018,457 VOLT XXII LLC, Series 2015-NPL4, Class A1, 3.50%, 02/25/55 (a)(e) 3,741,100 3,762,368 VOLT XXV LLC, Series 2015-NPL8, Class A1, 3.50%, 06/26/45 (a)(e) 7,120,869 7,146,988 VOLT XXXIX LLC, Series 2015-NP13, Class A1, 4.13%, 10/25/45 (a)(e) 6,193,223 6,206,679 VOLT XXXV, Series 2016-NPL9, Class A1, 3.50%, 09/25/46 (a)(e) 9,673,363 9,671,165 VOLT XXXVI LLC, Series 2015-NP10, Class A1, 3.62%, 07/25/45 (a)(e) 2,731,563 2,738,168 VOLT XXXVII LLC, Series 2015-NP11, Class A1, 3.62%, 07/25/45 (a)(e) 9,269,031 9,310, ,761,591 Road & Rail 0.3% Federal Express Corp Pass-Through Trust Series 981A 6.72%, 01/15/22 496, ,626 Series 981B 6.85%, 01/15/19 2,674,829 2,821,944 Asset-Backed Securities (continued) Road & Rail (continued) Union Pacific Railroad Co Pass- Through Trust, Series %, 01/10/21 $ 2,380,476 $ 2,531,971 5,902,541 Total Asset-Backed Securities (cost $472,905,728) 472,184,287 Collateralized Mortgage Obligations 2.5% Chase Mortgage Trust, Series , Class M2, 3.75%, 04/25/45 (a)(c) 2,426,790 2,424,644 CSMC Trust, Series 2012-CIM1, Class A1, 3.38%, 02/25/42 (a)(c) 393, ,332 FHLMC REMICS Series 3640, Class EL, 4.00%, 03/15/20 378, ,499 Series 3616, Class PA, 4.50%, 11/15/39 290, ,581 GSAA Trust, Series 2004-NC1, Class AF6, 5.26%, 11/25/33 (e) 34,605 35,572 HomeBanc Mortgage Trust, Series , Class A2, 1.31%, 10/25/35 (c) 9,523,612 9,237,255 New Residential Mortgage Loan Trust Series A, Class A1, 3.75%, 11/26/35 (a)(c) 17,009,679 17,187,208 Series A, Class AFX3, 3.75%, 11/25/54 (a)(c) 7,993,914 8,065,292 Series A, Class A1, 3.75%, 09/25/56 (a)(c) 3,564,137 3,616,223 Series A, Class A1, 3.75%, 11/25/56 (a)(c) 3,478,144 3,550,833 Residential Accredit Loans, Inc., Series 2003-QS20, Class CB, 5.00%, 11/25/18 460, ,323 Total Collateralized Mortgage Obligations (cost $46,480,893) 45,664,762 Commercial Mortgage-Backed Securities 5.6% AOA Mortgage Trust, Series , Class A, 2.96%, 12/13/29 (a) 4,000,000 4,060,171 BAMLL Commercial Mortgage Securities Trust, Series 2013-DSNY, Class B, 2.41%, 09/15/26 (a)(c) 6,098,000 6,104,583 Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW18, Class A4, 5.70%, 06/11/50 9,898,754 10,017,181 CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class B, 2.76%, 12/15/27 (a)(c) 5,000,000 5,003,125 Citigroup Commercial Mortgage Trust Series 2007-C6, Class A4, 5.78%, 12/10/49 (c) 11,531,762 11,545,175 2

3 Commercial Mortgage-Backed Securities (continued) Citigroup Commercial Mortgage Trust (continued) Series 2008-C7, Class A4, 6.13%, 12/10/49 (c) $ 7,578,553 $ 7,655,298 COMM Mortgage Trust Series 2014-TWC, Class B, 2.48%, 02/13/32 (a)(c) 13,000,000 13,065,168 Series 2014-TWC, Class C, 2.73%, 02/13/32 (a)(c) 6,000,000 6,024,432 Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C8, Class XA, IO, 1.04%, 12/15/48 (c) 23,485,931 1,100,551 Morgan Stanley Capital I Trust Series 2007-IQ15, Class A4, 5.94%, 06/11/49 (c) 6,173,754 6,212,306 Series 2007-IQ16, Class A4, 5.81%, 12/12/49 5,957,109 5,992,299 OBP Depositor LLC Trust, Series OBP, Class A, 4.65%, 07/15/45 (a) 16,000,000 17,045,286 Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A4, 6.05%, 02/15/51 (c) 1,133,772 1,132,498 Wells Fargo Commercial Mortgage Trust, Series 2014-TISH, Class B, 2.26%, 02/15/27 (a)(c) 9,000,000 9,029,034 Total Commercial Mortgage-Backed Securities (cost $108,360,897) 103,987,107 Corporate Bonds 53.2% Air Freight & Logistics 0.2% FedEx Corp., 8.00%, 01/15/19 2,974,000 3,278,219 Automobiles 2.0% Daimler Finance North America LLC, 1.66%, 10/30/19 (a)(b)(c) 10,000,000 10,048,840 Hyundai Capital America, 2.60%, 03/19/20 (a)(b) 10,000,000 10,003,780 Nissan Motor Acceptance Corp., 1.95%, 09/12/17 (a) 4,165,000 4,169, %, 09/26/18 (a) 3,035,000 3,065, %, 09/13/19 (a)(c) 10,000,000 10,029,790 37,316,973 Banks 11.6% Bank of America Corp., 2.06%, 01/15/19 (c) 5,000,000 5,060,600 Series L, 2.60%, 01/15/19 10,000,000 10,104,120 Series L, 2.65%, 04/01/19 5,000,000 5,064, %, 01/20/23 (c) 5,000,000 5,069,400 Capital One NA, 1.88%, 09/13/19 (c) 15,000,000 15,096,495 Citigroup, Inc., 2.50%, 07/29/19 10,000,000 10,090,250 Citizens Bank NA, 2.45%, 12/04/19 10,000,000 10,075,760 Citizens Financial Group, Inc., 2.38%, 07/28/21 5,000,000 4,930,460 Corporate Bonds (continued) Banks (continued) CoBank ACB, 1.73%, 06/15/22 (c) $ 25,635,000 $ 24,747,311 Fifth Third Bancorp, 2.30%, 03/01/19 (b) 7,000,000 7,043,890 Huntington Bancshares, Inc., 2.60%, 08/02/18 2,450,000 2,471,813 ING Groep NV, 3.15%, 03/29/22 5,000,000 5,011,655 JPMorgan Chase & Co., 1.63%, 05/15/18 5,000,000 4,998, %, 08/15/21 (b) 10,000,000 9,896,160 Nordea Bank AB, 1.77%, 09/30/19 (a)(c) 17,000,000 17,072,250 Skandinaviska Enskilda Banken AB, 1.69%, 09/13/19 (a)(c) 15,000,000 15,020,640 Svenska Handelsbanken AB, 1.59%, 09/06/19 (c) 15,000,000 15,037,605 Toronto-Dominion Bank (The), 1.46%, 01/18/19 (c) 20,000,000 20,039,040 UBS Group Funding Jersey Ltd., 2.65%, 02/01/22 (a)(b) 9,000,000 8,823,321 Wells Fargo & Co., 1.50%, 04/22/19 (c) 20,000,000 20,065, ,718,965 Beverages 2.6% Anheuser-Busch InBev Finance, Inc., 2.65%, 02/01/21 10,000,000 10,075,200 Anheuser-Busch InBev Worldwide, Inc., 1.72%, 08/01/18 (c) 15,000,000 15,098,220 Molson Coors Brewing Co., 2.10%, 07/15/21 7,500,000 7,323,742 PepsiCo, Inc., 1.27%, 10/04/19 (c) 15,000,000 15,039,300 47,536,462 Biotechnology 1.5% AbbVie, Inc., 2.50%, 05/14/20 8,000,000 8,054,544 Celgene Corp., 2.30%, 08/15/18 14,118,000 14,222, %, 08/15/20 5,000,000 5,076,480 27,353,427 Building Products 0.5% Johnson Controls International plc, 1.40%, 11/02/17 10,000,000 9,979,760 Capital s 0.3% FMR LLC, 7.49%, 06/15/19 (a) 2,000,000 2,211,120 Morgan Stanley, 2.20%, 12/07/18 4,000,000 4,016,400 6,227,520 Chemicals 0.9% CF Industries, Inc., 7.13%, 05/01/20 5,500,000 5,987,795 Solvay Finance America LLC, 3.40%, 12/03/20 (a)(b) 10,000,000 10,288,590 16,276,385 3

4 Corporate Bonds (continued) Commercial Services & Supplies 0.5% Catholic Health Initiatives, 1.60%, 11/01/17 $ 10,000,000 $ 9,989,540 Communications Equipment 0.5% Cisco Systems, Inc., 1.49%, 09/20/19 (b)(c) 9,000,000 9,044,136 Consumer Finance 3.9% Ford Motor Credit Co. LLC, 1.63%, 09/08/17 (c) 10,000,000 10,006, %, 01/09/20 (c) 15,000,000 15,160,290 HSBC USA, Inc., 2.04%, 09/24/18 (c) 10,000,000 10,057,720 Hyundai Capital Services, Inc., 3.50%, 09/13/17 (a) 7,650,000 7,707,849 John Deere Capital Corp., 1.29%, 10/09/19 (c) 15,000,000 15,026,775 Toyota Motor Credit Corp., 1.46%, 10/18/19 (c) 15,000,000 15,064,680 73,024,074 Diversified Financial Services 1.4% Bear Stearns Cos. LLC (The), 6.40%, 10/02/17 14,353,000 14,697,903 JPMorgan Chase Bank NA, 6.00%, 10/01/17 2,200,000 2,246,092 National Rural Utilities Cooperative Finance Corp., 2.00%, 01/27/20 10,000,000 9,962,960 26,906,955 Diversified Telecommunication Services 2.2% AT&T, Inc., 2.80%, 02/17/21 10,000,000 10,029,710 Verizon Communications, Inc., 1.51%, 06/09/17 (c) 20,000,000 20,008, %, 06/17/19 (c) 10,000,000 10,071,400 40,109,770 Electric Utilities 1.5% Great Plains Energy, Inc., 5.29%, 06/15/22 (e) 10,135,000 11,079,410 Indiana Michigan Power Co., 7.00%, 03/15/19 10,000,000 10,943,710 ITC Holdings Corp., 6.05%, 01/31/18 (a) 6,500,000 6,730,080 28,753,200 Energy Equipment & Services 2.3% Schlumberger Investment SA, 1.25%, 08/01/17 (a) 10,000,000 9,991,400 SESI LLC, 6.38%, 05/01/19 11,270,000 11,241,825 Transocean, Inc., 4.25%, 10/15/17 21,500,000 21,607,500 42,840,725 Equity Real Estate Investment Trusts (REITs) 1.5% Prologis LP, 2.75%, 02/15/19 10,000,000 10,135,650 WEA Finance LLC, 1.75%, 09/15/17 (a) 10,000,000 10,002,470 Corporate Bonds (continued) Equity Real Estate Investment Trusts (REITs) (continued) WEA Finance LLC, (continued) 2.70%, 09/17/19 (a) $ 7,000,000 $ 7,064,925 27,203,045 Food & Staples Retailing 0.5% Walgreens Boots Alliance, Inc., 2.70%, 11/18/19 9,500,000 9,626,949 Food Products 2.3% Conagra Brands, Inc., 4.95%, 08/15/20 302, ,582 Kraft Heinz Foods Co., 2.00%, 07/02/18 15,000,000 15,037,260 Mondelez International Holdings Netherlands BV, 1.65%, 10/28/19 (a)(c) 15,000,000 15,062,010 Tyson Foods, Inc., 2.65%, 08/15/19 12,000,000 12,132,060 42,551,912 Health Care Equipment & Supplies 0.9% Becton, Dickinson and Co., 2.68%, 12/15/19 6,098,000 6,184,854 Boston Scientific Corp., 2.65%, 10/01/18 10,000,000 10,098,670 16,283,524 Health Care Providers & Services 1.0% Dignity Health, 2.64%, 11/01/19 6,000,000 6,019,956 Express Scripts Holding Co., 3.30%, 02/25/21 (b) 3,000,000 3,051,876 Laboratory Corp. of America Holdings, 2.63%, 02/01/20 10,000,000 10,052,730 19,124,562 Household Durables 0.8% Newell Brands, Inc., 2.60%, 03/29/19 10,000,000 10,123, %, 04/01/21 5,000,000 5,107,705 15,231,345 Industrial Conglomerates 0.8% Honeywell International, Inc., 1.32%, 10/30/19 (c) 10,000,000 10,064,120 Ingersoll-Rand Luxembourg Finance SA, 2.63%, 05/01/20 5,000,000 5,046,705 15,110,825 Insurance 2.9% Metropolitan Life Global Funding I, 1.50%, 01/10/18 (a) 5,000,000 4,991, %, 09/14/18 (a)(c) 15,000,000 15,040, %, 04/10/19 (a) 7,000,000 7,040,929 New York Life Global Funding, 1.43%, 10/24/19 (a)(c) 15,000,000 15,074,025 TIAA Asset Management Finance Co. LLC, 2.95%, 11/01/19 (a) 11,500,000 11,689,267 53,836,406 4

5 Corporate Bonds (continued) Media 1.1% Charter Communications Operating LLC, 3.58%, 07/23/20 $ 10,000,000 $ 10,286,380 NBCUniversal Enterprise, Inc., 1.71%, 04/15/18 (a)(c) 10,000,000 10,061,060 20,347,440 Metals & Mining 0.4% Glencore Canada Corp., 5.50%, 06/15/17 8,000,000 8,058,480 Multiline Retail 0.1% Dollar Tree, Inc., 5.75%, 03/01/23 2,500,000 2,662,500 Oil, Gas & Consumable Fuels 6.2% BP Capital s plc, 1.38%, 11/06/17 5,000,000 4,995, %, 09/26/18 (c) 10,000,000 10,064, %, 02/10/24 5,000,000 5,183,445 DCP Midstream Operating LP, 2.50%, 12/01/17 13,000,000 12,967,500 Enbridge Energy Partners LP, Series B, 6.50%, 04/15/18 7,700,000 8,047,909 Kinder Morgan Energy Partners LP, 5.00%, 10/01/21 13,000,000 13,935,714 MPLX LP, 4.50%, 07/15/23 5,000,000 5,200,100 Murphy Oil Corp., 3.50%, 12/01/17 34,500,000 34,500,000 Nexen Energy ULC, 5.65%, 05/15/17 2,000,000 2,007,016 Noble Energy, Inc., 3.90%, 11/15/24 7,250,000 7,348,614 Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 6,000,000 6,538,806 Spectra Energy Partners LP, 2.95%, 09/25/18 5,500,000 5,572, ,361,589 Pharmaceuticals 1.1% Actavis Funding SCS, 3.45%, 03/15/22 10,000,000 10,210,780 Forest Laboratories LLC, 4.88%, 02/15/21 (a) 2,000,000 2,151,870 Teva Pharmaceutical Finance Netherlands III BV, 2.20%, 07/21/21 8,500,000 8,203,010 20,565,660 Road & Rail 0.1% ERAC USA Finance LLC, 6.38%, 10/15/17 (a) 1,505,000 1,540,668 Semiconductors & Semiconductor Equipment 0.8% Broadcom Corp., 2.38%, 01/15/20 (a) 15,000,000 14,998,185 Trading Companies & Distributors 0.8% GATX Corp., 2.38%, 07/30/18 5,000,000 5,034,865 Corporate Bonds (continued) Trading Companies & Distributors (continued) GATX Corp., (continued) 2.60%, 03/30/20 (b) $ 9,000,000 $ 9,118,692 14,153,557 Total Corporate Bonds (cost $988,173,544) 992,012,758 Loan Participations 1.3% Health Care Providers & Services 0.2% Community Health Systems, Inc., 1st Lien Tranche G Term Loan, 3.80%, 12/31/19 1,003, ,486 Community Health Systems, Inc., 1st Lien Tranche H Term Loan, 4.05%, 01/27/21 1,846,315 1,820,005 2,816,491 Health Care Technology 0.3% Advanced Computer, 1st Lien Tranche B Term Loan, 6.56%, 01/31/22 5,216,842 5,047,295 IT Services 0.3% First Data Corp., 1st Lien New Term Loan, 3.98%, 07/08/22 5,364,482 5,403,589 Pharmaceuticals 0.0% Valeant Pharmaceuticals International, Inc., 1st Lien Tranche B Term Loan, 5.57%, 04/01/22 752, ,588 Software 0.5% TIBCO Software, Inc., 1st Lien Tranche B Term Loan, 5.50%, 12/04/20 9,800,000 9,895,942 Total Loan Participation (cost $23,532,801) 23,917,905 Mortgage-Backed Securities 1.2% FHLMC Non Gold Pool Pool# 1Q %, 06/01/37 (c) 961,062 1,014,183 Pool# 1B %, 10/01/37 (c) 239, ,986 FNMA Pool Pool# %, 07/01/34 (c) 1,131,884 1,206,300 Pool# %, 08/01/36 (c) 72,272 73,294 Pool# %, 09/01/36 (c) 15,595 15,624 Pool# %, 09/01/37 (c) 250, ,075 Pool# AS %, 11/01/46 19,790,331 19,630,769 Total Mortgage-Backed Securities (cost $22,593,517) 22,442,231 5

6 Municipal Bond 0.4% New Jersey 0.4% New Jersey Transportation Trust Fund Authority, RB, Series B, 1.76%, 12/15/18 $ 8,000,000 $ 7,901,680 Total Municipal Bond (cost $8,000,000) 7,901,680 U.S. Treasury Obligations 9.2% U.S. Treasury Inflation Index Note, 0.13%, 07/15/22 (f) 48,000,000 51,080,348 U.S. Treasury Notes 0.75%, 02/28/18 20,000,000 19,943, %, 04/30/21 10,000,000 9,832, %, 11/30/21 70,000,000 69,543, %, 08/15/25 15,000,000 14,606, %, 11/15/25 6,000,000 5,948,202 Total U.S. Treasury Obligations (cost $171,532,900) 170,953,980 Repurchase Agreements 0.2% Bank of America NA 0.81%, dated 03/31/17, due 04/03/17, repurchase price $1,000,068, collateralized by U.S. Government Agency Security, 3.00%, maturing 04/01/45; total market value $1,020,000. (g) 1,000,000 1,000,000 ML Pierce Fenner & Smith, Inc. 0.81%, dated 03/31/17, due 04/03/17, repurchase price $2,603,521, collateralized by U.S. Government Agency Securities, ranging from 1.34% %, maturing 01/25/19-09/20/45; total market value $2,655,412. (g) 2,603,345 2,603,345 Total Repurchase Agreements (cost $3,603,345) 3,603,345 Total Investments (cost $1,845,183,625) (h) 98.9% 1,842,668,055 Other assets in excess of liabilities 1.1% 20,869,416 NET ASSETS 100.0% $ 1,863,537,471 6

7 (a) Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at March 31, 2017 was $679,425,279 which represents 36.46% of net assets. (b) The security or a portion of this security is on loan at March 31, The total value of securities on loan at March 31, 2017 was $33,131,668, which was collateralized by repurchase agreements with a value of $3,603,345 and $30,264,863 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% %, and maturity dates ranging from 04/27/17-11/15/46, a total value of $33,868,208. (c) Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on March 31, The maturity date represents the actual maturity date. (d) (e) (f) (g) Fair valued security. Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at March 31, amounts are not adjusted for inflation. Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2017 was $3,603,345. (h) At March 31, 2017, the tax basis cost of the Fund's investments was $1,845,183,625, tax unrealized appreciation and depreciation were $7,312,602 and $(9,828,172), respectively. rounds to less than 0.1%.POI - Ind & Asset Types AB ACB BV FHLMC FNMA IO LLC LP Ltd. NA NV plc RB REIT REMICS SA ULC Stock Company Agricultural Credit Bank Private Limited Liability Company Federal Home Loan Mortgage Corporation Federal National Mortgage Association Interest only Limited Liability Company Limited Partnership Limited National Association Public Traded Company Public Limited Company Revenue Bond Real Estate Investment Trust Real Estate Mortgage Investment Conduits Stock Company Unlimited Liability Company At March 31, 2017, the Fund's open futures contracts were as follows: Number of Contracts Long Contracts Expiration Notional Covered by Contracts Unrealized Appreciation/ (Depreciation) 575 U.S. Treasury 2 Year Note 06/30/17 $ 124,460,547 $ 16, US Treasury 10 Year Ultra Note 06/21/17 85,154, ,536 $ 209,614,984 $ 323,135 Number of Contracts Short Contracts Expiration Notional Covered by Contracts Unrealized Appreciation/ (Depreciation) (264) U.S. Treasury 10 Year Note 06/21/17 $ 32,884,500 $ (44,858) (1,412) US Treasury 5 Year Note 06/30/17 166,229,906 (254,903) $ 199,114,406 $ (299,761) At March 31, 2017, the Fund has $569,248 segregated as collateral with the broker for open futures contracts. 7

8 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, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee ( FVC ) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis. Securities may be fair valued in certain circumstances, such as where (i) market 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 FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The FVC attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy. The following table provides a summary of the inputs used to value the Fund s net assets as of March 31, Please refer to the Statement of Investments for additional information for portfolio holdings. Level 1 Level 2 Level 3 Total Assets: Asset-Backed Securities Airlines $ $ 21,652,341 $ $ 21,652,341 Automobiles 76,017,784 76,017,784 Credit Card 17,684,172 17,684,172 Home Equity 42,165,858 42,165,858 Other 285,714,485 23,047, ,761,591 Road & Rail 5,902,541 5,902,541 Total Asset-Backed Securities $ $ 449,137,181 $ 23,047,106 $ 472,184,287 Collateralized Mortgage Obligations 45,664,762 45,664,762 Commercial Mortgage-Backed Securities 103,987, ,987,107 Corporate Bonds 992,012, ,012,758 Futures Contracts 323, ,135 Loan Participations 23,917,905 23,917,905 Mortgage-Backed Securities 22,442,231 22,442,231 Municipal Bond 7,901,680 7,901,680 Repurchase Agreements 3,603,345 3,603,345 U.S. Treasury Obligations 170,953, ,953,980 Total Assets $ 323,135 $ 1,819,620,949 $ 23,047,106 $ 1,842,991,190 Liabilities: Futures Contracts $ (299,761) $ $ $ (299,761) Total Liabilities $ (299,761) $ $ $ (299,761) Total $ 23,374 $ 1,819,620,949 $ 23,047,106 $ 1,842,691,429 s 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 March 31, 2017, there were no significant transfers into or out of Level 1, Level 2 or Level 3. The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the 8

9 The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value: Asset- Backed Securities Total Balance as of 12/31/16 $ 12,689,744 $ 12,689,744 Accrued Accretion/(Amortization) Realized Gain/(Loss) 3,767 3,767 Change in Unrealized Appreciation/(Depreciation) 124, ,144 Purchases Sales (1,737,634) (1,737,634) Transfers Into Level 3 11,966,250 11,966,250 Transfers Out of Level 3 Balance as of 03/31/17 $ 23,047,106 $ 23,047,106 Change in Unrealized Appreciation/(Depreciation) for Investments Still Held as of 03/31/17 $ 124,144 $ 124,144 s designated as are zero or have been rounded to zero. The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations The following is a summary of the Fund s derivative instruments categorized by risk exposure as of March 31, Please see below for information on the Fund s policy regarding the objectives and strategies for using financial futures contracts. Futures Contracts The Fund is subject to interest rate risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts ( futures contracts ) to hedge against changes in interest rates. Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount. Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract s notional value. Under a futures contract, the Fund agrees to receive from or pay to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, known as variation margin receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 1 investments within the hierarchy. A sale of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A purchase of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and its value at the time it was closed. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. The Fund s investments in futures contracts entail limited counterparty credit risk because the Fund invests only in exchange-traded futures contracts, which are settled through the exchange and whose fulfillment is guaranteed by the credit of the exchange. The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the 9

10 The following tables provide a summary of the Fund s derivative instruments categorized by risk exposure as of March 31, 2017: Fair s of Derivatives not Accounted for as Hedging Instruments as of March 31, 2017 Assets: Fair Futures Contracts Interest rate risk Unrealized appreciation from futures contracts $ 323,135 Total $ 323,135 Liabilities: Fair Futures Contracts Interest rate risk Unrealized depreciation from futures contracts $ (299,761) Total $ (299,761) The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the 10